Input Tax Credit
The Directorate General of GST Intelligence (DGGI) has detected tax evasion of Rs 1.2 trillion using fake Input Tax Credit (ITC), since 2020.
- One of the key features of Goods and Services Tax
- Act as a mechanism to avoid cascading of taxes (tax on tax).
- Allows businesses to claim a credit for the GST already paid on goods or services purchased for business use or as inputs.
- This credit can then be used to offset the GST payable on the sale of goods or services
Jan Poshan Kendras
Union Minister of Consumer Affairs, Food and Public Distribution launched pilot project for transformation of 60 Fair Price Shops (FPS) into Jan Poshan Kendras.
- Aimed to offer a diverse range of nutrition-rich food items to consumer as well as provide an additional source of income to the FPS dealers.
- They have to store 50% products under the category of nutrition while the rest for keeping other household items.
- Fair Price Shops (FPS) – Shops licensed to distribute essential commodities issued under the Essential Commodities Act (1955) to the ration card holders under Targeted Public Distribution System.
Exotic Animal Species
Six-month period to report possession of exotic animal species as per Living Animal Species (Reporting and Registration) Rules, 2024 is set to expire in August 2024.
- Those species that are moved from their original range (location) to a new one.
- Every person who is in possession of any living specimen of species listed in Schedule IV of the Wild Life (Protection) Act 1972, is required to report the details of such animals.
- A licence is required for dealing in animal articles under Schedule IV and their hunting is prohibited.
Super Blue Moon
Recently, super blue moon, an occurrence that happens on average every 10 years, was observed.
- Convergence of a Supermoon and a Blue Moon.
- When the Moon is at or near its closest point to Earth (perigee) at the same time as it is full, it is called a Supermoon.
- 2 types of Blue Moon –
- A monthly blue moon occurs when full moon seen twice in a single month.
- A seasonal blue moon occurs when there are 4 full moons in a single season instead of the usual 3.
Quantum Nonlocality
New research broadens the applications of quantum non-local correlations, which are already used in secure communication and cryptographic key creation.
- Describes the apparent ability of quantum particles to instantaneously know about each other’s state even when separated by large distances.
- Nonlocality occurs due to phenomenon of entanglement, whereby particles that interact with each other become permanently correlated, or dependent on each other’s states and properties.