MANUAL CHECKS IN IGST REFUNDS
The Government of India has assured all genuine exporters that they would continue to get their Integrated Goods and Service Tax (IGST) refunds in a timely manner in a fully automated environment.
- The Central Board of Indirect Taxes and Customs (CBIC) said, introduction of manual checks in IGST refunds is aimed at preventing unscrupulous exporters from defrauding the exchequer.
- The CBIC’s clarification came in view of media reports which highlighted a perceived setback to the automated process of refunds for exporters under GST on account of the introduction of manual checks in IGST refunds. It termed the reports as misleading.
Integrated Goods and Services Tax (IGST)?
- IGST meaning Integrated Goods and Service Tax, is one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation.
- IGST falls under Integrated Goods and Service Tax Act 2016.
- IGST is charged when movement of goods and services from one state to another. For example, if goods are moved from Tamil Nadu to Kerala, IGST is levied on such goods.
- The revenue out of IGST is shared by state government and central government as per the rates fixed by the authorities.
- Under Article 269A of the Constitution,
- The GST on supplies in the course of interState trade shall be levied and collected by the Government of India and
- such tax shall be apportioned between the Union and the States according to the provisions of law on the recommendations of the Goods and Services Tax Council.
- Under the IGST scheme, 50% of the collections will go to the Centre (as the Central Goods and Services Tax component) and the remaining 50% will be allocated to the States and Union Territories (as the State Goods and Services Tax component). And, 42% of the CGST will be devolved to the States and Union Territories.
Himalayan glaciers are melting twice as fast since 2000: study
Comparing data obtained by Cold War-era spy satellites with images from modern stereo satellites, scientists have shown that Himalayan glaciers have lost more than a quarter of their ice mass since 1975, with melting occurring twice as fast after the turn of the century as average temperatures rose.
- In the 1970s, at the height of the Cold War, the U.S. had deployed spy satellites that orbited the globe and took thousands of photographs, using a telescopic camera system, for reconnaissance purposes.
- More than four decades later, scientists are using those same images to show the devastating impact of a warming Earth on the Himalayan glaciers.
- The study goes on to assert that rising temperatures are responsible for the accelerating loss.
KHELO INDIA PROGRAMME
Addressing the joint sitting of the two Houses of Parliament, the President Ram Nath Kovind said the new government has decided to widen the spectrum of the ‘Khelo India Programme’ to cover the entire country.
- Under this programme, 2,500 talented players have been selected and are being trained. The President said, this facility will now be provided to 2,500 new players every year.
- The President also stressed the importance of strengthening the existing sports infrastructure in the country and said the government is working in this direction.
Khelo india youth games?
- Its objective is to revive the sports culture in India at the grass-root level by building a strong framework for all sports played in our country and establish India as a great sporting nation.
- It is an annual event. The first edition was held in 2018 in Delhi and the second event was held in January, 2019 in Pune, Maharashtra.
- 1000 players will be selected from Khelo India Games and will be given 5 Lakh rupees scholarship per year for the next 8 years.
WHO today launched a global campaign urging governments to adopt a tool to reduce the spread of antimicrobial resistance, adverse events and costs.
- The AWaRe tool was developed by the WHO Essential Medicines List to contain rising resistance and make antibiotic use safer and more effective.
- which antibiotics to use for the most common and serious infections,
- which ones should be available at all times in the healthcare system, and
- those that must be used sparingly or preserved and used only as a last resort.
It classifies antibiotics into three groups – Access, Watch and Reserve – and specifies
- The new campaign aims to increase the proportion of global consumption of antibiotics in the Access group to at least 60%, and to reduce use of the antibiotics most at risk of resistance from the Watch and Reserve groups.
- Using Access antibiotics lowers the risk of resistance because they are ‘narrow-spectrum’ antibiotics (that target a specific microorganism rather than several). They are also less costly because they are available in generic formulations.
Currently, it is estimated that more than 50% of antibiotics in many countries are used inappropriately such as for treatment of viruses when they only treat bacterial infections or use of the wrong (broader spectrum) antibiotic, thus contributing to the spread of antimicrobial resistance.
In India, the Health Ministry has made it mandatory to display a 5mm-thick red vertical band on the packaging of prescription-only drugs to sensitise people to be cautious while buying these medicines that are widely sold without prescriptions.
Jammu and Kashmir Government is planning to open 18 AMRIT stores in all the Medical colleges’ Hospitals and prominently associated hospitals of the State to provide quality and affordable medicines to the end users.
- Full Name: Affordable Medicines and Reliable Implants for Treatment (AMRIT).
- Parent agency: AMRIT pharmacies operate under the aegis of Ministry of Health and Family Welfare, Government of India.
- Features: These Pharmacies offer more than 5200 drugs, implants, surgical disposables and other consumables at average discounts up to 60% of the maximum retail price. In the previous year, 118.52 lakh people in country availed its services at a lesser price than its MRP.
PM’s AWARDS FOR OUTSTANDING CONTRIBUTION FOR PROMOTION & DEVELOPMENT OF YOGA 2019
Prime Minister’s Awards for outstanding contribution for Promotion and Development of Yoga – 2019 has been announced.
