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Current Affairs 2017

Rohan Bopanna and Pablo Cuevas win Monte Carlo Masters doubles crown

India’s Rohan Bopanna and his Uruguayan partner Pablo Cuevas lifted the men’s doubles crown at the Monte Carlo Masters after registering a hard- fought three-set win over Spain’s Feliciano Lopez and Marc Lopez in Monaco.

Employment News

Aeronautical Development Agency, Bangalore www.ada.gov.in invites applications for Project Assistant 01 post Refer website or Employment News dated 25-31 March 2017...

Benefits of Goods and Services Tax (GST)

The benefits of GST can be summarized as under:

  • For Business and Industry
    • Easy compliance: A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online, which would make compliance easy and transparent.
    • Uniformity of tax rates and structures: GST will ensure that indirect tax rates and structures are common across the country, thereby increasing certainty and ease of doing business. In other words, GST would make doing business in the country tax neutral, irrespective of the choice of place of doing business.
    • Removal of cascading: A system of seamless tax-credits throughout the value-chain, and across boundaries of States, would ensure that there is minimal cascading of taxes. This would reduce hidden costs of doing business.
    • Improved competitiveness: Reduction in transaction costs of doing business would eventually lead to an improved competitiveness for the trade and industry.
    • Gain to manufacturers and exporters: The subsuming of major Central and State taxes in GST, complete and comprehensive set-off of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. The uniformity in tax rates and procedures across the country will also go a long way in reducing the compliance cost.
  • For Central and State Governments
    • Simple and easy to administer: Multiple indirect taxes at the Central and State levels are being replaced by GST. Backed with a robust end-to-end IT system, GST would be simpler and easier to administer than all other indirect taxes of the Centre and State levied so far.
    • Better controls on leakage: GST will result in better tax compliance due to a robust IT infrastructure. Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that would incentivize tax compliance by traders.
    • Higher revenue efficiency: GST is expected to decrease the cost of collection of tax revenues of the Government, and will therefore, lead to higher revenue efficiency.
  • For the consumer
    • Single and transparent tax proportionate to the value of goods and services: Due to multiple indirect taxes being levied by the Centre and State, with incomplete or no input tax credits available at progressive stages of value addition, the cost of most goods and services in the country today are laden with many hidden taxes. Under GST, there would be only one tax from the manufacturer to the consumer, leading to transparency of taxes paid to the final consumer.
    • Relief in overall tax burden: Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers.

The Paris Agreement on climate change 2016

The historic agreement on climate change on 22nd April 2016 marked a milestone, with a record 175 countries, including India, signing it. The Paris Agreement on climate change is a milestone in global climate cooperation. It is meant to enhance the implementation of the Convention and recognizes the principles of equity and common but differentiated responsibilities and respective capabilities in the light of different national circumstances. The salient features of the Paris Agreement are as follows: The Paris Agreement acknowledges the development imperatives of developing countries. The Agreement recognizes the developing countries' right to development and their efforts to harmonize development with environment, while protecting the interests of the most vulnerable.The Paris Agreement recognizes the importance of sustainable lifestyles and sustainable patterns of consumption with developed countries taking the lead, and notes the importance of 'climate justice’ in its preamble.The ...

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What is Budget?

Budget is also called the Annual Financial Statement. This is the main budget document. Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of the government of India has to be laid before Parliament for every financial year. This statement shows the receipts and payments of Government under the three parts in which Government accounts are kept: (1) Consolidated Fund (2) Contingency Fund and (3) Public Account. What is Revenue Budget? This consists of the revenue receipts of the government (tax revenues and other revenues) and the expenditure met from these revenues. Tax revenues comprise proceeds of taxes and other duties levied by the Union. Other revenues are receipts of the government mainly consisting of interest and dividend on investments made by government fees and receipts for other services rendered by the government. Revenue Expenditure is expenditure for the normal running of government departments and various services, interest charge ...

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Genetically Modified Food or Crops

Genetic Modification Genetic modification refers to techniques used to manipulate the genetic composition of an organism by adding specific useful genes. A gene is a sequence of DNA that contains information that determines a particular characteristic/trait. All organisms have DNA (genes). Genes are located in chromosomes. Genes are units of inheritance that are passed from one generation to the next and provide instructions for development and function of the organism. Crops that are developed through genetic modification are referred to as genetically modified (GM) crops, transgenic crops or genetically engineered (GE) crops. Over the last 30 years, the field of genetic engineering has developed rapidly due to the greater understanding of deoxyribonucleic acid (DNA) as the chemical double helix code from which genes are made. The term genetic engineering is used to describe the process by which the genetic makeup of an organism can be altered using “recombinant DNA technology.” This ...

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Career Scope in Print Media

Print media are lightweight, portable, disposable publications printed on paper and circulated as physical copies in forms we call books, newspapers, magazines and newsletters. They hold informative and entertaining content that is of general or special interest. They are published either once or daily, weekly, biweekly, monthly, bimonthly or quarterly. Print Media is the oldest form of media. But even today it is growing from strength to strength. Around 4000 small, medium and large newspapers and magazines across the county are registered with the Registrar of Newspapers every year. This indicates that it is a growing sector where employment opportunities are increasing with each passing day. Most of the young aspirants who want to enter the print media prefer reporting, but newspapers and magazines also seek young talent as photographers, artists, editors, computer experts, librarians, and cartoonists. Students who have writing ability, graphics or photo skills, curiosity and deter ...

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