Current Affairs 2019-20
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GST is said to be one of the most important Indirect Tax Reforms in India’s history.
Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services in India right from the manufacturer to the consumer.
It is also called consumption tax.
The 101st constitution Amendment Act of September 2016 was made in this regard.
It is a single unified tax created by amalgamating a large number of Central and State taxes presently applicable in India.
GST is levied at every step in the production process but refunded to all parties in the various stages of production other than the final consumer.
GST means any tax on supply of goods, or services, or both, except taxes on supply of the Petroleum products such as petrol, diesel, aviation turbine fuel and alcoholic liquor for human consumption have been kept out of GST.
Minimum Support Price (MSP) is an important part of India’s agricultural price policy.
MSP is in the nature of long – term guarantee made by the Government to the producers/farmers so that in the event of a glut, prices are not allowed to fall below these announced minimum prices. To ensure this, the government indulges in large-scale purchase of food grains at the declared minimum prices.
The government has been fixing these prices for different agricultural commodities for the past several years.
Aadhaar is a 12-digit unique identification number (UID) issued by the Unique Identification Authority of India (UIDAI) to every individual resident of India under section 3 of ‘The Aadhar Act , 2016’ though Aadhaar numbers were being issued from 2010 onwards.
Aadhar was declared compulsory for services including bank account, PAN cards, cell phone services, passport and even driving licenses.
Conversion of local shares into American Depositary Shares(ADS) of a company is called an ADS conversion offer.
The offer allows local (Indian) investors to convert their shares into ADS and sell it in the US markets.
Accrual principle is one of the important principles of accounting.
A method of recording accounting transactions for revenue when earned and expenses when incurred even when cash has not been received or paid during the period of accrual.
To record revenue as soon as the related invoice is issued to the customer is an example of accrual basis accounting.
Only Indian Railways still relies on Cash Basis of Accounting. All other major government and private organizations rely on accrual principle.
The techniques, methods, requirements, determinations, and discretion allowed when using the accrual method are governed by Generally Accepted Accounting Principles (GAAP).
Cash accounting which recognizes transactions only when there is an exchange of cash, is the opposite of Accrual accounting.
Current Affairs 2019-20
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