Geographical Indication tag for Andhra Pradesh's Banganapalle mango

 The succulent Banganapalle mango has got a Geographical Indication (GI) tag, making Andhra Pradesh the proprietor of the variety knows for its sweetness.
Banganapalle mangoes have been grown for over 100 years in the state. It also known as Beneshan, Baneshan, Benishan, Chappatai and Safeda.
GI is covered under the Intellectual Property Rights and the Trade Related Aspects of Intellectual Property Rights (TRIPS).
 A GI tag certifies the origin of a product or produce from a particular region as the quality or other features of the product are attributable only to the place of its origin.

GENERAL AWARENESS PRACTICE QUESTIONS FOR ALL BANK EXAMS

1. On 16 June 2017, RBI released a notification amending the .....
1) Banking Ombudsman Scheme 2000
2) Banking Ombudsman Scheme 2001
3) Banking Ombudsman Scheme 2004
4) Banking Ombudsman Scheme 2010
5) Banking Ombudsman Scheme 2006

2. Pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to ........
1) Rs.20 lakh 
2) Rs.10 lakh
3) Rs.2 lakh 
4) Rs.40 lakh 
5) Rs.30 lakh

3. As per the amended rules of Ombudsman scheme, the compensation not exceeding .......... can also be awarded by the Ombudsman to the complainant for loss of time, expenses incurred as also, harassment and mental anguish suffered by the complainant
1) Rs.1 lakh 
2) Rs.10 lakh 
3) Rs.5 lakh
4) Rs.2 lakh 
5) Rs.1.5 lakh

4. RBI on 16 June 2017, extended the scope of Ombudsman Scheme under which banks could be penalized for mis-selling third-party products like insurance and mutual funds via mobile or electronic banking. What is the aim of formulating Banking Ombudsman Scheme by RBI?
1) to promote the deposits in the unbanked areas as the part of Financial inclusion
2) to promote lending among the poor people, as they are depending on non-institutional sources
3) to redress the grievances or complaints arising out of the deficiency in the banking services
4) to universalize the discount of commercial bills issued by Commercial Banks
5) to incorporate the list of Scheduled banks in the RBI Act 1934

5. RBI introduced Banking Ombudsman Scheme as per Section 35 A of .....
1) Negotiable Instruments Act 1881
2) SARFAESI Act 2002
3) Banking Regulation Act 1949
4) FEMA, 1999 
5) RBI ACT, 1934

6. Ombudsman scheme first introduced in.......
1) USA 
2) India
3) Australia 
4) France 
5) UK

7. Which bank covered under the Banking Ombudsman Scheme?
1) Scheduled Public Sector Banks
2) Scheduled Private Sector Banks
3) Regional Rural Banks
4) Scheduled Primary Co-operative Banks
5) All of above

8. Banking Ombudsman is a senior official appointed by...........
1) Finance Minister 
2) RBI 
3) SEBI
4) FSDC 
5) None

9. As per the present rules, any person can file a complaint before the Banking Ombudsman, if the satisfied reply is not received from the bank within a period of..........
1) One month 
2) Three months
3) Two months 
4) Six months
5) Twelve months

10. The Ombudsman rejects the compliant of the customer if...
1) the customer does not approach the bank first
2) one has not made the complaint within one year from the date one has received the reply of the bank or if no reply is received if it is more than one year and one month from the date of representation to the bank
3) subject matter of the complaint is pending for disposal / has already been dealt with at any other forum like court of law, consumer court
4) complaint is Frivolous or vexatious
5) In all above cases, the Ombudsman will not accept the compliant from customer

11. The fee collected by Ombudsman to take compliant from the customer?
1) Rs.5 
2) Rs.100
3) Rs.10 
4) fix by the bank
5) No fee collects by the Ombudsman

