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General Studies-02

PFRDA [PIB]

  • Provident fund regulatory and development authority [PFRDA] is a pension regulatory authority which was established in 2003.

  • It is authorized by Ministry of Finance, Department of Financial Services.

  • It promotes old age income security by establishing, developing and regulating pension funds and protects the interests of subscribers to schemes of pension funds and related matters.

Atal Pension Yojana (APY) [PIB]

  • Now this scheme related procedure to be done on online mode with the help of the software named E – Pran

  • Subscriber of this scheme get pension after 60

  • Anyone can join between 18 to 40 main focus is unorganized sector

  • All member of swalamban to migrated to this scheme

  • Government 50 % contribution

BCIM new potential toward globalization

  • Bangladesh – china – india – Myanmar [BCIM] new initiative by china under one belt one road policy

  • This highway will provide better mobility among regional coordination and better access to north east state

  • This project currently under discussion stage

Intellectual property right

  • Today is intellectual property right day and year by year IP right umbrella widening with the help of world level protector like WTO and RCEP.

  • On the medical field human life right much important than just one person IP right because of common good involved.

  • Section 3 D recently coming into light which dealt with disallowing ever greening of the patent.

  • Irrational copy will lead to less research spending and less human interest in innovation.

General Studies-03

Goods and Services Tax (GST)[PIB]

1.Benefits:

  1. GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer. 

  2. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive.

  3. GST aims to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level.

  4. Eliminate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses.

  5. GST is a destination based tax. It follows a multi-stage collection mechanism.

  6. GST is largely technology driven. It will reduce the human interface to a great extent and this would lead to speedy decisions.

  7. GST will give a major boost to the ‘Make in India’ initiative of the Government of India by making goods and services produced in India competitive in the National as well as International market.

  8. GST is expected to bring buoyancy to the Government Revenue by widening the tax base and improving the taxpayer compliance.

  9. GST is likely improve India’s ranking in the Ease of Doing Business Index 

  1. GST will bring more transparency to indirect tax laws

2. Salient Features of GST

  1. It would be a destination based consumption tax.

  2. It would be a dual GST with the Centre and States simultaneously levying tax on a common tax base.

  3. The GST would apply to all goods other than alcoholic liquor for human consumption and five petroleum products,

  4. The GST would replace the following taxes currently levied  and collected by the Centre:

    1. Central Excise Duty

    2. Custom duty

    3.  Service Tax

    4. Central Surcharges and Cesses so far as they relate to supply of goods and service

    5.   State VAT

    6.  Central Sales Tax

  1. The list of exempted goods and services would be common for the Centre and the States

  2. Exports and supplies to SEZ shall be treated as zero-rated supplies.

  3. Import of goods and services would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties.

  4. The GSTN will also make available standard software for small traders to keep their accounts in that, so that straight away it can be uploaded as their monthly returns on GSTN website. This will make compliance easier for small traders.

  5. GSTN is one of the non governmental organization help in IT infrastructure of GST owned by private bank.

Jhum cultivation

  • Jhum cultivation is slash and burn farming practice.

  • Under this practice forest burned down and new field prepared for agriculture.

  • When this field become less fertile fresh plain prepared.

  • This practice in india limited to only north east state and this cause great harm to forest cover and existing biodiversity.

CURRENT AFFAIRS PRELIMS QUIZ

Q.1 consider the following statements about Provident fund regulatory and development authority :

1. It is authorized by Ministry of Finance, Department of Financial Services.

2. it managed atal pension yojana

which of these is/are correct?

A. 1 only

B. 2 only

C. both

D. none

CORRECT ANSWER : Option C

Q.2 consider the following statement about atal pension yojana.

1. Subscriber of this scheme get pension after 60.

2. Anyone can join between 18 to 40 main focus is unorganized sector.

3. All member of swalamban to migrated to this scheme.

A. 1 2 only

B. 1 3 only

C. 2 3 only

D. all of the above

CORRECT ANSWER : Option D

Q.3 consider the following statement about BCIM initiative

1. this will pass through Manipur and Mizoram

2. it is under one belt one road initiative

3. china is promoter to this project

A. 1 2 only

B. 1 3 only

C. 1 2 3 only

D. 2 3 only

CORRECT ANSWER : Option D

Q.4 which of the following is benefit of the GST

1. one nation one tax

2. lower cost of good and service

3. will end cascading effect of tax

A. 1 2 only

B. 1 2 3 only

C. 2 3 only

D. 1 3 only

CORRECT ANSWER : Option B

Q.5 which of the following item is outside of GST regime

1. petroleum other than LPG

2. alcohol

A. 1 only

B. 2 only

C. both

D. none

CORRECT ANSWER : Option C

 

1 C
2 D
3 D
4 B
5 C

 

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