- Background: On the occasion of the 2nd International Day of Yoga celebrations at Chandigarh, the Prime Minister had announced the institution of awards for the promotion and development of Yoga.
- Objective: The award is given for outstanding contribution for promotion and development of Yoga.
- Cash prize: The winners will be felicitated with of a Trophy, Certificate and a Cash Award of 25 lakh rupees each.
- Winners: Ayush Ministry in a release said, Swami Rajarshi Muni of Life Mission, Gujarat, Ms. Antonietta Rozzi of Italy, Bihar School of Yoga, Munger and Japan Yoga Niketan, Japan are the recipients of the Award.
STRATEGIC PARTNERSHIP MODEL
The Government of India has issued the Expression of Interests (EOI) for shortlisting of potential Indian Strategic Partners for construction of six conventional submarines for P-75(I) Project of the Indian Navy.
- It is the second project being undertaken under the latest Strategic Partnership Model, with the first being the procurement of 111 Naval Utility Helicopters.
- the decision is a major initiative towards Make in India. it will provide a major boost to the indigenous design and construction capability of submarines in India, in addition to bringing in the latest submarine design and technologies as part of the project.
Strategic Partnership Model?
- Background: Strategic Partnership (SP) policy was approved by the Defence ministry in May 2017 as a part of the Defence Procurement Procedure (DPP). In July 2018, Defence Acquisition Council (DAC) approved Implementation guidelines for the SP Model.
- Objectives: To reduce current dependence on imports and to bolster defence manufacturing in India through indigenous private defence firms.
- Salient features:
- Segments: Under it 4 segments — submarines, single engine fighter aircraft, helicopters and armoured carriers/main battle tanks — would be opened up for the private sector.
- Strategic partner: One Indian private company would be selected in each segment as strategic partner. It will tie-up with foreign original equipment manufacturers (OEM) to manufacture the platforms in India under technology transfer. (Indian company will have 51% ownership).
- Guidelines lay emphasis on incentivisation of transfer of niche technology and higher indigenous content.
- All procurements under it would be executed by specially constituted Empowered Project Committees.
In Nepal, thousands of people came onto roads in capital Kathmandu demanding the government to scrap the controversial “Guthi Bill”.
- Guthis are socio-economic institutions (trusts), both public and private, that fund their obligations from incomes from cultivated or leased land assets.
- Depending on their obligations, Guthis fulfil religious, public service or social roles and could either involve members from a common lineage, or several.
- The Government of Nepal had tabled the Guthi Bill in National Assembly, the Upper House of Parliament in April to amend Guthi Act and nationalise both public and private Guthis or trusts and regulate all religious sites under a powerful commission.
- The ethnic Newar community members claim that the bill had provisions in favour of land mafias and could be a threat to the centuries-old culture and traditions of Nepal.
- Though the Guthi Bill was withdrawn by the Ministry of Land Management, Cooperatives and Poverty Alleviation recently, but protesters are demanding that it should be completely scrapped.
The Archaeological Survey of India (ASI) has started the process of declaring the site at Sadikpur Sinauli of national importance, issuing a notification on June 6 seeking objections, if any, from the public for a period of two months.
- The ancient site at Sadikpur Sinauli is spread over 28 hectares in Uttar Pradesh’s Baghpat district.
- The site was the “largest necropolis of the late Harappan period of the early 2nd millennium BCE”.
- At the site, the excavation and preservation work is still ongoing after being started in 2018 and was deemed to have national importance due to the finds uncovered.
- Among the treasures unearthed are three chariots, legged coffins, shields, swords and helmets – all which point towards a warrior class that must have existed around 2,000 BCE.
SEBI PANEL TO REVIEW MARGINS ON DERIVATIVES
The Securities and Exchange Board of India (SEBI) has set up a panel to review margins on derivatives.
- The SEBI has set up a working group to review the current framework of margins in the futures and options segment and submit its recommendations to the Secondary Market Advisory Committee.
- It is being setup based on the feedback that the existing margin requirements in the derivatives segment is pushing up cost of trading while not managing risk in the most efficient manner.
- The working group will be headed by NSE Clearing Ltd.
Option Vs Future Market
Options and futures are both financial products that investors use to make money or to hedge current investments. Both are agreements to buy an investment at a specific price by a specific date.
- An option gives an investor the right, but not the obligation, to buy (or sell) shares at a specific price at any time, as long as the contract is in effect.
- A futures contract requires a buyer to purchase shares, and a seller to sell them, on a specific future date unless the holder’s position is closed before the expiration date.
India’s first solar Cruise to be launch soon
Kerala is gearing up for the launch of the country’s premier solar-powered cruise boat by December 2019.
- The hybrid vessel will be powered by a motor that can source energy from solar panels, battery, and generator,
- Solar vessels do not create air and noise pollution. The double-deck, double-engine catamaran-type vessel adheres to norms specified by the Indian Registry of Shipping (IRS).
- The initiative comes from the State Water Transport Department (SWTD), whose solar ferry Aditya in the Vaikom-Thavanakadavu route has proved to be a success.