12. The Ombudsman take the compliant and can take action if ......
1) non-payment or delay in payment of inward remittances
2) non-credit of proceeds to parties accounts, non-payment of deposit or nonobservance of the Reserve Bank directives
3) not accepting the legal tender and or for charging of commission in respect thereof
4) inordinate delay in the payment or collection of cheques, drafts, bills
5) In the all above cases the Ombudsman take action against bank

13. When the Ombudsman take action against the bank?
1) collecting charges without adequate prior notice to the customer
2) refusal to accept or delay in accepting payment towards taxes, as required by government
3) refusal to close or delay in closing the accounts
4) non-observance of Reserve Bank guidelines on engagement of recovery agents by banks
5) In the above all cases, Ombudsman take action against the bank

14. The RBI framed a rule that any customer not satisfied with Ombudsman decision, then the customer can put an appeal to.........
1) Governor, RBI
2) Governor of that State
3) Finance Minister of India
4) President of India
5) Deputy Governor of RBI

15. RBI amended Banking Ombudsman Scheme includes complaints relating to Internet Banking and Non-adherence to BCSBI Code on 5 February 2009. BCSBI stands for.........
1) Banking Core and Standards Board of India
2) Banking Codes and State Board of India
3) Banking Codes and Standards Board of India
4) Business Codes and Standards Board of India
5) Banking Codes and Standards Bureau of India

16. RBI constituted committee under the Chairmanship of ................. to review the Ombudsman Scheme on 7 January 2013?
1) C. Ranga Rajan 
2) Suma Chakravarti
3) Suma Verma 
4) Usha Thorat
5) S.S.Mundra

17. 'RTGS' can be defined as the continuous settlement of funds transfers individually on an order by order basis (without netting). In this context, RTGS stands for...........
1) Real Time Glad Settlement
2) Real Tick Gross Settlement
3) Real Time Gross Settlement
4) RBI Time Gross Settlement
5) Real Time Gross Statement

18. In Real Time Gross Settlement transfer, 'Real Time' means .....
1) Money actually transferred in the rupees only
2) Money sending by the individual account holder only as the companies not allowed to do online transactions
3) Account holder advancing money to the beneficiary, which can be transferred at the later time
4) The processing of instructions at the time they are received rather than at some later time
5) All above are wrong statements

19. In RTGS, 'Gross Settlement' means........
1) settlement of funds done occasionally (order disputed with the bank)
2) settlement is not final, though it can be send now (order is in suspense mode)
3) settlement of funds happened later (urgency is not there )
4) settlement of funds transfer instructions occurs individually (on an instruction by instruction basis)
5) None of these

20. In the RTGS, funds settlement takes place in the books of the RBI, the payments are.........
1) put in pending 
2) not final at all
3) final but revocable
4) final and irrevocable
5) None of the above statement is correct

21. Minimum amount to be remitted through RTGS is .......
1) Rs.5 lakh 
2) Rs.1.5 lakh
3) Rs.2 lakh 
4) Rs.2.5 lakh
5) Rs.1.2 lakh

22. The Maximum amount can be send through RTGS is ..........
1) Rs.20 lakh 
2) Rs.12 lakh
3) Rs.2 lakh 
4) Rs.1 crore
5) There is no upper limit

23. In RTGS, under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within .......... of receiving the funds transfer message
1) 5 minutes 
2) 10 minutes
3) 60 minutes 
4) 30 minutes
5) 90 minutes

24. Which of the following statement is wrong relating to RTGS?
1) remitting bank receives a message from the Reserve Bank that money has been credited to the receiving bank
2) remitting customer get back the money if it is not credited to the beneficiary's account
3) remitting customer does not get back the money if it is not credited to the beneficiary's account
4) All inward RTGS transactions free
5) IFSC Number of the receiving branch must be mentioned by transferor

25. IMPS is an innovative real time payment service that is available round the clock. In this context, IMPS stands for............
1) Indian Payment Service
2) Instant Payment Service
3) Immediate Portion Service
4) Immediate Payment Service
5) Immediate Patent Service

