Hello and welcome to exampundit . Here are the important Current Affars for 4th August, 2016. These are important for the upcoming RBI Grade B Phase I and BMSB PO Exams 2016.
Rajya Sabha passes The Constitution (122nd Amendment) (GST) Bill, 2014
- Rajya Sabha on 3 August 2016 passed The Constitution (122nd Amendment) (GST) Bill, 2014 to introduce the goods and services tax (GST). The passage of this historic GST Bill has now paved the way for the concept of one nation, one tax.
- It will enable both the Centre and the States to simultaneously levy the GST, which will subsume all indirect taxes currently levied, including excise duties and service tax. It will be levied on consumption rather than production.
- The Bill was introduced and passed in Lok Sabha in May 2015. However, the bill will now go back to the Lok Sabha to incorporate the amendments approved by the Rajya Sabha.
Provisions of the Bill
- The GST will have two components keeping in mind the federal structure of India: the Central GST (CGST) and the State GST (SGST).
- For goods and services that pass through several states, or imports, the Centre will levy another tax, the Integrated GST (IGST).
- Alcohol for human consumption has been kept out of the purview of GST.
- It empowers the centre to impose an additional tax of up to 1% on the inter-state supply of goods for two years or more. This tax will accrue to states from where the supply originates.
- Initially, GST will not apply to (a) petroleum crude, (b) high speed diesel, (c) motor spirit (petrol), (d) natural gas and (e) aviation turbine fuel. The GST Council will decide when GST will be levied on them.
- Tobacco and tobacco products will be subject to GST. The centre may also impose excise duty on tobacco.
- Parliament may provide for compensation to states for revenue losses arising out of the implementation of GST for up to 5 years, based on the recommendations of the GST Council.
Central Taxes replaced by GST Bill
- Central Excise Duty
- Additional Duties of Excise and Customs
- Special Additional Duty of Customs (SAD)
- Service Tax
- Cesses and Surcharges on Supply of goods and services
State Taxes Subsumed in the GST Bill
- Central Sales Tax
- Purchase Tax
- Luxury Tax
- Entry Tax
- Entertainment Tax
- Taxes on advertisements, lotteries, betting, gambling
- State Cesses and Surcharges
CBDT signs advance pricing agreement with Japanese firm
- The Central Board of Direct Taxes (CBDT) has entered into an advance pricing agreement (APA) with an Indian subsidiary of a Japanese trading company to foster a non-adversarial tax regime.
- "Signing of this bilateral APA is an important step towards ascertaining certainty in transfer pricing matters of multinational company cases and dispute resolution," said a statement issued here by the Finance Ministry under which the CBDT functions.
- The agreement was signed on August 2.
- The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.
- Overall, it is fourth bilateral APA signed by the CBDT. The APA scheme was introduced in the Income Tax Act in 2012.
- The CBDT expects more APAs to be signed in the near future, it said.
Aadhaar-linked e-Signature facility launched to digitise documents
- Online legal documentation startup LegalDesk.com on 3 August 2016 launched the electronic signing feature eSignDesk that allows people to sign documents digitally from remote places.
- With over a billion Aadhaar cardholders and about 25 million transactions taking place every quarter, digital signatures are expected to save time, money and paper.
Highlights of the eSignDesk Facility
- Built on the Aadhaar platform, eSign is an initiative of the Union Government and meant to save money and time for citizens.
- Its users need to have a registered mobile number associated with the Aadhaar card.
- The service will be available on www.eSignDesk.com and will be offered for free to the first 1000 users.
- The documents signed electronically will be legally valid in the country.
- The e-signature deters fraud to a large extent as it cannot be replicated or forged, and the content of the document cannot be tampered with.
Telangana to tie up with ISRO for water resources info system
- Karnataka State Irrigation Department on Sunday will sign a memorandum of understanding (MoU) with Indian Space Research Organisation for setting up Telangana Water Resources Information System.
- The system will keep eye from sky on state's water resources and ISRO will update the system with new satellite imagery of all water bodies every fortnight.
- According to an official release, the new system will be set up by ISRO's National Remote Sensing Centre.
SAARC Immigration Authorities meeting held in Islamabad
- The seventh meeting of South Asian Association for Regional Cooperation (SAARC) Immigration Authorities was held on 2 August 2016 in Islamabad, Pakistan.
- Usman A. Bajwa, Pakistan’s Director General Immigration and Passports, chaired the meeting.
- The meeting aimed at formulating recommendations to be presented in the meetings of Home Secretaries and Interior Ministers meetings.
Awards & Honors –
Shubha Mudgal to be awarded Rajiv Gandhi National Sadbhavana Award
- The advisory committee of the Rajiv Gandhi National Sadbhavana Award on 30 July 2016 decided that the 23rd Rajiv Gandhi National Sadbhavana Award will be given to Shubha Mudgal.
- Mudgal will be honoured for her outstanding contribution towards the promotion of communal harmony, peace and goodwill.
- The singer will be presented with the Award on 20 August 2016 at Jawahar Bhawan Auditorium.
United World Wrestling clears name of Narsingh Yadav for Rio Olympics
- United World Wrestling (UWW) on 3 August 2016 cleared wrestler Narsingh Yadav’s name for participation in the 2016 Rio Olympics. He will be participating in the 74kg weight category of the sport.
- Reports say fate of the 26-year-old grappler still lies in the hands of the World Anti-Doping Agency (WADA), which will take decision whether he is eligible to take part in the Olympic.
- After studying the case, WADA may appeal against a decision of Anti-Doping Disciplinary Panel or Appeals Panel of any of its member countries to the Court of Arbitration for Sports (CAS) within 21 days. CAS is specifically constituted to render decisions quickly during the Olympics.
Nobel Prize-winning Egyptian chemist Ahmed Zewail passes away
- Ahmed Zewail, the Egyptian-American scientist who won Nobel Chemistry Prize in 1999, died in the United States on 2 August 2016. He was 70.
- He won the noble for his pioneering work in femtochemistry, the study of chemical reactions in ultra-short time scales approximately 10−15 seconds (one femtosecond, hence the name).