- China is setting the stage for linking southeast Asia with its New Silk Road initiative, through a railway corridor that would connect the country’s Yunan province with Thailand and Laos.
- Pakistan became an associate member of CERN, the world’s top particle physics lab for nuclear research, allowing the nuclear-armed country to have more access to the Swiss-based facility’s research.
- Australian Engineering Group Downer EDI has won a $2-billion contract from Adani group’s Carmichael Coal Mine project in Queensland in one of the largest deals of its type signed in the country in recent years.
- Online restaurant search firm Zomato acquired Italy’s restaurant search service Cibando. Cibando has 82,000 restaurants listed across various cities in Italy and has now a 10-member team. Zomato said it would invest $6 million in Italy over the next two years to grow the team and the business in the country. This is Zomato’s fifth acquisition. Zomato acquired MenuMania in New Zealand, Lunchtime in Czech Republic, Obedovat in Slovakia, and Gastronauci in Poland recently.
- Apart from subsuming various Central indirect taxes and levies and State taxes, the Constitution (122nd Amendment) Bill, introduced in the Lok Sabha, confers simultaneous power to Union and State legislations to legislate on Goods and Service Tax (GST). All goods and services, except alcoholic liquor for human consumption, will be brought under the purview of GST. Petroleum and petroleum products have also been constitutionally brought under GST. However, it has also been provided that petroleum products shall not be subject to the levy of GST till notified at a future date on the recommendation of the GST Council. The present taxes levied by the States and the Centre on petroleum and petroleum products, i.e., Sales Tax/VAT, CST and Excise duty only, will continue to be levied in the interim period.
Credits: The Hindu, Google.
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