26. Which of the following one is not the advantage of IMPS?
1) instant transfer
2) Available 24 × 7 (functional even on holidays)
3) Channel Independent can be initiated from Mobile/ Internet / ATM channels
4) Safe and secure, easily accessible and cost effective
5) All of above are the advantages of IMPS

27. Both banked as well as un-banked customer can avail IMPS. However, unbanked customer can initiate IMPS transaction using the services of PPI. PPI in this context stands for...........
1) Principle Paid Payments instrument issuer
2) Pre Paid Payments instrument issuer
3) Pre Paid PAN instrument issuer
4) Post Paid Payments instrument issuer
5) Pre Poll Payments instrument issuer

28. MMID issued by the bank. Combination of Mobile number & MMID is uniquely linked with an Account number and helps in identifying the beneficiary details. MMID stands for............
1) Mode Money Identifier
2) Mobile Made Identifier
3) Mobile Money Identifier
4) Mobile Moment Identifier
5) Mobile Money Indication

29. QSAM (Query Service on Aadhaar Mapper) service helps user in knowing their Aadhaar Seeding status with their bank account. QSAM service can be available by dialing which number?
1) *99# 
2) *99*99# 
3) *100#
4) *99*9# 
5) *1234#

30. India has recently donated how much amount to UN Peace Building Fund (PBF)?

1) $4 Lakh

2) $5 Lakh
3) $6 Lakh
4) $8 Lakh

5) None of these

ANSWERS:
1-5, 2-1, 3-1, 4-3, 5-3, 6-5, 7-5, 8-2, 9-1, 10-5
11-5, 12-5, 13-5, 14-5, 15-3, 16-3, 17-3, 18-4, 19-4, 20-4
21-3, 22-5, 23-4, 24-3, 25-4, 26-5, 27-2, 28-3, 29-2, 30-2.

CURRENT GENERAL AWARENESS PRACTICE MCQs FOR ALL BANK EXAMS

1. Which denomination note was the first paper currency issued by RBI in January 1938?
1) Rs.2
2) Rs.5
3) Rs.10
4) Rs.100
5) Rs.1000

2. The central govt recently kickstarted Regional Air Connectivity Scheme (RCS) by awarding 128 regional routes to five airlines. Which of the following is NOT among these five airlines?
1) Air Deccan
2) Spice Jet
3) Alliance Air
4) Turbo Megha
5) None of these

3. The World Health Day is a global health awareness day celebrated every year on...
1) 1 Apr
2) 3 Apr
3) 5 Apr
4) 7 Apr
5) 8 Apr

4. On which one of the following issues can SEBI penalize any company in India?
A. Violation of Banking Regulation Act
B. Violation of Foreign portfolio of investment guidelines
C. For violation of Negotiable Instrument Act.
1) Only A
2) Only B
3) Only C
4) Only A & B
5) Only B & C

5. MEITY has issued draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 for Prepaid Payment Instruments (PPI) company or e-wallet firms. What is the form of MEITY?
1) Ministry of Electronics and Information Technology
2) Ministry of Electronics and Information of Technology
3) Ministry and Electronics and Information Technology
4) Ministry of Electronics and Information Technique
5) None of these

6. The German Development Bank (KfW) and Uttar Pradesh based Energy Efficiency Services Limited (EESL) has signed a loan agreement for ......... million with a four year moratorium and a 12-year repayment period and where is the headquarter of 'The German Development Bank (KfW)'?
1) 200 million and Frankfurt
2) 100 million and Hamburg
3) 500 million and Berlin
4) 100 million and Frankfurt
5) 200 million and Berlin

7. How much amount of assistance would be provided to the National Agricultural Market (e-NAM) as per the Union Budget 2017-18?
1) Rs.65 lakhs
2) Rs.69 lakhs
3) Rs.75 lakhs
4) Rs.72 lakhs
5) Rs.80 lakhs

