Current Affairs Today - Current Affairs 2017

हिंदी करंट अफेयर्स प्रश्नोत्तरी 2017 के लिए यहाँ क्लिक करें.

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Srinath Narayanan set to become India’s 46th Grandmaster

Srinath Narayanan (23) is set to become India’s 46th Grandmaster after he defeated GM David Anton Guijarro of Spain at the ongoing Sharjah Masters 2017 chess tournament.  He became an International Master at the age of 14 and crossed the 2500 Elo rating recently. He had already secured five GM norms. He was India’s youngest FIDE-rated player in 2002 when he was just eight. He also had finished as joint winner in the Under-12 World Championship in 2005 held in France.

NGT orders oil companies to stop plying BS-I, BS-II vehicles in Delhi

The National Green Tribunal (NGT) has directed public sector oil companies to immediately stop plying Bharat Stage-I (BS-I) and Bharat Stage-II (BS-II) vehicles for transporting petrol or petroleum products in the national capital Delhi. The order was issued against Indian Oil Corporation Limited, Bharat Petroleum Corporation Ltd and Hindustan Petroleum. The NGT direction came during the hearing of batch of petitions filed by various contractors seeking registration of new BS-IV compliant diesel vehicles purchased for transport of petrol from company depots to identified petrol pumps in Delhi-NCR.

Lok Sabha passes 4 GST Bills

Lok Sabha has passed four Bills relating to the implementation of the Goods and Services Tax (GST). It paves way for implementing a new, consolidated indirect tax regime from the proposed date of July 1, 2017.

The four bills passed were Central GST Bill, Integrated GST Bill, GST Compensation Bill, and the Union Territory GST Bill, 2017. These Bills were passed as Money Bills, thus eliminates the role of Rajya Sabha.

Key Facts
  • The tax rates under GST regime will be based on the recommendation GST Council. Council has two-thirds voting by States and one-third by Centre.
  • The GST laws passed by Parliament will not apply to Jammu and Kashmir, as it will have to legislate its own law and integrate with the GST regime.
  • There will be no single rate under GST as it will be not possible and it will be highly regressive. So The GST Council has recommended a four-tier tax structure 5, 12, 18 and 28%.
  • On top of the highest slab (28%), a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss for five years.
  • Essential food articles will not taxed and those will continue to be zero rated under the GST. All other commodities will be fitted into the nearest tax bracket.

The fifth GST legislation, the State GST Bill, needs to be separately passed by the respective legislative assemblies of each of the States and Union Territories with legislature.

Background

GST is touted as the biggest taxation reform since independence. It will subsume indirect taxes such as central excise, service tax, VAT and other local levies to create an uniform market. GST regime is expected to boost GDP growth by about 2% and check tax evasion. It will make commodities “slightly cheaper” and exports more competitive. It will also improve tax compliance and ensure that assessees get input credit of the taxes paid

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