Daily Current Affairs (English) - 01.07.2018

NATIONAL

GST DAY: 1ST JULY 2018

The first year of GST has been an example to the world of the readiness of the taxpayers to be a partner in the unprecedented reform in Indian taxation, the finance ministry said today. The government will celebrate July 1, 2018, as 'GST Day' to mark the first anniversary of the new indirect tax regime.

Goods and Service Tax

  • Goods and Service Tax (GST) is an indirect tax levied in India on the supply of goods and services. GST is levied at every step in the production process, but is refunded to all parties in the chain of production other than the final consumer.
  • The GST was launched at midnight on 1 July 2017 by the President of India, Pranab Mukherjee, and the Prime Minister of India Narendra Modi. The launch was marked by a historic midnight (30 June – 1 July) session of both the houses of parliament convened at the Central Hall of the Parliament.
  • GST is a value added tax which is a single tax on the supply of goods and services from manufacturers to consumers.
  • The levy of input tax paid on each stage will be available in the next phase of value addition which in turn will make GST essentially one by one on value addition.
  • Final Consumers will have to bear the GST imposed by the final dealer in the supply chain in this way.

INTERNATIONAL

INDIA GETS ITS 37TH WORLD UNESCO WORLD HERITAGE SITE

India’s nomination of the “Victorian and Art Deco Ensembles of Mumbai ” has been inscribed on  UNESCO’s World Heritage list. The decision was taken at the 42nd session of the World Heritage Committee of UNESCO at Manama in Bahrain today. As recommended by the World Heritage Committee, India accepted the renaming of the ensemble as “Victorian Gothic and Art Deco Ensembles of Mumbai”. India has been successful in securing the inscription of the “Victorian Gothic and Art Deco Ensembles of Mumbai” on UNESCO’s World Heritage List under Criteria (ii) and (iv) as defined in the UNESCO’s Operational Guidelines. 

SPORTS

INDIA CLINCH KABADDI MASTERS TITLE WITH EASY WIN OVER IRAN

India clinched Kabaddi Masters title defeating Iran 44-26 in the summit clash in Dubai last evening. In a battle between the top two sides of the world, the three-time world champions did not give Iran any ground to recover with captain Ajay Thakur and youngster Monu Goyat led the raid charts. India's defence was also excellent with Surjeet Singh returning with seven tackle points. India inflicted two all-outs on Iran, en route the massive victory. The six-nation invitational tournament was organised by International Kabaddi Federation.

APPOINTMENT

B SRIRAM

B Sriram has assumed charge as Managing Director and CEO of IDBI Bank. Sriram was appointed MD and CEO in place of Mahesh Kumar Jain who recently took charge as deputy governor of the Reserve Bank of India (RBI). Sriram has been working as the MD (Corporate and Global Banking) in SBI since July 2014.