What percentage of GST is likely to be uniformly levied on online gaming by a panel of state finance ministers?

Daily Current Affairs

20%

24%

28%

30%

Correct Answer : 28%

The ministerial panel formed for casinos, race courses and online gaming under the Goods and Services Tax (GST) regime is likely to reiterate its earlier stance of a uniform 28 per cent tax rate for the three categories, irrespective of whether it is a game of skill or chance.

* The final call about the valuation mechanism, however, will be taken by the GST Council as the GoM members have differed on whether it should be levied on the platform fee or the entire amount paid by the participants.

* The panel, which met on Tuesday (22nd November 2022), is likely to fall back on the initial report presented before the GST Council in June. This would imply a hike in tax rates for online gaming, as online gaming platforms currently pay 18 per cent GST on platform fee alone, and not on the full value including prize money.

* The online gaming industry grew exponentially during the Covid-19 pandemic. Online gaming currently contributes more than Rs 2,200 crore of GST, as per a recent study by EY and Assocham. As per a KPMG report, the online gaming sector would grow to Rs 29,000 crore by 2024-25 from Rs 13,600 crore in 2020-21.

What has the GoM discussed?

Most states in the GoM are learnt to have converged in favour of a 28 per cent tax rate, but they differ on the valuation mechanism. While West Bengal and Uttar Pradesh support taxing the total value, Goa has recommended a tax on the entry point for casinos..

Source : Indian Express

Published On : November 23, 2022

The History Behind This Day

The idea for World Book and Copyright Day comes from a traditional celebration in Catalonia, which is a region in Spain. On April 23rd, people in Catalonia exchange books and roses as gifts. This tradition is called “La Diada de Sant Jordi” or Saint George’s Day.

In 1995, UNESCO (United Nations Educational, Scientific and Cultural Organization) decided that April 23rd should become a worldwide day to celebrate books. This date was chosen because it is the anniversary of the deaths of several famous authors like William Shakespeare, Miguel de Cervantes, and Inca Garcilaso de la Vega.

Since 1996, World Book and Copyright Day has been celebrated in over 100 countries every year on April 23rd.

Why is World Book and Copyright Day Important?

World Book and Copyright Day is important for a few key reasons :

* It promotes reading and literacy: This day encourages people of all ages and backgrounds to develop a love for reading books. Reading is a fundamental skill that opens up opportunities for lifelong learning.

* It raises awareness about copyright: Copyright laws protect the rights of authors and publishers. This day educates people about why copyright is crucial for supporting the creation and sharing of literary works.

* It celebrates cultural heritage: Books allow cultures and traditions to be recorded and passed down through generations. World Book Day honors the role of literature in preserving cultural heritage.

How to Celebrate World Book and Copyright Day 2024

There are many fun ways to get involved in the World Book and Copyright Day celebrations:

* Attend a book exchange event where you can trade books with others

* Visit your local library or bookstore for special readings or meet-the-author events

* Host a book club discussion or start a reading challenge with friends/family

* For writers, participate in writing workshops or competitions

* For educators, organize storytelling sessions or book fairs at schools

The most important thing is to pick up a book and spend time reading and appreciating the hard work and creativity of authors!

World Book and Copyright Day reminds us of the power of books to educate, inspire, and connect people across the globe. Join the worldwide festivities on April 23rd, 2024 to celebrate the joy of reading.

Published On : April 23, 2024

Q .

Which Counrties Relations Strengthened with Inaugural Hindi Radio Broadcast?

India-Kuwait

India-Oman

India-Bahrain

India-Yemen

Correct Answer : Option (A) - India-Kuwait

The Indian Embassy in Kuwait announced the launch of the first-ever Hindi radio broadcast in Kuwait, a significant step to deepen ties between the two nations. Initiated by Kuwait’s Ministry of Information, the program will air every Sunday on FM 93.3 and AM 96.3, highlighting the bond between India and Kuwait.

Initiative to Strengthen Bilateral Ties :

* The Indian Embassy in Kuwait commended Kuwait’s Ministry of Information for introducing a Hindi program on Kuwait Radio, enhancing cultural exchange and fostering closer relations between India and Kuwait.

Indian Community in Kuwait :

* With approximately 1 million members, the Indian community is the largest expatriate group in Kuwait. Their contributions span various professions, including engineering, medicine, finance, technology, and retail.

Trade and Economic Relations :

* India and Kuwait share robust trade ties, dating back to the Indian rupee’s status as Kuwait’s official currency until 1961. The 60th anniversary of diplomatic relations in 2021-22 underscored the enduring friendship between the two nations.

Diplomatic Exchange :

* Indian Ambassador to Kuwait, Adarsh Swaika, commended Kuwait’s Deputy Prime Minister, Sheikh Fahad Yousef Saud Al-Sabah, for his expatriate-friendly initiatives, reinforcing the strong diplomatic relations between India and Kuwait.

* This format succinctly captures the key aspects of the news while maintaining a clear structure with targeted sub-headers.

Published On : April 23, 2024

Q .

Which Country Hosts Inaugural Rainbow Tourism Conference, Paving the Way for Inclusive Travel?

Bhutan

Nepal

Sri Lanka

Mongolia

Correct Answer : Option (B) - Nepal

Mayako Pahichan Nepal, in collaboration with the Nepal Tourism Board, orchestrated the groundbreaking first International Rainbow Tourism Conference. This one-day event marks a significant leap forward in fostering diversity and inclusivity within Nepal’s tourism industry, positioning the country as a welcoming destination for the sexual minority community in South Asia.

Participants and Objective :

The conference drew around 120 attendees, including members of the LGBTI community, NGOs, activists, writers, and media representatives from Nepal, India, Sri Lanka, Germany, Spain, and the US. Its primary objective was to position Nepal as a leading LGBT-friendly tourism destination, leveraging rainbow tourism to promote economic growth and social empowerment within the LGBTI community.

Rights of LGBT Community :

Nepal’s commitment to LGBT rights is underscored by its constitution and reinforced by landmark Supreme Court decisions. With over 3,100 formal registrations of LGBT individuals, Nepal has formulated laws ensuring equal treatment and a violence-free environment. The Supreme Court’s directives, including legalizing same-sex marriage, demonstrate Nepal’s dedication to justice and equality for all citizens.

Declaration and Commitment :

The conference concluded with a declaration reaffirming Nepal’s unwavering commitment to promoting diversity and inclusivity within the tourism industry. As Nepal embraces rainbow tourism, it sends a powerful message of acceptance and tolerance to the world, striving to create a world where every traveler feels embraced and empowered.

Through initiatives like this conference, Nepal solidifies its position as a beacon of inclusivity in global tourism, promising not only economic growth but also a more equitable and accepting world for all.

Published On : April 23, 2024