GST council finalises tax rates on 80-90% goods services
- On Thursday the GST Council finalized tax rates on 80-90 per cent with essential items of daily use being kept in the lowest bracket of 5 per cent of goods and services under the four-slab structure. This Council was headed by comprising representatives of all states and Union Finance Minister Arun Jaitley, rules for the Goods and Services Tax (GST) regime that is scheduled to kick in from July 1 in the opening session of the two-day meeting also approved.
- In the official statement of the government it is said that the Jaitley was the representative of that there should be minimum exemptions under the GST and should be provided for only if it is essential.
- Yogi Adityanath have led Uttar Pradesh instead of the proposed 18 per cent sought zero levy on ‘puja samagri’. On two rates for service tax 12 per cent and 18 per cent few others are keen. The GST will be a national sales tax that will be levied use of services or on consumption of goods.
- Russia Implemented GST in 1991 after that China implemented GST in 1994. Saudi Arabia have plans to do it in 2018.
- Full form of GST- Goods and service tax
- Union Finance Minister of India- Arun Jaitley
Srinagar gets first semi- machanised car parking facility
- It is good and relief news for the area of the Lal Chowk for the commuters and vehicle owners moving through the busy the Srinagar city, Chief Minister, Mehbooba Mufti have going to placed the semi mechanized car parking facility at the old KMD stand on the M. A. Road here today.
- On the occasion Deputy Chief Minister, Dr. Nirmal Singh; Minister for Education, Syed Altaf Bukhari; Minister of State for Housing & Urban Development, Asiea Naqash; legislators, Noor Muhammad Sheikh, Anjum Fazili and Khursheed Alam were present.
- CEO, ERA, Vinod Sharma have told to the Chief Minister about the features and the benifit of the project. To devise plans for enhancing the capacity of the parking facility and also pace up work on such facilities elsewhere in the city and the State Mehbooba Mufti directed the concerned agency.
- The city’s most busy commercial place have spread over an area of 1545 square metres, it be providing multi level parking to 288 vehicles the parking facility and it has been developed at a cost of Rs. 27.15 crore and would. Besides the commercial complex, office and public convenience the parking facility comprises four bays with each having a parking space for 72 vehicles.
- Deputy Chief Minister of Jammu and Kashmir- Dr. Nirmal Singh
- Chief Minister of Jammu and Kashmir- Mehbooba Mufti
NALSA to set up legal aid units in states
- The National Legal Services Authority (NALSA) have give the plane for to set up Legal Assistance Establishments (LAE) in all states to strengthen and streamline its activities aimed at providing free legal aid to the needy.
- The NALSA statement said, “Nyaya Sanyog would be manned by Legal Services Advocate(s) on the panel of Delhi State Legal Services Authority (DSLSA) along with staff of DSLSA, besides para legal volunteers, who would have knowledge about and be in possession of database of all the activities of DSLSA as well as other information that may be required by people making queries. Nyaya Sanyog would be functional from 10.00 am to 5.00 pm on all working days.”
- Keeping in mind the centre, Justice Mishra said, “Legal Assistance Establishments are multiple services-single point establishments for legal aid seekers. The LAEs would provide to the beneficiaries quick information about their case status pending in any of the districts, legal aid and advice, and information about various schemes of NALSA, central/state Governments, etc.”
- The first such centre, named ‘Nyaya Sanyog’, opened in Delhi on May 17 conceived by NALSA Executive Chairman Justice Dipak Mishra of the Supreme Court.
- Full form of NALSA- National Legal Services Authority
- Full form of DSLSA- Delhi State Legal Services Authority
- Executive Chairman Justice of the Supreme Court- Dipak Mishra
Yogi Adityanath’s anti-Romeo squad to be renamed as ‘Nari Suraksha Bal’
- For the protection of women from eve-teasing and molestation the newly-formed Bharatiya Janata Party (BJP) government in Uttar Pradesh is all set to rename the anti-Romeo squads introduced by it. In a report it is found that the from various sections of the society move comes after the campaign faced criticism.
- Romeo is a famous character by Shakespeare and not a molester as the Anti-Romeo Squads were highly criticised because of its name as the critics asserted. They have said that Romeo was a lover and lovers generally are not sexual predators.
