PIONEER CURRENT AFFAIRS
- Union Government aims to roll out GST from April 1, 2017
The Union Government has set the ambitious target to roll out of the Goods and Services Tax, (GST) from 1st April 2017. It was announced by Union Finance Minister Arun Jaitley after unveiling a detailed road map for GST implementation.
How would be GST administered in India?
- There will be two components of GST – Central GST (CGST) and State GST (SGST) in order to comply with federal structure of India.
- Thus both Centre and States have authority to simultaneously levy GST across the value chain.
- GST will be levied on every supply of goods and services. States will levy and collect the State Goods and Services Tax (SGST) on all transactions within a State and Centre will levy and collect Central Goods and Services Tax (CGST).
- The credit of SGST paid on inputs will be allowed for paying the SGST on output. No cross utilization of credit would be permitted.
Similarly, the input tax credit of CGST will be available for discharging the CGST liability on the output at each stage.
- Union Government fixes an inflation target of 4 percent for five years
The Union Government has set an inflation target of four per cent for the next five years i.e. till March 31, 2021. In this regard, Union Government will soon set-up Monetary Policy Committee (MPC) to adhere to the target till March 31, 2021.
- This target was fixed after the Union Government and Reserve Bank of India (RBI) had reached an agreement on a monetary policy framework.
- The framework had had set the inflation target at four per cent, plus or minus two per cent. However, there was no legal backing to it.
- The Union Government in June 2016 also had notified rules for setting up the MPC giving effect to amendments in the RBI Act.
- Rio Olympics 2016 opens with a glittering ceremony in Rio De Janerio
The 31st edition of Summer Olympic Games opened in the Brazilian city of Rio de Janeiro. It was declared open by Acting Brazilian President Michel Temer at the Maracana Stadium. The theme of the 31st edition of Summer Olympic Games was “World peace and Environment“.
- The 2016 Rio Olympics games are scheduled to take place in Rio de Janeiro, Brazil from 5 to 21 August 2016.
- It is officially known as the Games of the XXXI Olympiad.It is for first time the summer Olympics will be held in South American Continent and Brazil is hosting it for the first time.
- The opening ceremony was held at the Maracana Stadium and it witnessed different performances and events depicting rich blend of Brazilian styles, histories and artists.
- The events retraced the history of Brazil from the arrival of the Portugese, the African influence on its culture, the immigration of Arab and Japanese communities and the rise of great cities.
- India, which has fielded its biggest ever contingent of 120 sportspersons was led by flag-bearer and Olympic Gold medallist Abhinav Bindra.
- Renowned Assamese writer Mahim Bora passes away
Eminent Assamese litterateur Mahim Bora died due to old age problems in Guwahati, Assam. He was 92. He was a prolific short story writer and a poet. He had received the Sahitya Akademi award for his most popular work Edhani Mahir Hanhi in 2001.
About Mahim Bora
He was born on 6 July 1924 in Nagaon district of Assam.
He had completed his MA in Assamese literature from Gauhati University and had worked as teacher in the Nowgong College in his long teaching career.
His literary works: ‘Kathanibari Ghat’, ‘Eai Nadir Sonte,’ ‘Bohubhuji Tribhuj’, ‘Rati Phula Phul’, ‘Barayatri’, ‘Mai Pippali Aru Puja’, ‘Much aru Manuh’, ‘Chakravat’, ‘Tinir Tini Gol’, ’Top’, ‘Putala Ghaiz’, ‘Herowa Digantara Maya’, ‘Chinta Bichitra’.
Awards and Honours: Padma Shri (2011), Sahitya Akademi Award (2001), Assam Valley Literary award (1998).