TNPSC Current Affairs March 2017
1.Four GST Bill Passed in Lokh Sabha.
Lokh Sabha has passed the 4 Goods and service tax (GST) which will subsume a host of indirect taxes levied by state and central government. It was introduced in parliament in 2000 and get passed after 17 long years.
The four Goods and Service Taxes are
1 Central GST (CGST Bill)
2.The Integrated GST (IGST Bill )
3.The Union Territory GST (UTGST Bill)
4.the Compensation to the States Law Bill .
About the GST Bills(official Release):
- The GST Council has already finalised the 4 tier tax structure 5,12,18 and 28 Per cent and overall cap of 40 Per cent.
- Central GST bill makes provisions for levy and collection of tax on intra-state supply of goods or services or both by the central government
- IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central government.
- The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature.Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/ Union Territories on intra-state supply of goods or services or both.
- The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (101th Amendment) Act, 2016.
2.Government of India and RBI host G-20 Framework Working Group (FWG) in Varanasi
Government of India nad RBI host the 3rd meeting of G-20 Framework workig group (FWG) at Varanasi Uttar Pradesh to discuss the Current State of the Global Economy as well as G-20 agenda on Inclusive Growth and Reports on Strong, Sustainable and Balanced Growth & G-20 Enhanced Structural Reform Agenda among others.
- FWG is one of the core working group of G-20 which deliberates on matters related to global economy and on the policy co-ordination that is required between the major economies to face global economic challenges
- India was co-chaired 3rd meeting of G-20 Framework Working Group with Canada.
- The 4th meetin of G-20 FWG meetin will be held under German Presidency in Buenos Aires, Argentina
About G 20
G20 is the international forum which brings together the world's leading and emerging economies. It was formed in 1990 to give developing countries a powerful voice in forming the global economy.G-20 accounts for world's 85 % of GDP and 2/3rd of its population.
The members Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
3.Early Warning System for Tsunami and Earthquake.
Y.S Chowdhary Minister of State for Ministry of Science & Technology and Ministry of Earth Sciences said that Indian Tsunami Early Warning Centre (ITEWC), which is based at & operated by Indian National Center for Ocean Information Services (INCOIS), Hyderabad has all necessary infrastructure and capabilities to detect early Warning System for Tsunami and EarthQuake.
About infrastructure and capabilities:
- As per official statement_ ITEWC has been designated as one of the Regional Tsunami Service Providers for the entire Indian Ocean Region by the Intergovernmental Oceanographic Commission (IOC) of United Nations Educational, Scientific and Cultural Organization(UNESCO)
- ITEWC is providing tsunami warnings and related services to all countries in the Indian Ocean Rim
- This centre is capable of detecting tsunami-genic earthquakes occurring in the Indian Ocean as well as in the Global Oceans within 10 minutes of their occurrence and disseminates the advisories to the concerned authorities within 20 minutes through email, fax, SMS, Global Telecommunication System (GTS) and website.
- A pilot project on Earthquake Early Warning (EEW) system is under implementation for northern India (Uttarakhand) by Indian Institute of Technology (IIT) Roorkee