Goods and service tax (GST) "One Nation One Tax"

GST is one indirect tax for the whole nation, which will make India one unified com¬mon market.
GST is the single tax in the supply of goods and services , right from the manufactur¬er to the consumers. Credits of the input taxes paid at each stage will be available in the subsequent stage of value addition, which means GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefit at all the previous stages.
OBJECTIVES OF GST:
• Ensuring availability of input credit across the value chain.
• Minimising cascading effect of taxation.
• Simplification of tax administration and compliance.
• Harmonisation of tax based laws and administration procedures across the country.
• Increasing the tax base and raising compliance.
• Prevention of unhealthy competition among states.
BENEFITS OF GST :
• Easy compliance.
• Uniformity of tax rates and structures.
• Removal of cascading.
• Improved competition.
• Gain to manufacturers and exporters.

At the central level the following taxes are being subsumed :
• Central excise duty
• Additional excise duty.
• Service tax
• Additional custom duty commonly known as countervailing duty
• Special additional duty of customs.

At the state level the following taxes are being subsumed :
> Subsuming of the state value added tax/ sales tax.
> Entertainment tax (other than the tax levied by the local bodies), central sales tax (levied by the centre and collected by the states).
> Octroi and entry tax.
> Purchase tax.
> Luxury tax
> Taxes on lottery, betting and gambling.

GST would be administered in India, The federal structure of India , there will be two components of GST - Central GST and State GST. Both will simultaneously levy GST across the value chain. Tax will be levied on every supply of goods and ser¬vices. Centre would levy and collect the state goods and service tax on all transac¬tions within a state. The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage.
Similarly the credit of CGST paid on input would be allowed for paying the SGST on output. No cross utilization of credit would be levied simultaneously. On every trans¬action of supply of goods and services except on exempted goods and services goods which are outside the preview of GST and the transaction which are below the prescribed threshold limits. Further, both would be levied on the same price or value unlike state VAT which is levied on the value of the goods inclusive of central Ex¬cise.

BREXIT & REXIT

BREXIT - > Britain exist from EU
Results were released on 24 June.
• 52 % opted for Leaving EU
• 48 % opted to stay

What may happen if Britain stays with EU?
They will have good support from rest of the countries in the European un¬ion for the security
Since Britain is a small country in terms of both size and population (less than8.5million)they need all the support to be global giant
What are the advantages of leaving the EU?
Britain pays a large membership fee to be a part of EU, that can be avoided They can reframe immigration rules and stop eastern Europeans from working in Britain

Effects of BREXIT:
Britain can frame new workers policy and can reduce the money which they spend for immigrant workers.
Free trade agreements will be hard Investment in Britain from foreigners will reduce Inflation will increase

Effects on India:
Jobs and education opportunities will be limited for Indians as laws and rules will be strict
India can have direct Trade agreements with UK
Indian companies cant penetrate the euro market by establishing their business
in UK .

When Indian markets began trading that Monday, they had to factor-in the pact of Rexit: the Reserve Bank of India Governor Raghuram Rajan's exit from the central bank once his term finishes in September. However, a much bigger event, the referendum on Britain's membership of the European Union (EU), which resulted in its exit from the EU—Brexit—spooked the markets. The Sensex opened lower by 635 points and went down by 1,091 points before bottom fishing brought some stabil¬ity. Even as the index recovered 486 points from the day's low, it still closed the day with a deep cut of 605 points or 2.24%.

The debt market, which reacted negatively to Rexit, with 10-year bond yields spiking on Monday morning (markets, however, recovered the same day) remained relatively calm on Brexit. However, the currency market took a beating and the rupee lost on both Monday and Friday and ended the week with a loss of 89 paisa against the US dollar.
The biggest worry about the Brexit vote is that it has opened a Pandora's Box. Emboldened by the Brexit outcome, groups opposed to the EU membership in other European countries have already started demanding their own referendums. The im¬mediate impact of Brexit is an increase in risk aversion when it comes to investing.
"Risk aversion is likely to take hold across asset classes," says Michael Strobaek, Global Chief Investment Officer, Credit Suisse. The first hint of this was seen when crude oil fell while gold rallied 5% each.

Among the global currencies, only the Japanese yen and the US dollar appreci¬ated (considered as safe currencies by the market). Currency deprecia¬tion will further increase risk aver¬sion and put more pressure on the weak Asian currencies.
"Asian currencies, excluding Japan, could be hurt if other EU countries follow suit and call for a referendum," says a recently re¬leased DBS report. The Indian rupee won't suffer much but won't be left unscathed. "The direct trade impact (on the rupee) is limited from UK, but global risk will likely weigh on India in the near term. So we revise our 2016-17 average US dollar target to Rs 68.5 from Rs 67.9," says the Kotak Economy Report.