8. Under Pillar-2 of Basel III, the banks are to have a Board approved ICAAP and assess capital accordingly. ICAAP stands for
1) Internal Capital Adequacy Assessment Procedure
2) Internal Capital Approval Assessment Process
3) Internal Capital Adequacy Assessment Process
4) Internal Capital Assessment Approved Process
5) None of these

9. Who among the following has been appointed as the new chairman of the National Association of Software and Services Companies (NASSCOM) for 2017-18?
1) R. Chandrashekhar
2) Rishad Premji
3) Vishal Sikka
4) Raman Roy
5) Shiv Nadar

10. Which bank has planned to open up the Unified Payment Interface (UPI) platform for digital wallets firms as part of the government's digitization campaign?
1) SBI
2) RBI
3) ICICI Bank
4) Axis Bank
5) HDFC Bank

11. What percent of surcharge on income tax would be levied on individuals with income between Rs.50 lakhs and Rs.1 crore?
1) 5 percent
2) 7 percent
3) 8 percent
4) 9 percent
5) 10 percent

12. Gross domestic product is a measure of the total value of all
1) consumer income in an economy over a period of time
2) capital accumulation in an economy over a period of time
3) sales in an economy over a period of time
4) final goods and services produced in an economy over a period of time
5) final as well as intermediate goods and services produced in an economy over a period of time

13. The International Hockey Federation (FIH) recently confirmed Kalinga Stadium as the host of the Men's Hockey World League Final in Dec 2017. The stadium is situated in
1) Patna
2) Lucknow
3) Bhubaneswar
4) Bhopal
5) Chandigarh

14. Periyar National Park is also known as 'God's own country'. It is one of the most famous national parks of southern India and was established in 1950, covering an area of 925 square km. It is situated in
1) Odisha
2) Andhra Pradesh
3) Tamil Nadu
4) Kerala
5) None of these

15. According to the norms prescribed by RBI for setting up of white label ATMs, what is the minimum net worth the NBFCs should have?
1) Rs.50 crore
2) Rs.75 crore
3) Rs.100 crore
4) Rs.200 crore
5) Rs.150 crore

16. Which state government has launched 'Tirtha Darshan' scheme for senior citizens?
1) Kerala
2) Rajasthan
3) Haryana
4) Madhya Pradesh
5) None of these

17. The Indian Space Research Organization (ISRO) has successfully launched a record 104 satellites from the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh through which launch vehicle?
1) PSLV C-36
2) PSLV C-37
3) PSLV C-38
4) PSLV C-39
5) None of these

18. 'Relationship beyond banking' is a Tagline of which bank?
1) Dena Bank
2) Bank of Baroda
3) Central Bank of India
4) Bank of India
5) SBI Bank

19. The minimum amount of and multiple of commercial paper should be:
1) Rs.1 lac, Rs.1 lac
2) Rs. 1 lac, Rs. 5 lac
3) Rs. 5 lac, Rs. 5 lac
4) Rs. 5 lac and no multiple
5) None of these

20. Who won the 2017 Brisbane International Women's Doubles title?
1) Sania Mirza and Bethanie Mattek
2) Serena Williams and Venus Williams
3) Bethanie Mattek and Chris Evert
4) Sania Mirza and Martina Hingis
5) Sania Mirza and Serena Williams

21. The Bhavani Sagar Dam constructed across Bhavani River, is located in .....
1) Odisha
2) Karnataka
3) Tamil Nadu
4) Kerala
5) None of these

22. Leading global payments and technology firm, Mastercard is set to provide payments processing solution to which Payments Bank and who is the CEO of Mastercard?
1) Indian Post Payment Bank and Ajaypal Singh Banga
2) Airtel Payment Bank and Richard Haythornthwaite
3) Paytm Payment Bank and Richard Haythornthwaite
4) Airtel Payment Bank and Ajaypal Singh Banga
5) Paytm Payment Bank and Alfred F. Kelly

23. What is Net Interest Income (NII)?
1) Difference of interest earned on assets and non-interest income.
2) Difference of assets and liabilities.
3) Difference of interest earned on assets and Interest paid on liabilities.
4) Both (1) and (2)
5) None of the above

