CURRENT AFFAIRS – SEPTEMBER 11, 2017

NATIONAL

TCS deductors can apply for GST registration from September 18:

Goods and Services Tax (GST) registrations for entities mandated to collect and deduct tax at source will start from September 18.However, the date from which tax deducted at source (TDS) or tax collected at source (TCS) will be done will be notified later.

The GST Council, at its 21st meeting in Hyderabad, decided to open registration of persons liable to deduct TDS and TCS from September 18.

Additional Information on GST:

GST is one indirect tax for the whole nation, which will make India one unified common market.

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12%, 18% and 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.GST was initially proposed to replace a slew of indirect taxes with a unified tax and was therefore set to dramatically reshape the country’s 2 trillion dollar economy.

Goods and Services Tax Network (GSTN)

As per the government website on GST, “Goods and Services Tax” Network (GSTN) is a non-profit organisation proposed to be formed for creating a website / platform for all the concerned parties related to the GST, namely stakeholders, government and taxpayers to collaborate on a single portal.

GSTIN:

All of these businesses will be assigned a unique Goods and Services Tax Identification Number (GSTIN).

Structure of GSTIN

The benefits of GST can be summarized as under:

• Easy compliance
• Uniformity of tax rates and structures
• Removal of cascading
• Improved competitiveness
• Gain to manufacturers and exporters

For Central and State Governments

• Simple and easy to administer
• Better controls on leakage
• Higher revenue efficiency

For the consumer

• Single and transparent tax proportionate to the value of goods and services
• Relief in overall tax burden

 INTERNATIONAL

PM Modi, Shinzo Abe to lay foundation stone of bullet train:

Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe will lay the foundation stone for the India’s first bullet train project connecting Ahmedabad to Mumbai.

Additional information on Bullet Train:

Around Rs 1.10 lakh crore will be spent on the project of which Rs 88,000 crore will be funded by a soft loan from Japan.

The Mumbai-Ahmedabad bullet train, running at an operating speed of 320 kmph and maximum speed of 350 kmph, will pass through 12 stations — Bandra Kurla Complex, Thane, Virar, Boisar, Vapi, Bilimora, Surat, Bharuch, Vadodara, Anand, Ahmedabad and Sabarmati.

The official said India would also get the safe Shinkansen technology and would manufacture parts in the country under ‘Make in India’.

China

• Currency: Renminbi
• Capital: Beijing
• Prime minister: Li Keqiang
• President: Xi Jinping

BANKING & BUSINESS

IRDAI allows OTP for opening online insurance account:

Regulator IRDAI has permitted usage of OTP or one time password for opening e-insurance account (eIA) as an alternative to electronic signature.As part of its ongoing effort to improve insurance penetration, the Insurance Regulatory and Development Authority of India (IRDAI) has also permitted e-KYC facility offered by UIDAI which provides the unique Aadhaar numbers.

IRDAI said as part of its developmental mandate and to reach out to the policyholders in a cost efficient man.

Additional information on IRDAI:

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India.

IRDAI

• Headquarters: Hyderabad, Telangana
• Chairman, IRDAI: S. Vijayan

Indian bank and BSNL sign MoU for faster services:

Kishore Kharat, MD and CEO, Indian Bank and Kalavathi S M, CGM, Bharat Sanchar Nigam signed an MoU to Upgrade the bandwidth of Indian Bank‘s branches to 2mbps.The upgradation would be in line with the bank’s policy of promoting digital channels.

Indian bank

• Headquarters: Chennai
• CEO: Kishor Kharat

BSNL

• Headquarters: New Delhi
• CEO: Shri Anupam Shrivastava

LIC launches Jeevan Utkarsh:

LIC has formally launched a new single premium plan, Jeevan Utkarsh, which offers a combination of protection and savings wherein the risk cover is ten times of tabular single premium from date of commencement of risk.

In addition, the plan also takes care of liquidity need via loan facility. Jeevan Utkarsh is a close ended plan which shall be open for sale from September 6 up to March 31.

Other Important features and condition in LIC’s Jeevan Utkarsh:

• Loan facility is available in this plan after three months of completion of the policy (3 months from the date of issuance of the policy).
• Policy can be surrender any time during the policy term (subject to realization of premium cheque by LIC) guaranteed surrender value in 1st year is 70% of single premium (without taxes and extra premium and rider premium) and 90% from second year onwards
• Backdating is allowed within the same financial year.
• Free look period of 15 days from the date of receipt of the policy bond.
• Nomination and Assignment are allowed in the policy.
• Premium paid under this plan (excluding taxes) can be claimed for rebate in income tax under 80(C)
• Maturity amount payable to Life assured is also tax-free under sec. 10(10)

AWARD

IMFA’s Sukinda Chromite bags Hindustan Zinc Health & Safety Award:

Sukinda Chromite Mines of Indian Metals and Ferro Alloys Ltd (IMFA) has bagged the prestigious Hindustan Health & Safety Award’ for 2016-17 for outstanding Health and Safety performance.

Sri Sanjeev Das, Senior Vice President, Head- Mining (BU) received a shield and certificate during 51st Annual General Meeting of the Federation of Indian Mineral Industries (FIMI) at New-Delhi.

SPORTS

Sloane Stephens beats Madison Keys to win US Open title:

Sloane Stephens, captured her first Grand Slam title by routing fellow American Madison Keys in US Open final.Stephens took a $3.7 million (3.07 million euros) top prize from the biggest victory of her career.

USA

• President of the United States: Donald Trump
• Currency: United States Dollar
• Capital: Washington, D.C.

Marc Marquez wins San Marino MotoGP:

Marc Marquez wins San Marino Grand Prix for Honda and pull level at the top of the overall standings with works Ducati rider Andrea Dovizioso.

Germany’s Steinhaus becomes first female ref in Europe’s top leagues:

Germany’s Bibiana Steinhaus made history by becoming the first female referee to officiate a match in a top European league.

The 38-year-old police officer became the first woman to ref a top-tier match in the German, English, French, Italian or Spanish leagues when she took charge of Hertha Berlin’s home Bundesliga match against Werder Bremen.

GERMANY

• Currency: Euro
• Capital: Berlin

James Anderson replaces Ravindra Jadeja to claim top spot in ICC Test rankings:

England fast bowler James Anderson climbed to top spot in ICC Test Player Rankings. Anderson became the first English and the sixth bowler in the world to pick 500 Test wickets.

While Jadeja has slipped to the second spot with 884 points, he is followed by another Indian spinner R Ashwin (852 points). Anderson is the only England bowler in top 10 rankings in Tests.

OBITUARY

Prominent American historian of Afghan culture dead:

American historian Nancy Hatch Dupree, who dedicated most of her life to preserving Afghanistan’s heritage, died at 89.

Afghanistan

• Currency: Afghan afghani
• Capital: Kabul

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