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Welcome to the Current Affairs Section.

Welcome to the Current Affairs Section of BSC Academy. Get Daily & Latest Current Affairs 2021 for government job exams, UPSC, IAS/PCS, Banking, IBPS, SBI, RBI, SSC, Railway, UPPSC, BPSC, MPPSC, MPSC, KPSC, TNPSC, RPSC, UKPSC, APPSC and other competitive exams.

Trending Current Affairs

Archbishop Desmond Tutu, South African Anti-Apartheid activist, dies at 90

Tuesday December 28, 2021

Desmond Tutu, South Africa’s Nobel Peace Prize-winning activist for racial justice and

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Taliban banning transport for solo woman travellers is 'retrogressive': Pakistan

Tuesday December 28, 2021

Pakistan's Information Minister Fawad Chaudhry has lashed out at the Taliban regime

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Himachal Pradesh beat Tamil Nadu to clinch Vijay Hazare Trophy

Tuesday December 28, 2021

Himachal Pradesh batters played out of their skins to beat Tamil Nadu in the final

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RBL Bank's financial health remains stable: RBI

Tuesday December 28, 2021

The Reserve Bank of India has said that the financial health of RBL Bank

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Host of changes in GST law to come into effect from Jan 1

Tuesday December 28, 2021

The GST regime will see a host of tax rate and procedural changes coming into effect

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Host of changes in GST law to come into effect from Jan 1

The GST regime will see a host of tax rate and procedural changes coming into effect from January 1, including liability on e-commerce operators to pay tax on services provided through them by way of passenger transport or restaurant services.

Also, the correction in inverted duty structure in footwear and textile sectors would come into effect wherein all footwear, irrespective of prices, will attract GST at 12 per cent while all textile products, except cotton, including readymade garments will have 12 per cent GST.

While the passenger transport services provided by auto-rickshaw drivers through offline/ manual mode would continue to be exempt, such services when provided through any e-commerce platform would become taxable effective January 1, 2022, at 5 per cent rate.

The procedural changes that would come into effect include e-commerce operators, such as Swiggy and Zomato, being made liable to collect and deposit GST with the government on restaurant services supplied through them from January 1. They would also be required to issue invoices in respect of such services.

There would be no extra tax burden on the end consumer as currently restaurants are collecting and depositing GST. Only, the compliance of deposit and invoice raising has now been shifted to food delivery platforms.

The move comes after government estimates showed that tax loss to exchequer due to alleged underreporting by food delivery aggregators is Rs 2,000 over the past two years. Making these platforms liable for GST deposit would curb tax evasion.

The other anti-evasion measures which would come into effect from the new year include mandatory Aadhaar authentication for claiming GST refund, blocking of the facility of GSTR-1 filing in cases where the business has not paid taxes and filed GSTR-3B in the immediate previous month.

Currently, the law restricts filing of return for outward supplies or GSTR-1 in case a business fails to file GSTR-3B of preceding two months.

While businesses file GSTR-1 of a particular month by the 11th day of the subsequent month, GSTR-3B, through which businesses pay taxes, is filed in a staggered manner between 20th-24th day of the succeeding month.

Somalia President Farmajo suspends PM Roble over corruption allegations, election spats

Tuesday December 28, 2021

Somalia President Mohamed Farmajo has said that he has suspended Prime Minister

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Poland President Andrzej Duda vetoes media bill that targeted US company

Tuesday December 28, 2021

Poland’s president on Dec 27 said he has decided to veto a media bill that would have

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Three of 16 PSUs under Indian Railways suffered losses

Monday December 27, 2021

Three of the 16 major Public Sector Undertaking (PSUs) of the Indian Railways incurred

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