24. Where is the headquarter of Deutsche Bank?
1) Singapore
2) Russia
3) France
4) Germany
5) None of these

25. Who has been appointed as the managing director of Life Insurance Corporation of India and where is the headquarter of LIC?
1) Hemant Bhargava and Mumbai
2) Girish Chandra Murmu and New Delhi
3) Alice G. Vaidyan and Gujarat
4) Hemant Bhargava and New Delhi
5) Alice G. Vaidyan and Mumbai

26. India's ranking in the current Travel and Tourism Competitive Index (TTCI) of the World Economic Forum is
1) 65th
2) 40th
3) 52nd
4) 62nd
5) 33rd

27. Many times, we read in newspapers that a company is planning to bring a public
issue. What does it mean?
I. Shares of the company will be issued only through public sector organizations like banks/ central financial institutions etc.
II. Shares of the company will be issued to general public only through primary market.
III. This means some stakeholders/promoters are willing to leave the company.
Hence, they wish to sell their stock to the general public.
Select the correct answer using the codes given below
1) Only I
2) Only II
3) Only III
4) All of the above
5) None of the above

28. Name the noted Gujarati poet and ghazal writer, has passed away in Ahmedabad, Gujarat.
1) P V Modi
2) Surender Modi
3) Chinu Modi
4) Ved Prakash Modi
5) None of these

29. Which bank has received medals in the Collateral Awards Category at the 11th Global Communication Conclave held in Bengaluru?
1) ICICI Bank
2) Bank of Baroda
3) Canara Bank
4) South Indian Bank
5) Axis Bank

30. Treasury Bills means
1) salary bills drawn by Government officials on the treasury
2) bills drawee by the Government contractors and other suppliers on the treasury for the dues owed to them by the Government
3) obligation of the Government of India issued by the Reserve Bank of India and payable normally 91 days after issue
4) a mode of drawings by the Treasury Office on the Reserve Bank of India
5) None of the above

31. The International Day of Forests is observed every year on which date to celebrate and raise awareness of the importance of all types of forests and of trees outside forests for the benefit of current and future generations and what is the theme of 2017 The International Day of Forests?
1) March 20 and Forests and Animals
2) March 21 and Forests and Greenery
3) March 20 and Forests and Energy
4) March 18 and Forests and Greenery
5) March 21 and Forests and Energy

32. The Reserve Bank of India (RBI) has proposed to cap the upper limit for Pre-paid Payment Instruments at Rs. ........ lakh due to the growing usage of PPIs for purchase of goods and services as well as funds transfer.
1) Rs.5 lakh
2) Rs.1.5 lakh
3) Rs.1 lakh
4) Rs.2 lakh
5) Rs.3.5 lakh

33. Which life Insurance launched iSelect term plan to expand its online product suit and iSelect term plan provides enhanced protection cover for the family at an affordable premium?
1) Bajaj Allianz General Insurance
2) Canara HSBC and Oriental Bank of Commerce Life Insurance
3) ICICI Prudential Life Insurance
4) PNB MetLife India Insurance Company Limited
5) Reliance General Insurance

34. Who among the following won the 2017 Chinese Grand Prix F1 championship?
1) Kimi Raikkonen
2) Daniel Ricciardo
3) Lewis Hamilton
4) Max Verstappen
5) Sebastian Vettel

35. Which institution is known as 'soft loan window' of the World Bank?
1) IFC
2) IDA
3) IMF
4) Indian Development Forum
5) None of these

36. The Digital Payments 2020 report said that digital payment industry in India is expected to reach USD 500 billion by 2020. The report was published by which of the following institutions?
1) Google and World Bank
2) World Bank and UNESCO
3) Google and Boston Consulting Group
4) UNESCO and Boston Consulting Group
5) All of these