- The many poll promises made by the BJP during the Uttar Pradesh Assembly elections 2017 the formation of the anti-romeo squads was one among. A great step to provide protection to women in Uttar Pradesh this move was hailed by many as it was seen.
- The rule of Samajwadi Party supremo Akhilesh Yadav the cases of crime against women was on a surge. The cases of police atrocities on the men and boys in the name of providing protection to women anti-Romeo squads were criticised by many as there was an increase. Many had complained about harassment faced by them even for talking to women.
- CM of Uttar Pradesh- Yogi Adityanath
- Capital of Uttar Pradesh- Lucknow
Bilateral exercise between Indian republic of Singapore navy simbex 17 commences
- On Thursday the 24th bilateral exercise SIMBEX-17 between Indian Navy (IN) and Republic of Singapore Navy (RSN) has commenced in South China Sea and will culminate post seven days on May 24.
- This year amongst the RSN and IN as well as developing common understanding and procedures for maritime security operations bilateral maritime exercise is aimed at increasing interoperability. The exercise is divided into two phases – the Sea Phase to be held from May 21 to May 24 and the Harbour phase, which is scheduled from May 18 to May 20.
- In this exercise the Indian Naval Ships Shivalik, Sahyadri, Jyoti and Kamorta, one P8-I Maritime Patrol and Anti-Submarine Warfare Aircraft are participating. While on May 12, 2017 INS Sahyadri and INS Kamorta arrived, INS Shivalik and INS Jyoti will be joining directly for the sea phase.
- this year the thrust of exercises at sea would be on Anti-Submarine Warfare (ASW), integrated operations with Surface, Air and Sub-surface Forces, Air Defence and Surface Encounter Exercises.
- Establishment of Indian Neval Acadamy- May 1969
- Commandant- Vice Admiral SV Bhokare
US to announce USD 110 billion arms sale to Saudi Arabia as President Trump visits region
- In advanced military equipment sales and training to Saudi Arabia the Trump administration plans to announce USD 110 billion this weekend as President Donald Trump visits the country.
- This package includes tanks, combat ships, missile defense systems, radar and communications and cyber security technology. The announcement was done by Trump on Sunday. Officials providing details were not authorized spoke on condition of anonymity and to speak publicly. Before Trump took office much of the package builds on commitments made.
- On Saturday it is assuming that the administration informed Congress it will sell some USD 500 million in precision guided munitions to Saudi Arabia.
- The State Department says the particularly in Yemen where it has been criticised for civilian deaths in its fight against Iranian-backed rebels where munitions will improve Saudi’s targeting ability.
- President of America- Donald Trump
Brazilian president Michel Temer accused of obstruction of justice
- On Friday Brazil’s President Michel Temer fought for his political life after being accused of attempting to derail a massive corruption investigation known as “Car Wash”. Prosecutor General Rodrigo Janot wrote in a court filing that was made public today that Temer and a senior senator, Aecio Neves, were among those “who attempted to prevent the Car Wash investigations from advancing”.
- That politician former lower house speaker Eduardo Cunha is in prison after being convicted of bribe-taking in a sprawling anti-corruption drive named operation “Car Wash”. With scores of politicians indicted or subject to probes into alleged bribe taking and embezzlement the investigation has upended Brazil.
- To spill secrets on other politicians to prosecutors Cunha, formerly one of the most powerful insiders in Congress, has long been rumoured to have threatened.Including with the planned raising of the retirement age to fix the country’s unaffordable pension system Temer’s conservative government has angered millions of Brazilians with its ambitious austerity reforms.
- President of Brazil- Michel Temer
North Korea links nuclear advances to hostile US policy
- Mattis said at a news conference, “If this goes to a military solution it is going to be tragic on an unbelievable scale, and so our effort is to work with the U.N., work with China, work with Japan, work with South Korea to try to find a way out of this situation”.
- North Korea’s deputy ambassador Kim warned, “If the United States persists in anti-DPRK sanctions without understanding its rival, the (Trump) administration will have to take full responsibility for the ensuing catastrophic consequences”.
