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AILY ANALYSIS OF THE HINDU 17IH JANUARY, 2017 DAILY ANALYSIS OF THE HINDU AN 10 MINUTES Presented By
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PRACTICE QUESTION Mongolia is a land-locked country. Which of the following nations border it? 1. China 2. Russia 3. Kazakhstan 4. Kyrgyzstan Select the correct options from below- a) 1,3 b) 1,2,4 c) 1,2 d) 2,3 Post your answers below! (without googling) Yesterday's answer- c 1,23 only
NATIONAL NEWS GST stalemate resolved, rollout deferred to July 1 GST Council arrived at consensus on administrative control over tax assessment machinery. July 1 to be date of rollout. . GST bill seeks to setup GST council which aims to harmonise national market for goods and services President must constitute GST Council within 60 days of this act coming into force. It comprises of Union Finance Minister as Chairman, and Union Minister of State in charge of Revenue/Finance among State Finance Ministers or any minister nominated by state as members. 90:10-As per formula of dual control of assessment, for turnover of 1.5 crore or less, tax assessment will be done in ratio of 90:10 between state and centre tax assessment administrative machinery ' .For turnover above 1.5 crore, assessment by both centre and state . Assessment is an act of evaluation of tax base on which tax has to be .States will also have power to levy tax on economic activity within 12 administrative machinery in ratio of 50:50 levied. nautical miles of territorial waters, though such rights constitutionally rests with centre.
NATIONAL NEWS SC revives hearing on AP bifurcation . Bench headed by CJI had revived bunch of petitions challenging bifurcation of AP in 2014 . Petitions demanded that there should be "Federal Index" for state formation. In other words, they wanted objectivity not subjectivity on matter of State formation. . State formation unilateral action of Union government have always been contentious issue in Centre-State relations. . Positive contended that bifurcation of AP is unconstitutional and illegal as it is against federal principles of "Basic Structure" of the constitution Judgement on this matter is bound to provide objective criterion of state formation do that it should not become matter if pressure politics in future . Sc-appointed panel to tackle air pollution . Environment Ministry formally tasked a Supreme Court-appointed panel with implementing a graded action plan for pollution control Comprehensive plan has been submitted to SC by CPCB and now SC may ask centre to notify it. Pan envisages measures like odd-even car rationing, ban on construction activities if PM 2.5 breaches 300 mg per cubic metre level and PM 10 breaches 500 for two consecutive days. Earlier environment ministry launched Air Quality Index in 2014 as continuation of initiatives under Swatchh Bharat Mission under National Air Monitoring Programme (NAMP) covering 240 cities. According to Air quality index, which is comprehensive index involving sulphur, nitrogen emissions, particulate matter 2.5 and 10,etc, there are various categories of air quality level starting from Good (0-50) to Severe (401-500) . . .
BUSINESS NEWs Budget may have sops for start-ups To mark first anniversary of Start-up india initiative, Commerce and Industry minister said govt is looking to do away with legislative hurdles faced by start-ups . Centre is roping in state govt and local authorities to look into issued relating to local tax and other problem. . Department of Industrial Policy and Promotion (DIPP) will shortly hold meeting with banks, SIDBI, venture capital funds to discuss hurdles faced by start-ups. DIPP is also involving corporates to support start-ups by using their CSR funds. Tax holiday for start ups for seven years from current three years. Mulling on exemption from Minimum Alternative Tax MAT is minimum amount of tax (18.5%of book profits) that every corporate is required to pay irrespective of its taxable income,so that tax holiday under Section 80 of Income Tax act is not misused. . .
INTERNATIONAL NEWS Warships sold not gifted to Pakistan, says China . China clarified that it had not "donated" two warships but was part of legitimate "Military trade" between two countrmes. . Warships at Gwadar to safeguard CPEC. . On asking whether China would block India's demand for ban on Jash-e-Mohammad (JeM) chief Masood Azhar in UN Security Council following attack on Pathankot airbase; China said it needs to base its decision on solid evidence. Simply speaking, China would again block ban on Masood Azhar On NSG issue, China stalled India's entry into 48 member elite group saying that membership not to be considered as "farewell gift" that countries give to each other. .