Ques:-Know About GST e-way Bill: GST e-way Bill Effective From 01st April 2018
Know Everything About GST e-way Bill:
We all know well that Goods and Services Tax (GST)
has been successfully implemented across the country to ensure single tax policy. This is one of the most complex Tax systems
in the World. So, in order to ensure the transparency and proper movement of Goods from one place to the other, Government of India has passed a GST e-way Bill.
That’s why it becomes important for you all to know about this newly released bill as there are high chances that question-based on information given below may appear in your exams.
A waybill is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include the name of the consignor, consignee, the point of origin of the consignment, its destination, and route. Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal.
GST e-way Bill-
It is an electronic documentation detailing the movement of goods and has to be carried by transporters for any consignment exceeding Rs50,000 in value. It can be generated from the GSTN set up for the e-way bill system by the transporter before the movement of goods begins. The e-way bill’s validity varies depending on the distance that the goods have to travel. Typically, the bill’s validity is one day for every 100km of movement of goods.
How is it generated?
An e-way bill contains two parts- Part A to be furnished by the person who is causing movement of goods of consignment value exceeding Rs. 50,000/- and part B (transport details) to be furnished by the person who is transporting the goods.
Where the goods are transported by a registered person whether as consignor or recipient, the said person shall have to generate the e-way bill by furnishing information in part B on the GST common portal. Where the e-way bill is not generated by registered person and the goods are handed over to the transporter for transportation by road, the registered person shall furnish the information relating to the transporter in Part B of FORM GST EWB-01 on the common portal and the e-way bill shall be generated by the transporter on the said portal on the basis of the information furnished by the registered person in Part A of FORM GST EWB-01.
Purpose of E-Way Bill-
E-way bill is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track the movement of goods and check tax evasion.
Who should generate the e-way bill and why?
E-way bill is to be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, E-way bill is to be generated by the Transporter. Where neither the consignor nor consignee generates the e-way bill and the value of goods is more than Rs. 50,000/- it shall be the responsibility of the transporter to generate it.
The validity of E-Way Bill-
The validity of e-way bill depends on the distance to be traveled by the goods. For a distance of less than 100 Km, the e-way bill will be valid for a day from the relevant date. For every 100 Km thereafter, the validity will be additional one day from the relevant date. The “relevant date” shall mean the date on which the e-way bill has been generated and the period of validity shall be counted from the time at which the e-way bill has been generated and each day shall be counted as twenty-four hours.
Cancellation of E-Way Bill-
Where an e-way bill has been generated under this rule, but goods are either not transported or are not transported as per the details furnished in the e-way bill, the e-way bill may be cancelled electronically on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, within 24 hours of generation of the e-way bill. However, an e-way bill cannot be canceled if it has been verified in transit in accordance with the provisions of rule 138B of the CGST Rules, 2017.
Wind up of GST E-Way Bill-
The e-way bill provisions aim to remove the ills of the erstwhile waybill system prevailing under VAT in different states, which was a major contributor to the bottlenecks at the check posts. Moreover, different states prescribed different e-way bill rules which made compliance difficult. The e-way bill provisions under GST will bring in a uniform e-way bill rule which will be applicable throughout the country. The physical interface will pave way for the digital interface which will facilitate faster movement of goods. It is bound to improve the turnaround time of vehicles and help the logistics industry by increasing the average distances travelled, reducing the travel time as well as costs.
Ques:-The Reserve Bank of India | 83rd Establishment Day.
Today is the 83rd Establishment Day of the apex monetary institution, the Reserve Bank of India. One of the primary regulators of the Indian Financial sector RBI was set up on the recommendations of the Royal Commission on Indian Currency and Finance (Hilton Young Commission). Celebrating its 83rd establishment day let’s go ahead and know more about the central bank of the country which is an integral topic of General Awareness section of all Banking Exams.
The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
The Reserve Bank of India Act, 1934 sets out the objectives of the Reserve Bank:
“to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.”
Appointed by the GOI as according to the Reserve Bank of India Act, a central board of directors govern the affairs of RBI. The present Governor Mr. Urjit Patel and Deputy Governors (not more than four) viz NS Vishwanathan, Dr. Viral V Acharya and BP Kanugno constitute the official directors body. Apart from this, there are 10 non-official directors from various fields and two Government officials.
The primary functions of RBI can be summarized as:
1 1) Monetary Policy formulation, implementation and monitoring.
2 2) Prescribing parameters of Banking Operations.
3 3) Managing the Foreign Exchange Management Act,1999.
4 4) Issuing/Exchanging/Destroying Currency and Coins as required.
5 5) Merchant Banking function for the Central & State Government
To carry out these functions efficiently RBI has established offices at 31 locations across the country till date. Since its very inception, the Bank has been seen as playing a special role in the context of development, especially Agriculture. The developmental role of the Bank came into focus, especially in the sixties when the Reserve Bank, in many ways, pioneered the concept and practice of using finance to catalyze development. The Bank was also instrumental in institutional development and helped set up institutions like the Deposit Insurance and Credit Guarantee Corporation of India, the Unit Trust of India, the Industrial Development Bank of India, the National Bank of Agriculture and Rural Development, the Discount and Finance House of India etc. to build the financial infrastructure of the country.
With liberalization, the Bank’s focus has shifted back to core central banking functions like Monetary Policy, Bank Supervision and Regulation, and Overseeing the Payments System and onto developing the financial markets. The endeavor of the Reserve Bank has been to develop a robust, efficient and diversified financial system so as to anchor financial stability and to facilitate efficient transmission of monetary policy. In addition, the Reserve Bank pursues operational objectives in the context of its core function of issuance of bank notes and currency management as well as its agency functions such as banker to Government (Centre and States) and management of public debt; banker to the banking system including regulation of bank reserves and the lender of the last resort.
The Reserve Bank of India communicates with various types of audiences. In order to reach out to the common person, the Reserve Bank releases information in 11 regional languages spoken by a large section of the population, apart from in English and in Hindi.
In all in its 83 years of round the clock efforts the Reserve Bank of India has done a commendable job in providing the nation with modern banking practices and building a solid credit structure. Cheap remittance facilities, stable structure of interest rates, stability in exchange value of rupee, successful management of Public Debt, development of a sound bill market and rational allocation of credit are a few achievements of the Banker’s Bank over the years which has not only contributed to economic development but also has enhanced public confidence in banking sector.
Ques:-What is Budget 2018?
Budget is an Annual financial statement of the estimated receipts and expenditure of the Government for the financial year. (1st April –31st March). It is presented by the Union Finance Minister in the parliament. Once passed by both the houses of parliament and approved by the President of India, the Budget comes into effect from 1st April.