- North Korea’s deputy ambassador Kim said, “The U.S. should mind that the DPRK nuclear striking capability will be strengthened and developed at a rapidly high speed as long as the U.S. insists (on) its anti-DPRK policy, nasty nuclear threats and blackmails, sanction and pressure”.
- In the press conference, Kim hailed the test launch and said that it should replace the armistice that ended the 1950-53 Korean War with a peace accord and halt its anti-North Korea policy if the Trump administration wants peace on the divided Korean Peninsula.
- North Korea’s deputy ambassador- Thae Yong Ho
BANKING & FINANCE
RBI issues new branch expansion norms
- The Reserve Bank of India has permitted the opening of mini branches or banking outlets across the country for all domestic scheduled commercial banks except Regional Rural Banks without having to take permission from the regulator on a case by case basis in a bid to take banking services to the remote locations of the country.
- On Thursday in a fresh set of guidelines released the central bank said that banks need to open atleast 25% of their banking outlets in a year in unbanked rural center.
- RBI said, “Banking outlet is a fixed point service delivery unit manned by either the bank staff or its business correspondents where services of acceptance of deposits encashment of cheques withdrawal or lending of money are provided”.
- the RBI has given a time period of 3 years by which they sould need to extent their infrastructure with the newly released guidelines in order to enhance the micro finance branches of small finance banks to banking outlets.
- Established on- April 1, 1935, Kolkata, India
- Governor- Urjit Patel
EPFO to launch digital fund transfer system; pensioners can now avail benefits quickly
- The government will now make payments to Employees to ensure quick transfer of funds, Provident Fund Organisation (EPFO) beneficiaries through electronic or digital fund transfer system. This move by the government is likely around than 54 lakh pensioners and to benefit 4.5 crores EPF subscribers.
- Employment vide the Ministry of Labor & notification dated 4th May 2017 has provided for electronic or digital fund transfer/ payment of EPF benefits, pension disbursement and insurance claim. All the three social security schemes administered by EPFO For this purpose, suitable amendments have been made. for easier tracking and reconciliation thereof now, payments will be made through digital fund transfer system.
- EPFO receives 1 crore claims every year and has over four crore subscribers. These claims include insurance claims and EPF withdrawal, pension fixation. The Labor Ministry to enable it to make all payments like pension, provident fund and insurance to the members electronically recently amended the social security schemes run by the retirement fund body EPFO.
- As by the report of the Fnencial express, it was provided in the schemes run by EPFO that the body can make payments to its subscribers through various modes like money order, cheques or electronically.
- Full form of EPFO- Employees to ensure quick transfer of funds, Provident Fund Organisation
FDI inflows hit new high of $43 billion in FY17
- In a year in 2016-17 at $43 billion India has recorded the highest foreign direct investments, in the previous year and 27% in 2014-15, official data shows although the year-on-year growth rate slipped to 9% from 29%.
- in foreign investments last year at $20 billion the manufacturing sector recorded a jump of 52%, reflecting positive response to the government’s Make in India drive.
- The ministry of commerce and industry said in press statement on Friday the total FDI inflow through approval route during the year amounted to $5.9 billion, up 65% over previous year. Ministry of commerce and industry said, “The intent all this while has been to make the FDI policy more investor friendly and remove the policy bottlenecks that have been hindering the investment inflows into the country”.
- the Narendra Modi government has made several initiatives to liberalise the FDI regime in the last three years, improve ease of doing business in the country.
- Prime Minister of India- Narendra Modi
GST Council to decide taxation on gold, biscuits, services
- On Thursday after announcing the General Services and Tax slabs, On Friday the GST Council in its meeting is likely to decide taxation on items like biscuits, basmati rice, and footwear and also on precious metal such as gold. The Council is likely to control the taxation of services as well. The states demanded a 4 per cent tax on gold even though the rate is not among the 5, 12, 18 and 28 percent approved bands.
- On Thursday the GST Council, the apex decision-making body for the new tax decided not to impose the tax on commodities of everyday use and fixed four tax slabs – 5%, 12%, 18% and 28%. With some states favouring the services be placed in a lower slab instead of 18 per cent slab at present services like banking and telecom are taxed at 15%.
