Daily current affairs 4 may 2018 – exampundit.in 2 chainz smoking on that gas

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• “Himanta Biswa Sarma, Finance Minister of Assam is convenor and other members of this GoM are Rajesh Agrawal, Finance Minister, Uttar Pradesh; Sudhir Mungatiwar, Finance Minister, Maharashtra; D Jayakumar, Minister for Fisheries and Personnel & Administrative Reforms, Tamil Nadu and T.M.Thomas Isaac, Finance Minister, Kerala,” it said.

• The five-member panel to be headed by Sushil Kumar Modi, Deputy Chief Minister, Bihar will also have members Nitinbhai Patel, Dy. Chief Minister, Gujarat; Capt.Abhimanyu, Excise & Taxation Minister, Haryana; Amit Mitra, Finance Minister, West Bengal and Manpreet Singh Badal, Finance Minister, Punjab.

• It was launched by the bank during demonetisation to enable merchants/retailers & professionals to collect payments through multiple digital modes including Unified Payment Interface (UPI), credit / debit card & internet banking of any bank, Aadhaar Pay, Bharat QR Code and ‘PocketsbyICICIBank’ digital wallet.

• The application now offers a host of new services that are unprecedented in the industry. This list includes enabling merchants/retailers/professionals to enjoy the convenience of applying for a card-swipe machine instantly, in a completely digital and paperless manner, without any requirement to visit a bank branch.

• Additionally, with a view to offer convenience to retailers who have medium to large scale operations, the application can now be used by its employees simultaneously, to collect payment on their mobile phones at multiple counters ‘in-the-store’. It can also be used at its branches in other cities as well as ‘on-the-go’ for home deliveries.

• The conference saw eminent delegates representing partner institutions, academia, civil society organizations and experts from various fields expressing their views on how to bring about institutional approaches for futuristic and digital infrastructure in India.

• The first day of the conference saw deliberations by eminent speakers on state of institutional approaches for futuristic, resilient and digital infrastructure, resilient infrastructure and disaster preparedness, future of mobility and multi-modal transportation and global regimes and industry implications for domestic capacity among others.

• One monthly Return: All taxpayers shall file one monthly return. Return filing dates will be spread over a period of time, based on the turnover of the registered person. The composition dealers and dealers having nil transaction will have to file quarterly return.

• Unidirectional Flow of invoices: The seller needs to upload unidirectional flow of invoices anytime during the month. This would be regarded as the valid document to avail input tax credit by the buyer. Buyer would be able to see the uploaded invoices continuously during the month.

• Simple Return design and easy IT interface: The B2B dealers will be required to fill invoice-wise details of the outward supply made by them, based on which, the system will automatically calculate his tax liability. Taxpayer will also be provided with user friendly IT interface and offline IT tool to upload the invoices.

• No automatic reversal of credit: There will not be any automatic reversal of input tax credit from buyer’s side on non-payment of tax by the seller. In case of default in payment of tax by the seller, recovery will be made from the seller.

• Transition: There will be a three stage transition in the new system. Stage I will be the present system of filing of return GSTR 3B and GSTR 1. GSTR 2 and GSTR 3 shall continue to remain suspended. In stage 2, the new return will have the facility to upload invoice-wise data and also facility for claiming input tax credit on self declaration basis.

• Global consultant AT Kearney on May 3, 2018 released the Foreign Direct Investment (FDI) Confidence Index 2018, an annual survey which tracks the impact of political, economic and regulatory changes on the FDI preferences of Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) of the country.

• However, India retained its position as the second highest ranked emerging market on the Index. A variety of recent reforms by the Union Government have made the country more business friendly, such as the abolition of the Foreign Investment Promotion Board (FIPB) in 2017 and liberalisation of FDI thresholds for the retail, aviation and biomedical industries.

• Overall, India remains among the top investment destinations due to its market size and rapid economic growth. As per the report, Investors, based in the US, rank India the highest in terms of intention to invest. This could be a result of PM Modi’s ‘Make in India’ initiative, which aims to boost investment in India’s manufacturing sector.