Sunday Morning News Brief, July 2

Sunday morning brief Jul 2 2017
Good morning!
Here’s everything you need to know to start your day…
You can continue buying essential medicines at pre-GST MRP. Essential medicines will be available at pre-GST rates till new batches arrive at pharmacies and stockists, and reach retail shelves. This will continue till the market inventory, which could be of around two months, is exhausted. The new stocks with revised MRPs are expected to hit the market from August. Insulin and critical-care products for kidney ailments and cancer, as well as anti-retrovirals, whose prices have been revised downwards, may be among the first to be rolled out.
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Wonder why certain traders are upset with the GST rollout, Arun Jaitley said. Finance minister Arun Jaitley said that with the government ensuring reasonable rates consumers were not complaining about the introduction of goods and services tax and wondered why certain traders are upset although buyers bear the burden of indirect taxes. He said that a single rate of 15% would have put the burden on the poor and equity would have been missing from the government’s tax policy. The GST Council, comprising state and union finance ministers have opted for four slabs – 5%, 12%, 18% and 28%.
President Mukherjee asked countrymen to rally against rising trend of mob lynchings. Taking a jibe at such killings, the President underlined, “I am not talking of vigilantism, I am talking of ‘are you vigilant enough’, pro-actively, to save the basic tenets of our time.” He was speaking at the release of a commemorative edition of “National Herald” on 70 years of independence, which was attended by senior Congress leaders and eminent citizens.
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China hardened its position over the border stand-off by releasing a map. In the map, China supports its claims over the disputed area in the trijunction between Bhutan, Sikkim and its Tibet region. contradiction of Beijing’s call for “meaningful dialogue” as China has signaled its refusal to compromise on its territorial claims. The map is meant to show that the Indian Army had “trespassed” its area by crossing the border at Doka La pass and entered the Doklam plateau.
Registration of over one lakh companies was scrapped before GST launch, PM Modi said. The companies which had allegedly engaged in suspicious transactions post-demonetisation had been scrapped as PM Narendra Modi said, adding that two lakh other registered companies are under the scanner for involvement in what looked like dubious transactions in the aftermath of demonetisation. He was speaking at a function organised to mark the foundation day of the Institute of Chartered Accountants in India (ICAI).
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