Insights Static Quiz -21, 2018

Solution: c)

NCPI was in news due to Unified Payments Interface (UPI).

National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Considering the utility nature of the objects of NPCI, it has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems. The Company is focused on bringing innovations in the retail payment systems through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.

The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors.

Solution: d)

In order to implement GST, Constitutional (122nd Amendment) Bill (CAB for short) was introduced in the Parliament and passed by Rajya Sabha on 03rd August, 2016 and Lok Sabha on 08th August, 2016. The CAB was passed by more than 15 states and thereafter Hon’ble President gave assent to “The Constitution (One Hundred And First Amendment) Act, 2016” on 8th of September, 2016. Since then the GST council and been notified bringing into existence the Constitutional body to decide issues relating to GST.

On September 16, 2016, Government of India issued notifications bringing into effect all the sections of CAB setting firmly into motion the rolling out of GST. This notification sets out an outer limit of time of one year, that is till 15-9-2017 for bringing into effect GST.

GST COUNCIL

As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. The notification for bringing into force Article 279A with effect from 12th September, 2016 was issued on 10th September, 2016.

As per Article 279A of the amended Constitution, the GST Council which will be a joint forum of the Centre and the States, shall consist of the following members: –

• Union Finance Minister – Chairperson

1. b) The Union Minister of State, in-charge of Revenue of finance – Member
2. c) The Minister In-charge of finance or taxation or any other Minister nominated by each State Government – Members

As per Article 279A (4), the Council will make recommendations to the Union and the States on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws, principles that govern Place of Supply, threshold limits, GST rates including the floor rates with bands, special rates for raising additional resources during natural calamities/disasters, special provisions for certain States, etc.

The GST Council will be the body that decides which taxes levied by the Centre, States and local bodies will go into the GST; which goods and services will be subjected to GST; and the basis and the rates at which GST will be applied

http://www.gstcouncil.gov.in/gst-council

Solution: a)

The Central Board of Excise and Custom renamed as Central Board of Indirect taxes and Customs (CBIC) is the nodal national agency responsible for administering Customs, GST, Central Excise, Service Tax & Narcotics in India. The Customs & Central Excise department[1] was established in the year 1855 by the then British Governor General of India, to administer customs laws in India and collection of import duties / land revenue. It is one of the oldest government departments of India.

Currently the Customs and Excise department comes under the Department of Revenue, Ministry of Finance. The agency is staffed by IRS officers who start their careers as Assistant Commissioners in the field and within 20–25 years rise to the post of Chief Commissioners, with a few senior most officers who become Members of CBEC / CESTAT / Settlement Commission.

Solution: b)

India’s tax-GDP ratio is comparable to other developing countries. It’s not very low

http://www.livemint.com/Industry/7UAyR2aM3Yh8rBeTD28WHL/Is-India-an-outlier-when-it-comes-to-taxGDP-ratio.html

Second statement is right (self evident).

Solution: c)

The Economic Survey says that the sale of tractors to a great extent reflects the level of mechanization. Indian tractor industries have emerged as the largest in the world and account for about one-third of total global tractor production, the Survey adds. While the trend is encouraging, the Economic Survey notes that more needs to be done. It is estimated that percentage of agricultural workers of total workforce would drop to 25.7 per cent by 2050 from 58.2 per cent in 2001. “Thus, there is a need to enhance the level of farm mechanization in the country. Due to intensive involvement of labour in different farm operations, the cost of production of many crops is quite high,” Chief Economic Advisor Arvind Subramanian said.

http://www.financialexpress.com/budget/india-economic-survey-2018-for-farmers-agriculture-gdp-msp/1034266/