Subject: Economy Context: Prime Minister has launched “Transparent Taxation – Honoring the Honest” platform through video conferencing which will honor the honest taxpayers. Concept: The new platform will be having faceless assessments, faceless appeal and taxpayer charter. The faceless assessment and taxpayer charter came to effect immediately, while the faceless appeal is going to be applicable from September 25. It is the […]
Subject: Economy Context: The UK economic output shrank by 20.4 per cent in the second quarter of 2020, pushing the country into the deepest recession recorded by any major global economy so far Concept: When the economy contracts for two quarters in a row (or six months), this change is classified as a recession. The term […]
Subject: Economy Context: Raising questions of round-tripping through a maze of firms, an influential Pune-based businessman received over Rs 52 crore from an IL&FS (Infrastructure Leasing & Financial Services Ltd.) group company which he then used to repay his initial loan to the very same IL&FS company. Concept: Money leaves the country through various channels […]
Subject: Environment/ Economy Context: A webinar on the occasion of the World Biofuel day was organized by the Ministry of Petroleum and Natural Gas, with the theme “Biofuels towards Atmanirbhar Bharat”. Concept: World Biofuel Day is observed every year on 10th August to create awareness about the importance of non-fossil fuels as an alternative to conventional fossil […]
Subject: Economy Context: The Centre and the states are in a tussle over delayed compensation payments under GST Concept: The GST aims to streamline the taxation structure in the country and replace a gamut of indirect taxes with a singular GST to simplify the taxation procedure. It has been established by the 101st Constitutional Amendment Act. It […]