37. Name the India's most successful Badminton player, who has been appointed as a new member of the governing body of Sports Authority of India (SAI).
1) Jwala Gutta
2) Saina Nehwal
3) PV Sindhu
4) Ashwini Ponnappa
5) None of these

38. Who was appointed as deputy governor of Reserve Bank of India (RBI) for three years?
1) Viral Acharya
2) Surekha Marandi
3) N. S. Vishwanathan
4) B.P. Kanungo
5) None of these

39. How much amount has been proposed by the government in the Union Budget 2017 for each pregnant woman under maternity Benefit Scheme who undergoes institutional delivery and vaccinates their children?
1) Rs.4,500
2) Rs.5,000
3) Rs.7,000
4) Rs.6,000
5) Rs.10,000

40. Many economists, bankers and researchers in India often advocate that banks should equip themselves for new challenges. These challenges are in which of the following shapes/ forms?
I. As India economy is getting increasingly integrated with the rest of the world the demand of the Corporate banking is likely to change in terms of size, composition of services and also the quality.
II. The growing foreign trade in India will have to be financed by the local banks.
III. Foreigners are habitual of the comforts provided by the technology. India has to do a lot in this Reference.
1) Only I is correct
2) Only II is correct
3) Only III is correct
4) All of the above
5) None of the above

41. Which of the following films won the Best Picture Oscar at the 89th Academy Awards?
1) Moonlight
2) Manchester by the Sea
3) La La Land
4) Fences
5) The Salesman

42. Rohan Bopanna recently lifted the men's doubles crown of the 2017 Monte Carlo Masters Tennis tournament with his partner ....
1) Marcin Matkowski
2) Jeevan Nedunchezhiyan
3) Marc Lopez
4) Feliciano Lopez
5) Pablo Cuevas

43. Togrog is the currency of which of the following countries?
1) Malaysia
2) Mongolia
3) Venezuela
4) Cambodia
5) Zambia

44. The IRDAI has reduced premium rates of motor third party insurance for some categories of vehicles for 2017-18. The present Chairman of IRDAI is
1) Yogesh Aggarwal
2) TS Vijayan
3) VK Sharma
4) Ajay Tyagi
5) UK Sinha

45. India is pegged to be the fastest growing economy in the world in 2017-18 as International Monetary Fund (IMF) retains India's growth forecast for FY18 at
1) 6.9%
2) 7.2%
3) 7.4%
4) 7.6%
5) 7.8 %

46. Which of the following tech giants introduced 'Solve for India' campaign aimed at empowering developers from Tier II cities?
1) Microsoft
2) Facebook
3) Google
4) Twitter
5) Yahoo

47. The World Red Cross Day is observed every year on
1) 1 May
2) 8 May
3) 18 May
4) 28 May
5) 31 May

48. The world's tallest tower, Jeddah Tower, which is to rise more than a kilometre (almost 3,300 feet), is coming up in which country?
1) Iran
2) Saudi Arabia
3) Kuwait
4) Bahrain
5) UAE

49. Private lender Kotak Mahindra Bank is planning to raise about Rs.5,662 cr through sale of 62 mn shares through QIP. Expand the term QIP.
1) Qualitative Institutional Placement
2) Quantitative Institutional Placement
3) Qualified Institutional Placement
4) Quick Institutional Placement
5) None of these

50. Ritu Phogat, who won a bronze medal at the Asian Championship, is associated with
1) Weightlifting
2) Boxing
3) Wrestling
4) Shot Put
5) Javelin Throw

ANSWERS:

1-2, 2-5, 3-4, 4-2, 5-1, 6-1, 7-3, 8-3, 9-4, 10-2
11-5, 12-4, 13-3, 14-4, 15-3, 16-3, 17-2, 18-4, 19-3, 20-1
21-3, 22-4, 23-3, 24-4, 25-1, 26-2, 27-2, 28-3, 29-3, 30-3
31-5, 32-3, 33-2, 34-3, 35-2, 36-3, 37-1, 38-4, 39-4, 40-1
41-1, 42-5, 43-2, 44-2, 45-2, 46-3, 47-2, 48-2, 49-3, 50-3