WhatsApp Launches End-to-End Encryption

WhatsApp End-to-End Encryption:

Good news for the world's 1 billion WhatsApp users The company has started rolling out end to end encryption which will reportedly be the default setting for all chats.The update comes at a time when governments are attempting to force tech companies, such as Apple to hack their own systems to provide information on terrorist attacks and networks etc. WhatsApp's users now know that their chats, group chats,attachments, voice notes, and voice calls are private.

For the encryption WhatApp uses Whisper Systems' "Signal Protocol" which is an open source private messaging system supported by NSA whistle-blower Edward Snowden. The encryption will work on all Android, iPhone, Windows mobile decides, plus some Nokia and BlackBerry models. 

The security is so comprehensive that users can see the content that has been sent to them, but service providers, including WhatsApp are unable to access message content.

Users will be automatically upgraded to the new version of WhatsApp via a server upgrade.

Gender equality in birth control

Scientists have identified a switch that triggers the 'power kick' that sperms use to fertilize a human egg. Thus, they seem to have uncovered a source of male infertility & a target for unisex contraceptives. Progesterone stimulates the switch which is essentially a protein receptor. Scores of these switches are found on the surface of a sperm's tail & when the sperm gets close to the egg, the hormone activates the receptor. This causes the tail to snap and provides the thrust or powering the sperm through the cells protecting the egg. Basically a person is infertile if the switch doesn't recognize progesterone. So a drug that inactivates the receptor would prove to be a good contraceptive. One that could be used by either sexual partner.
Researchers observed the behaviour of the sperm's tail after sticking electrodes. This led to discovery of the progesterone activated receptor now called CatSper.

Researchers Break Apple’s Encryption

Researchers at Johns Hopkins University (JHU), led by Matthew D. Green, have found a bug in Apple’s encryption. It can allow a skilled attacker to decrypt secure photos and videos sent as message. The flaw might not have been used by the FBI🔎 to recover information on the San Bernardino terrorist’s iPhone, but it proves that encryption isn’t fool proof. Green is a cryptographer and said that a court compelling Apple to undo its own security makes no sense as there are already bugs which can be exploited. He said, “Even Apple, with all their skills — and they have terrific cryptographers — wasn’t able to quite get this right.” Green’s team of graduate students will publish a paper describing the bug as soon as Apple issues a patch for it. Green said that it’s frightening that “we’re having this conversation about adding back doors to encryption when we can’t even get basic encryption right.”

Brussels Airport Explosion

Reports are now in that as many as 23 people are dead& 35 injured. However, no official statements are in as the scene of the explosionis still being secured. Operations to evacuate some peoplestill inside are being conducted at the moment. Not just the airport but the entire city of Brussels has gone into lock-down. Bus, tram and metro services have been suspended. As per standard procedures, flights to the airport have been cancelled or rerouted. France has gotten into a panic with memories of the November attack still fresh in their minds. They've deployed 1,600 more police officers at the border and on important transport locations after the explosions. The attacks come merely 4 days after the arrest of Salah Abdeslam, 26, the only surviving suspect of Paris’s November attacks which killed 130 people. Abdeslam – a French national – was arrested after he was shot in the leg and captured by Brussels Police.

Watch this CCTV footage taken at the exact moment the explosion occured: https://goo.gl/J7cUs1

Here's a video of the site after the explosion: https://goo.gl/VIDAHc

IndvsPak on Twitter

Here are some of the pre-game tweets from fans for the big game, India vs Pakistan:

🐦@narendramodi Congratulations Team India for the amazing victory. #IndvsPak

🐦@filmykiida @SrBachchan waving the flag, @sachin_rt smiling and @juniorbachchan cheering! They added charm to the #IndvsPak match! 😍💜

‏🐦@bwoyblunder Match reduced to 18 overs a side. Spare a thought for the Pakistani player who spot fixed to bowl a no ball in the 19th/20th over #INDvsPAK

‏🐦@robbieuthappa Gosh, can't wait for the game to begin.. can imagine how pumped up the boys will be. Let's do this boys!! Go India!!

‏🐦@ArvindKjeriwal Arvind Kejriwal Retweeted Shahid Afridi #IndvsPak im with Pak in this game. अदला बदला

‏🐦@RajeshSuryafan Son : Dad, tell me one Universal truth? Dad : Pakistan will lose against India

🐦@ImYokEsH What? 2 overs reduced. They have time to do Celeb presentation but not for the game 😈😈

‏🐦@GabbbarSingh Going by the dignitaries, this match looks like the Filmfare awards for Cricket.

‏🐦@fasiranjha Imran, Wasim and Waqar standing alongside eachother. . The world feared them, the world respected them, they made us all proud! #IndvsPak

‏🐦@MichaelVaughan Cannot wait for this tonight .. #IndvsPak .. Backing @msdhoni has his troops .. Is this the biggest sporting rivalry in world Sport??

‏🐦@abdullah_0mar Conspiracy by MS Dhoni. He wins the toss & deliberately chooses bowl first so that he can finish the match with Six ~ NDTV #IndvsPak

🐦@ImaanZHazir And Amitabh Bachan is singing theirs... we've already lost #Sorry #IndvsPak