- The council that was headed by state representatives and Union Finance Minister Arun Jaitley finalized the GST rates for 1,211 items with a majority of items being kept under the 18 per cent slab. The first day of the two-day meeting in Srinagar of the GST Council it was reported that the GST rates for 1205 items out of 1211 were finalised. while rates of commonly used products and food grains will become cheaper then rates of gold and beedi remained undecided.
- Union Finance Minister of India- Minister Arun Jaitley
AWARDS & RECOGNITIONS
ISRO recieves 2014 Indira Gandhi Peace prize
- The award, announced by Vice President Hamid Ansari in 2014 a jury have headed this, this award consists of a trophy, a cash prize of Rs 1 crore and a citation.
- In behalf of the space body ISRO chairman Kiran Kumar received the award.
- In the citation read, “The International Jury of the Indira Gandhi Prize for Peace, Disarmament and Development awarded the prize for 2014 to ISRO in recognition of its path-breaking achievements, culminating in the Mars orbiter mission, its significant contributions in strengthening international cooperation in peaceful use of outer space”.
- In the trophy there was a portrait of Indira Gandhi presented in the tradition of a Jaipur miniature painting, that was made of banded Haematite Jasper, a low grade iron ore.
- Full form of ISRO- Indian Space Research Organisation
- Established on – 15 August 1969
Indian-origin steel tycoon bags prestigious ‘ CEO of the year award’ in UK
- The executive chairman of the Liberty House Group Sanjeev Gupta, which has been behind a series of acquisitions of former Tata Steel and Caparo assets in the British steel industry, on Thursday night have received the title of ‘CEO of the Year’ at the prestigious Platts Global Metals Awards in London.
- In their citation, the judges said they were, “impressed by his track record of successful acquisitions and his role as a motivator willing to swim against the tide of pessimism prevalent in the industry.”
- Gupta said, “This has been an extraordinary period for our group as we pursue our GreenSteel vision for a resilient, high-value metals industry. It is hugely encouraging for our work to be recognised in this way by our peers in the industry and it motivates us to pursue this mission even more vigorously. I am proud and humbled to receive this award on behalf of all our 5,000 staff who have been part of this mission.”
- Gupta subsequently went on to pursue metals assets and major mining in the US and Australia.
- The executive chairman of the Liberty House Group- Sanjeev Gupta
Science and Technology
IIT delhi researcher develop cheapest respiratory filter
- Researchers of the Indian Institute of Technology Delhi have developed a respiratory filter which not only restricts entry of up to 95 percent dust and air pollutants, but is also the cheapest naso filter available.
- The project involved assembling millions of small-sized pores to create a thin flexible membrane, which could capture very small particles with high efficiency, professor explained.
- Ashwini K Agrawal said, “To protect the health of millions, the team has developed an incredible filter technology to save people from the harmful effect of air pollution especially keeping in mind the PM2.5 concentration. This allows filters to be used for long hours while maintaining good breathability and comfort. The filters aim to provide relief to common users from air pollution and to protect people, who are prone to allergies. It also safeguards those who are exposed to job related industrial particulate pollutants. This is also probably the cheapest naso filter in comparison to the face masks and other alternatives available in the market to fight critical levels of air pollution”.
- Director of IIT Delhi- Ramgopal Rao
- Founded on- 1961
Scientist Discover First Natural Human Antibodies Against Ebola Virus
- For the First time in the history of the scientists led by one of Indian-origin have discovered natural human antibodies that can neutralise and protect animals against three virulent ebola viruses, it is the advance that could give as the vaccines against the deadly disease.
- Co-leader Zachary a Bornholdt, director of antibody discovery said, “It would be ideal to develop a single therapy that could treat or prevent infection caused by any known Ebola virus”.
- Co-leader, Kartik Chandran, professor at Albert Einstein College of Medicine said, “Our discovery and characterisation of broadly neutralising human antibodies is an important step towards that goal”.
- John M Dye, from the US Army Medical Research Institute of Infectious Diseases said, “Knowing precisely where the antibodies attach to the glycoprotein molecules and when and how they act to neutralise Ebola viruses, we can begin to craft broadly effective immunotherapies”.