Goods and Services Tax (GST)

GST is a unified taxation system which would end multiple taxation across the states and create a level playing field for businesses throughout the country, much like the developed nations. It is a multi-stage destination-based tax which will be collected at every stage, starting from procuring the raw material to selling the final product. The credit of taxes paid at the previous stage(s) will be available for set-off at the next stage of supply. Being destination or a consumption based, the GST will also end multiple taxes levied by Centre and the State Governments like Central Excise, Service Tax, VAT, Central Sales Tax, Octroi, Entry Tax, Luxury Tax and Entertainment Tax etc.  This will lower the overall tax burden on the consumer and will benefit the industry through better cash flows and working capital management. Currently, 17 State and Central levies are being applied on goods as they move from one State to the other.

BENEFITS

Different estimates peg the net advantage to the Gross Domestic Product, up to two percentage points.  The GST regime is also expected to result in better tax compliance, thereby increasing its revenue and narrowing the Budget deficit. All the imported goods will be charged Integrated Goods & Services Tax (IGST) which is equivalent to the Central GST + State GST. This will bring equality with taxation on local products.

Mainly, there will be three types of taxes under the GST regime: Central Goods and Services Tax (CGST), State (or Union Territory) Goods and Services Tax (SGST) and Integrated Goods and Services Tax (IGST). Tax levied by the Centre on intra-State supply of goods or services would be called the CGST and that to be levied by the States and Union Territories(UTs) would be called the SGST respectively. The IGST would be levied and collected by the Centre on inter-State supply of goods and services. Four supplementary legislations approving these taxes, namely the Central GST Bill, the Integrated GST Bill, The GST (Compensation to States) Bill, and the Union Territory GST Bill were passed by the Lok Sabha in May this year, making the realisation of 1^st July, 2017 deadline a reality.

All the matters related to the GST are dealt upon by the GST Council headed by the Union Finance Minister while all the State Finance Ministers are its Members. The GST Council also has a provision to adjudicate disputes arising out of its recommendation or implementation thereof.

TAX RATES

The GST Council has fixed four broad tax slabs under the new GST system - 5 per cent, 12 per cent, 18 per cent and 28 per cent. On top of the highest slab, there is a cess on luxury and demerit goods to compensate the States for revenue loss in the first five years of GST implementation. Most of the goods and services have been listed under the four slabs, but a few like gold and rough diamonds have exclusive tax rates. Also, some items have been exempted from taxation. The essential items have been kept in the lowest tax bracket, whereas luxury goods and tobacco products will invite higher tax.

17-YEAR-LONG WAIT

Many countries in the world switched to a unified taxation system very early. France was the first country to do so in 1954 and many others followed, some by implementing GST and others by using a different form of Value Added Tax (VAT). In India, the discussion on GST started in the year 2000, in the NDA Government led by the former Prime Minister, Shri Atal Bihari Vajpayee. Finally, after 17 years of consensus building, 101^st Constitution Amendment Bill was passed by Parliament in 2016. The States had apprehension of reduction in their revenue and their desire to keep some lucrative goods out of the GST baskets like alcohol, petroleum and real estate among others.

IMPACT ON CONSUMERS

From agarbattis (incense sticks) to luxury cars - all these goods will be taxed under different slabs. Movie tickets costing less than Rs 100 have been kept in the 18% GST slab while those over Rs 100 will attract 28% tax under GST. Tobacco products have been kept under a higher tax bracket. Industries such as textiles and, gems and jewellery are subject to a GST rate of 5%

The Government has shown its strong determination and stuck to implementing the GST with effect from 1^st July, 2017. The road ahead would require a lot of resolve by the implementing agencies like the Goods and Services Network, states and the industry.    To sail through initial hiccups and successfully steer the ship of the economy, the Government needs to show the same determination and courage. A bold initiative like GST taken for the welfare of the country must lead to a grand success.