Consumer Protection Current Affairs

CBIC develops GST Verify mobile app to protect interest of consumers

The Central Board of Indirect Taxes and Customs (CBIC) has developed mobile app ‘GST Verify’ to protect interest of consumers. It is android app to verify if the person collecting GST from consumer is eligible to collect it or not.

Key Facts

The app provides details of person or company collecting GST. It has been developed by B Raghu Kiran joint commissioner GST Hyderabad and can be used all across the country. It will allow customers to verify their bill if any GST amount mentioned is of genuinely registered person or not. This will help consumers to save the amount shown as tax from fraudster they are cheating them.

Central Board of Indirect Taxes and Customs (CBIC)

CBIC is the nodal national agency responsible for administering Customs, GST, Central Excise, Service Tax & Narcotics in India. It is part of the Department of Revenue under Union Ministry of Finance. It is headquartered in New Delhi.

It is one of the oldest government departments of India (established in 1855 by the then British Governor General of India, to administer customs laws in India and collection of import duties / land revenue). It was renamed to present name from Central Board of Excise & Customs (CBEC) in March 2017.

CBIC deals with tasks of formulation of policy concerning levy and collection of customs and central excise duties and service tax, prevention of smuggling and administration of matters relating to customs, central excise, service tax and narcotics. It is administrative authority for its subordinate organizations, including Central Excise and Service Tax Commissionerates, Custom Houses and Central Revenues Control Laboratory.

Month: Categories: India Current Affairs 2018

Tags:

BND-4201: India’s first home-grown high purity gold reference standard launched

India Government Mint (IGM), a unit of Security Printing and Minting Corp of India Ltd has launched India’s first home-grown high purity gold reference standard –Bharatiya Nirdeshak Dravya (BND-4201).

The BND-4201 is reference material for gold of ‘9999’ fineness (gold that is 99.99% pure with impurities of only 100 parts-per-million). It will be beneficial to the consumers and public at large to ensure purity of gold.

Key Facts

BND-4201, the high purity gold reference standard has been developed through collaboration between IGM, Bhabha Atomic Research Centre (BARC) — Council of Scientific & Industrial Research-National Physical Laboratory (New Delhi) and National Centre for Compositional Characterisation of Materials (Hyderabad).

The gold reference standard is indispensable in gold and jewellery hall marking. This reference will also be useful for Collection and Purity Testing Centres to certify purity of gold deposits under gold monetization scheme.

Significance

India despites being second largest markets for gold after China, goldsmiths in the country were depended on imported reference gold bars (mostly imported was sourced from Canada and Switzerland) to check purity of their biscuits, coins and jewellery. BND-4201 standard reference material will help to minimise dependency on foreign countries and add to Make in India campaign, saving foreign exchange.

The BND-4201 standard gold bar are 25% cheaper than the imported version. It will also help jewellers to move towards more instrumental methods rather than conventional fire assay methods for testing purity of gold, which time consuming and non-environment friendly as poisonous gases are released.

Month: Categories: India Current Affairs 2018

Tags:

Advertisement

1234