- Bornholdt said, “That knowledge has already allowed us to create a cocktail of monoclonal antibodies that we are testing in larger animal models for possible use in treating infected patients”.
- Co-leader Zachary the director of antibody- Bornholdt
Indian cricket team retains number 1 spot in ICC Test ranking SA hot on heels
- After a magnificent performance in the last couple of seasons India have retained the No 1 ranking in Tests. India are on top with 123 points, followed by South Africa with 117 and Australia with 100 points by in the latest rankings released by the ICC.
- a magnificent 2016/17 Virat Kohli’s side enjoyed season at home in which they secured series wins over New Zealand, England and Australia and claimed the one-off Test against Bangladesh. India had secured series wins in Sri Lanka and the West Indies and beaten South Africa at home this extended the winning streak.
- the unique distinction of holding bilateral series wins over all Test playing nations the 2-1 series win over Australia gave Kohli’s side.
- losing 3-0 to Sri Lanka in 2016 while losing a tight series in India 1-2 Steve Smith’s team have endured a terrible run in away conditions. England also dropped a couple of points after suffering losing 0-4 to India in 2016/17 and their first loss to Bangladesh.
- President of ICC- Zaheer Abbas
- Chairman of ICC- Shashank Manohar
- CEO of ICC- Dave Richardson (28 Jun 2012–)
- Founded on- 15 June 1909
Women’s Hockey Test: India suffer fourth consecutive defeat against New Zealand
- Once more on Friday the five-match series in Hamilton the Indian women’s hockey team suffered its fourth straight defeat of the tour, losing 0-3 to hosts New Zealand in the penultimate contest.
- New Zealand found had got the opportunity of the 14th minute with a quick-thinking Rachael McCann who pumped the ball into the goal clinching an early 1-0 lead in the first quarter. Following three successive 4-1, 8-2 and 3-2 wins in the first three matches, New Zealand also dominated the Friday games.
- Back by the two, the Indian tried different variations to find a goal but they failed to break the opposition defense and strikers made strong amends. In-form Rachael McCann to give New Zealand a comfortable 3-0 lead at the end of half-time struck her second goal of the match in the 26th minute.
- To ensure a goalless third and fourth quarters the Indian defense too stitched together a well-structured strategy.
- National game of India- Hockey
Roger Ailes, Who Built Fox News into an Empire, Dies at 77
- The man who shaped the images that helped elect three Republican presidents and then became a dominant, Roger E. Ailes has dies on Thursday at the age of 77. He often-intimidating force in American conservative politics at the helm of Fox News until he was forced out last year in a sexual harassment scandal.
- Murdoch said, ” Mr. Ailes will be remembered by the many people on both sides of the camera that he discovered, nurtured and promoted. Roger and I shared a big idea, which he executed in a way no one else could have,” he added. “In addition, Roger was a great patriot who never ceased fighting for his beliefs”.
- When fell and struck his head-on May 10 at his home in Palm Beach, Fla., the local authorities said the cause was complications of a subdural hematoma that Mr. Ailes sustained.
- Born on- 15 May 1940, Warren, Ohio, United States
- Died on- 18 May 2017, Palm Beach, Florida, United States
World Metrology Day
- Since the Meter Convention was signed by representatives of seventeen countries on May 20, 1875 World Metrology Day has become an annual celebration. in the science of measurement including its industrial, commercial and societal applications the convention set the framework for international collaboration.
- The Meter Convention’s original aim remains as important as it was in 1875 worldwide uniformity of measurement. Indeed, metrology plays a central role in the protection of global environment through any scientific discovery, innovation, industrial manufacturing and international trade and the qualitative improvement of life.
- World Metrology Day 2017 emphasizes the key role of transportation in the modern world with the theme Measurements for transport. Apart from themselves, the raw materials such goods are made from human beings move the food they eat, the clothes they wear, the goods they use or rely on alongside. The movement of both people and cargo require an amazing range of measurements in addition to safety, efficiency and minimal environment.
- First celebration of World Metrology Day- May 20, 1875