GST Compensatory Cess Tax:
- A group of ministers constituted by the GST Council discussed whether to continue the collection of GST compensation cess or not.
- Goods and Service Tax is levied at 4 rates namely 5, 12, 18 and 28 percent.
- According to the GST Act, GST can be levied up to 40 percent on goods and services.
- Under GST, luxury goods, tobacco and cigarettes are subject to a compensatory cess of more than 28 percent at varying rates.
- This cess collection was used to cover the revenue loss to the states due to the GST system which came into effect on July 1, 2017.
- The proceeds were given to the states.
- The central government planned to give this amount to the states for 5 years from the date of implementation of GST till June 2022.
- The central government borrowed Rs 2.69 lakh crore from the market to cover the loss of GST revenue during the Corona period to high-income states.
- In 2022, the GST Council decided to levy compensatory cess on luxury goods, tobacco, cigarettes, etc. till March 2026 to repay the principal and interest on this loan.
- In this case, the GST Council has formed a committee of 10 ministers under the leadership of Union Minister of State for Finance Pankaj Chaudhary.
National Water Award for Tamil Nadu in three categories:
- The Union Ministry of Water Power has been awarding the National Water Awards since 2018 in order to recognize the best work of the public in the field of water resources and to encourage people to continue working on water conservation and management issues.
- Accordingly, in the best state category, Odisha was ranked first, Uttar Pradesh was second, Gujarat and Puducherry were jointly awarded the third position.
- Visakhapatnam in the southern zone, Dalai-Tripura in the northeast, Panda, Ganderbal (Jammu and Kashmir) in the northern zone, Indore (Madhya Pradesh) in the west and Balangir (Odisha) in the east were declared the best district.
- Pullampara of Thiruvananthapuram, Kerala was awarded the first prize in the Best Village category.
- Apollo Tires Limited from Kancheepuram, Tamil Nadu won the 2nd position in the Best Industrial Companies category, Parambur Big Tank Water Users Association from Pudukottai, Tamil Nadu in the Best Water Users Association category, the Tamil Nadu Agricultural University in Coimbatore in the Best Educational Institutions category and the Indian Institute of Technology in Chennai won the 3rd position in the Best Water User Association category. The institute also received an award in the third place category.
- Central Hydropower Minister C.R. Patil.
Survey of river dolphins:
- India has conducted the world’s first census of dolphins in the Indus, Ganges and Brahmaputra rivers.
- The ‘Dolphin Project’ was introduced by the Central Government in 2020 to protect dolphins in freshwater rivers and coastal waters.
- Led by the Indian Wildlife Service, the survey covers two species, the Ganges water dolphins and the Indus water dolphins.
- These famous Gangetic river dolphins are found in the Ganges-Brahmaputra-Meghna rivers and their tributaries, which range from India, Bangladesh and Bhutan.
- Gangetic and Indus river dolphins, although they look similar, are both distinct species with some differences.
- Indus River Dolphins are mostly found in the Indus River.
- Dolphins need clean, flowing water to survive.
SCO Heads of Government Council Meeting:
- SCO – India, Pakistan, Russia, China, Kyrgyz Republic, Kazakhstan, Tajikistan, Uzbekistan, Iran.
- A meeting of the SCO Heads of Government Council was held in Pakistan’s capital Islamabad under the chairmanship of Prime Minister Shehbaz Sharif.
- India has again objected to China’s Pipeline of Trade OBOR project to connect the continents of Asia, Europe and Africa.
- The China-Pakistan trade route is also included in the OBOR project.
- India has opposed the OBOR project as the route passes through Pakistan-occupied Kashmir.
Procurement of 31 MQ-9B Predator Drones:
- India signed an agreement with the US government to purchase 31 MQ-9B Predator drones from the US at a cost of around $4 billion.
- The MQ-9B armed Predator drones will carry out various tasks including anti-submarine warfare and maritime surveillance.
- Out of 31 drones, 15 drones are planned for the Indian Navy and 8 drones each for the Army and the Air Force.
55% increase in India’s coffee exports:
- India’s coffee exports to various countries have increased by 55 percent.
- Karnataka accounts for 70% of India’s coffee exports.
- Karnataka is the number one producer of coffee in the country.
- 20% is available in Kerala next.
- Tamil Nadu ranks 3rd with 5.7% production.
Nobel Prize in Economics:
- The Nobel Prize in Economics was awarded to American professors Daron Acemoglu, Simon Johnson, James Robinson is distributed among the three.
- The Nobel Prize has been announced for their research to help understand the difference between the prosperity of the countries of the world and for highlighting how important social institutions are to the prosperity of the country.
- The Nobel Prizes for Medicine, Physics, Chemistry, Literature and Economics are to be awarded in Stockholm on December 10, Alfred Nobel’s death anniversary.
World Handwashing Day: October 15
- Global Handwashing Day is observed on October 15 every year and was established by the Global Handwashing Partnership.
World Students Day: October 15
- World Students Day is observed on 15th October every year in honour of Abdul Kalam’s birthday.
World Anaesthesia Day: October 16
- World Anaesthesia Day is celebrated on October 16 to mark the first successful application of diethyl ether anaesthetic in 1846.
World Spine Day: October 16
- World Vertebrate Day is observed on October 16 all over the world.
World Food Day: October 16
- ‘World Food Day’ is celebrated on 16th October every year to raise awareness about food and ensure access to nutritious food for all.
- The Food and Agriculture Organization of the United Nations (FAO) was established in 1945.
- October 16 has been declared as World Food Day and has been celebrated since 1979.
- This year’s theme is: ‘Right to Food for a Better Life and a Better Future’.
International Day for Eradication of Poverty: October 17
- The International Day for the Eradication of Poverty is observed every year on October 17.
- This day marks the adoption of the Convention on the Rights of the Child (UNCRC) on November 20, 1989.
Important Facts:
- Sanjiv Khanna was named as the next Chief Justice of the Supreme Court by the current Chief Justice T.Y. Chandrachud suggested.
- Aishath Azeema has been appointed as the new Maldivian Ambassador to India Ibrahim Sahib.
- Karnataka Chief Minister Siddaramaiah launched the project to provide Cauvery drinking water to 110 newly connected villages in Bengaluru.
- Nayab Singh Saini was elected as the Chief Minister of the 90-seat state of Haryana for the second time.
- Omar Abdullah has been sworn in as the first Chief Minister of the Union Territory of Jammu and Kashmir and Surinder Choudhary has been appointed as the Deputy Chief Minister.
- The Maharashtra Cabinet has approved naming the Maharashtra Skill Development University after industrialist Ratan Tata.
- Algeria President Abdelmadjid Tebboune.
- Union Education Minister Dharmendra Pradhan inaugurated 3 skill development centers related to artificial intelligence in health, agriculture, sustainable cities etc. in Delhi.
- Prime Minister Modi inaugurated the ‘World Telecommunication Standardization Conference’ of the International Telecommunication Union and the 8th International Conference of the ‘Indian Mobile Congress’ at the Bharat Mandapam in Delhi.
- AB de Villiers, Alastair Cook join ICC Lifetime Achievement List
- The new interim government has announced the cancellation of eight national days in Bangladesh.
- Abu Dhabi is the richest city in the world with investment funds of USD 1.7 trillion and ranks first in the world.
- NASA has sent a spacecraft named Europa Clipper to explore Jupiter’s moon Europa, which will take five and a half years to reach Jupiter.