Current Affairs Update – 4th August, 2016

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.

Current Affairs at a Glance – 4th August, 2016

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. The seventh meeting of South Asian Association for Regional
    Cooperation (SAARC) Immigration Authorities was held on 2 August 2016 in Islamabad,
    Pakistan
    .
  6. 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.

Finance/Industry/Banking –
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

  1. Central Excise Duty
  2. Additional Duties of Excise and
    Customs
  3. Special Additional Duty of
    Customs (SAD)
  4. Service Tax
  5. Cesses and Surcharges on Supply
    of goods and services
State Taxes Subsumed in the GST Bill

  1. VAT
  2. Central Sales Tax
  3. Purchase Tax
  4. Luxury Tax
  5. Entry Tax
  6. Entertainment Tax
  7. Taxes on advertisements,
    lotteries, betting, gambling
  8. 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.
India –
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.
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World –
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.
Sports –
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.
Obituaries –
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).

Regards

Team ExamPundit