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Daily Current Affairs : 8-Jan-2020

Major Topics Covered :

  1. SECOND NATIONAL GST CONFERENCE

  2. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) (AMENDMENT) REGULATIONS, 2020

  3. FIRST ADVANCE ESTIMATES OF NATIONAL INCOME, 2019-20

  4. INFANT MORTALITY

  5. NATIONAL INSTITUTE OF OCEAN TECHNOLOGY - NIOT

  6. GOVERNMENT OWNED CONTRACTOR OPERATED (GOCO) MODEL

  7. AKBAR PADAMSEE

  8. SNOW AND AVALANCHE STUDY ESTABLISHMENT (SASE)

  9. UAE’S NEW 5-YEAR VISA SCHEME



SECOND NATIONAL GST CONFERENCE

Part of GS- 3 Economy


Why in news?

  • Centre and States have come together to take necessary action to streamline the Goods and Services Tax (GST) system and plug revenue leakage.


Highlights:

  • Several measures were discussed in this regard during the Second National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax in New Delhi.

  • They include curbing fraudulent refund claims, linking foreign exchange remittances with IGST refund, investigation of fraudulent Input Tax Credit (ITC) cases by the IT Department and a single bank account for foreign remittance receipt.

  • The meeting held under the chairmanship of Revenue Secretary Dr Ajay Bhushan Pandey decided to constitute a Committee of Centre and State officers to examine and implement quick measures to curb fraudulent refund claims.

  • A Memorandum of Understanding will be signed among the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the GST Network to exchange data through application program interface, from CBDT to GSTN and CBIC and vice-versa.

  • The conference was organized to build synergy between the Centre and States and to share their knowledge and best practices with intent to bring about uniformity in tax administrations.

  • Deliberations were held on a mechanism and machinery for disseminating inter-departmental data among various agencies like CBDT, CBIC and State Tax Administrations to achieve efficiency in curbing evasion.

  • Views were also presented on curbing fraud and evasion, checking fake or huge input tax credit claims and seeking bank account details of businesses totally with their filings.

  • Besides, the meeting also focused on bridging the compliance gap and enhancing revenue.


Source: AIR


INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) (AMENDMENT) REGULATIONS, 2020

Part of GS- 3 Economy


Why in news?

  • The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 on 6 January 2020.


Highlights:

  • The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013.

  • It also clarifies that a secured creditor cannot sell or transfer an asset, which is subject to security interest, to any person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor.

  • The amendment provides that a secured creditor, who proceeds to realise its security interest, shall contribute its share of the insolvency resolution process cost, liquidation process cost and workmen's dues, within 90 days of the liquidation commencement date.

  • It shall also pay excess of realized value of the asset, which is subject to security interest, over the amount of its claims admitted, within 180 days of the liquidation commencement date.

  • Where the secured creditor fails to pay such amounts to the Liquidator within 90 days or 180 days, as the case may be, the asset shall become part of Liquidation Estate.

  • The amendment provides that a Liquidator shall deposit the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process along with any income earned thereon into the Corporate Liquidation Account before he submits an application for dissolution of the corporate debtor.

  • It also provides a process for a stakeholder to seek withdrawal from the Corporate Liquidation Account.


Source : Business Standard


FIRST ADVANCE ESTIMATES OF NATIONAL INCOME, 2019-20

Part of GS- 3 Economy


Why in news?

  • The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the First Advance Estimates of National Income at both Constant (2011-12) and Current Prices, for the financial year 2019-20 along with the corresponding estimates of expenditure components of the Gross Domestic Product (GDP).