Daily Current Affairs 1st July 2017 for Banking/Insurance/SSC and other related exams.
India launches historic indirect tax regime GST, 17 years after being proposed
On July 1, India has launched its ambitious pan-India indirect tax regime, the Goods and Services Tax (GST) to bind the country into a regime of “one nation, one tax, one market”.
- The Goods and Services Tax (GST) was first proposed 17 years ago, when the then Prime Minister Atal Bihari Vajpayee formed a GST committee.
- A proposed model was first placed during 2006 Budget speech, and the then Finance Minister P Chidambaram announced in 2010 that GST will be implemented from April 2011.
- It finally got President’s approval in September 2016.
- The roll-out was done by President Pranab Mukherjee in Parliament’s Central Hall, in the presence of Prime Minister Narendra Modi, Vice President Hamid Ansari and others.
- At the stroke of the gong, the current tax rates were replaced by the GST rates.
- The GST replaces a slew of indirect taxes with a unified tax regime.
PIB launches webpage on GST
The government’s information dispensation arm, Press Information Bureau, has launched a special page for the Goods and Services Tax.
- The webpage on GST is a one-stop platform for all information on the new tax regime. It contains press releases issued till date on the Goods and Services Tax (GST) in both Hindi and English.
- The webpage can be accessed on http://pib.nic.in/gst
ECI launches Nation wide Month long Special Drive to enrol left out electors
The Election Commission of India (ECI) has launched Nation wide a month long Special Drive from 1st July for maximization of registration of eligible electors with focus on left out eligible young citizens in age group of 18-19 and removal of names of registered dead electors, if any, from electoral rolls.
During the Special enrolment Drive, which will be completed by 31st July 2017, special attention would be given on following two activities by election officials in all States –
- Receiving Form 6 for enrolment of new electors,
- Removal of names of registered dead electors, if found any.
National Biopharma Mission launched
Science and Technology Minister Harsh Vardhan has launched the National Biopharma Mission aimed at accelerating biopharmaceutical development in the country.
- The programme named Innovate in India (i3) will witness an investment of USD 250 million with USD 125 million as a loan from World Bank.
Gujarat hosts India’s first mega textiles trade fair, Textiles India 2017
India’s first ever mega textiles trade fair – Textiles India 2017, was inaugurated by the Indian Prime Minister Narendra Modi, at the Mahatma Mandir in Gandhinagar, Gujarat.
- In order to mark the positioning of an annual textile trade event in India that is a part of the annual global calendar of the trade, a mega international event – Textile India 2017, is being organised by the Ministry of Textiles, Government of India, from June 30-July 2, at Mahatma Mandir, Gandhi Nagar, Gujarat.
AP launches MSME Corporation with Rs 100 cr
The Andhra Pradesh government has launched the AP MSME Development Corporation with a corpus fund of Rs 100 crore to promote micro small and medium enterprises (MSME) in the State.
- The corporation would help in boosting the small and medium industries in the State.
Kingdom of Saudi Arabia to Implement Energy Efficiency Programmes, Signs MoU with EESL
Energy Efficiency Services Limited (EESL), under the administration of Ministry of Power, has signed a Memorandum of Understanding (MoU) with National Energy Services Company, Kingdom of Saudi Arabia to implement energy efficiency programmes and scale-up demand side measures in the Gulf country.
India contributes $500,000 to UN Peacebuilding Fund
India has contributed $500,000 to the UN Peacebuilding Fund, expressing hope that more funding by nations will boost efforts by the world body to build and sustain peace.
- The fund was launched to support activities, actions, programmes and organisations that seek to build a lasting peace in countries emerging from conflict.
UN cuts peacekeeping budget by $570mn
The UN General Assembly (UNGA) has gone into an austerity mode cutting the peacekeeping budget for the next accounting year by about $570 million or 7.25 per cent.
- The assembly’s powerful budget committee agreed to a $7.3 billion budget for 14 peacekeeping missions for the year starting July 1, a $570 million cut from the current budget of $7.87 billion.
- India’s share is 0.474 per cent of the peacekeeping budget. US foots 28 per cent of the peacekeeping budget.
FINANCE & ECONOMY
Svatantra Microfin launches cashless solution ‘Saathi’
Mid-sized microfinance institution Svatantra Microfin, has launched an end-to-end cashless solution called Saathi, for an entire spectrum of operations in areas such as loan originating system, loan management system and collections.
GST Council cuts tax rate on fertiliser to 5%
GST Council has reduced the tax rate on fertiliser to 5 per cent from previously decided 12 per cent.
Reliance Jio launches AAE-1, world’s longest 100Gbps submarine cable system
Reliance Jio has launched the Asia-Africa-Europe (AAE-1) submarine cable system. The company claims that it is the world’s longest 100Gbps technology-based submarine system and will stretch for over 25,000km from Marseille, France to Hong Kong. It will have 21 cable landings across Asia and Europe.
R.K. Pachnanda takes over as ITBP chief
Senior Indian Police Service (IPS) officer R. K. Pachnanda took over as the new Director General of the Indo-Tibetan Border Police (ITBP) — the paramilitary force mandated to guard the 3,488 km India-China border. He will succeed Krishna Chaudhary.
AWARDS & ACHIEVEMENTS
Writer Preeti Shenoy bags Indian of the Year award
Writer Preeti Shenoy was honoured with the Indian of the Year award. Shenoy, who is one of India’s top five highest selling women authors, was awarded by Brands Academy, one of the most reputed branding companies in India to recognise the achievements of personalities who have contributed towards building up the reputation of the country.
- Other prominent winners along with Shenoy included Deepa Malik (Paralympics Gold Winner), Kavita Krishnamurty (Singer) and Ranveer Brar (Celebrity Chef and TV Host).
Lipstick Under My Burkha to open Indian Film Festival of Melbourne
Lipstick Under My Burkha, which was deemed too “lady oriented” by India’s censor board, will be the opening movie at the 2017 Indian Film Festival of Melbourne (IFFM). Director: Alankrita Shrivastavas.
- Lipstick Under My Burkha, features actors like Konkona Sen Sharma, Ratna Pathak, Aahana Kumra and Plabita Borthakur.
European feminist politician Simone Veil dead
Simone Veil, who was the first woman elected to lead the European Parliament in 1979 has passed away.
National Doctors’ Day: 1 July
In India the National Doctors’ Day is celebrated on July 1 all across India to honour the legendary physician and the second Chief Minister of West Bengal, Dr Bidhan Chandra Roy.