Current Affairs Update – 6th May, 2015

• Lok Sabha on 6 May 2015 passed the Goods and Services Tax
  (GST) Bill, 2014. The bill also called Constitution (122nd Amendment) Bill
  seeks to introduce GST regime in India.
• The bill will transform India into a common market,
  harmonising myriads of state and central levies into a national goods and
  services tax which is expected to boost manufacturing and reduce corruption.

• It provides for constitution of a Goods and Services Tax
  (GST) Council by inserting Article 279A in the Constitution. The Council will
  recommend to the Union and States on the inclusion and exclusion of goods and
  services.
• It proposes an additional tax on supply of goods, not exceeding
  one percent, in the course of inter-State trade will be levied and collected by
  the Union for a period of two years and apportioned to the States.
• The net proceeds of additional tax on supply of goods,
  except the proceeds from Union Territories, will not form the part of
  Consolidated Fund of India.
• It provides for the compensation to the States for loss of
  revenue arising on account of implementation of GST for a period of five years.
• It subsumes all the Central indirect taxes, levies and Central
  Sales Tax and State Value Added Tax and Sales Tax.
• It covers all goods and services except alcoholic liquor for
  human consumption for the levy of GST.

• Union Finance Ministry on 4 May 2015 made Permanent Account
  Number (PAN) mandatory for private firms seeking Central Excise Registration.
• In this regard, the Ministry issued an order mentioning that
  applicants seeking registration will mandatorily have to quote PAN of the proprietor
  or the legal entity being registered in the application form.
• The new laws say that the PAN registration will be given
  within two days of filing online applications to improve the ease in doing
  business in manufacturing. While, the government departments has been exempted
  from the requirement of quoting PAN in their online application.
• Apart from this, the order also mentions that the applicant
  will have to quote his e-mail address and mobile number in the application form
  for communication with the department.

• Bollywood actor Salman Khan was in news as on 6 April 2015
  he was sentenced to five years imprisonment by Mumbai Sessions Court. He was
  sentenced for his 28 September 2002 hit and run case in which one pavement
  dweller was killed and four others were injured.
• The sentence was pronounced in Sessions Court Judge
  Deshpande’s chamber.
• Mumbai Sessions Court Judge DW Deshpande found Khan guilty
  and convicted him under IPC Section 304 II (culpable homicide not amounting to
  murder). The court while giving verdict said that all charges pressed against
  Khan under IPC Section 279 (rash driving), 337 (causing minor injuries), 338
  (causing major injuries) and 427 (negligence) have been proved.
• While convicting Khan, the court relied upon judgements in
  Alistair Pereira and Sanjeev Nanda BMW case of Delhi.

• The Indian Army team on 3 May 2015 emerged as champions in
  the 19th Federation Cup National Senior Athletic Championships. The team scored
  123.5 points at the end of the four-day event at the Mangala Stadium in Mangaluru,
  Karnataka.
• The Tamil Nadu team notched the second position by securing
  114 points.
• The overall men’s championships went to the Army when they
  totalled 123.5 points, while Tamil Nadu came second with 48 points.
• Kerala claimed the overall championship in the women’s
  category with 86 points. They were followed by Karnataka with 68 points.

• Lu Ping, the Chinese diplomat who oversaw Hong Kong’s
  transition from British to Chinese sovereignty in 1997, died in Beijing on 3
  May 2015. He was 87.
• Ping, the China’s Chief negotiator during the transfer of
  Hong Kong to China, termed Hong Kong’s last British Governor Chris Patten
  (1992–1997) as a “sinner of a thousand years” for making the territory’s
  elections more democratic or his unilateral electoral reform proposals.
• Ping was appointed Director of the Hong Kong and Macau
  Affairs Office (HKMAO) in 1990 and retired in 1997. He had also helped in
  drafting the mini Constitution of Hong Kong.

Regards

Team ExamPundit

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