SUPREME COURT OF INDIA
Supreme Court to set up expert panel on freebies, blames Election Commission for laxity (AUG 4, 2022)
The Supreme Court on Wednesday decided to set up an expert group with representation from Niti Aayog, Finance Commission, Election Commission, RBI and political parties to study the impact of freebies on tax payers and economy, and recommend measures to regulate it.
The SC asked solicitor general Tushar Mehta, EC counsel Amit Sharma, petitioner’s counsel Vikas Singh and Vijay Hansaria as well as senior advocate Kapil Sibal to give their suggestions on what should be the composition of the expert panel and the contour of scrutiny of freebies within a week. It posted the matter for hearing on August 11.
DELHI HIGH COURT
Delhi High Court asks police to inform them of the steps taken to implement NGT's ban on sale of Chinese 'manjha' (AUG 4, 2022)
The court was hearing a public interest litigation (PIL) seeking a complete ban on flying, sale, purchase, storage, and transportation of kites as many people and birds are killed or injured due to accidents caused by glass coated strings.
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
GST applicability on liquidated damages, compensation and penalty arising out of breach of contract or other provisions of law –reg. (AUG 3, 2022)
Liquidated damages cannot be said to be a consideration received for tolerating the breach or non-performance of contract.They are rather payments for not tolerating the breach of contract.
In such cases liquidated damages are mere a flow of money from the party who causes breach of the contract to the party who suffers loss or damage due to such breach. Such payments do not constitute consideration for a supply and are not taxable.
Examples of such cases are damages resulting from damage to property, negligence, piracy, unauthorized use of trade name, copyright, etc. Other examples that may be covered here are the penalty stipulated in a contract for delayed construction of houses.
DEPARTMENT OF SPACE
Government says, India’s satellite-based navigation system, NavIC, is as good as GPS of the United States in terms of position accuracy and availability in its service region (AUG 4, 2022)
Replying to a question in the Rajya Sabha, Union Minister Dr Jitendra Singh said, NavIC can help in navigation on land, air, sea and also in disaster management.
NavIC satellites are placed at a higher orbit than the GPS of United States. NavIC satellites are placed in geostationary orbit (GEO) & geosynchronous orbit (GSO) with an altitude of about 36,000 km; GPS satellites are placed in medium earth orbit (MEO) with an altitude of about 20,000 km.
NavIC uses dual frequency bands, which improves accuracy of dual frequency receivers by enabling them to correct atmospheric errors through simultaneous use of two frequencies.
NEWS AT GLANCE
- Criminal Procedure (Identification) Act, 2022 comes into effect from today.
- External Affairs Minister Dr. S. Jaishankar meets US Secretary of State Antony Blinken on the sidelines of ASEAN Ministerial Conference in Phnom Penh.
- Government to introduce new technologies to replace toll plazas in the country to ensure smooth movement of vehicles.
- Enforcement Directorate seals premises of Congress-owned Young Indian in Delhi in National Herald money laundering case.
- Centre announces free entry for visitors at all protected monuments from 5th to 15th August.
- India and US to hold mega military exercise in Uttarakhand's Auli in October.
- United States Senate approves Finland and Sweden's accession to NATO.
WORD OF THE DAY
A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.
MARKET TODAY (as on 04.08.2022)
BSE SENSEX 58,298.80 ▼ 51.73 (0.089%)
NIFTY 50 17,382.00 ▼ 6.15 (0.035%)
1 US Dollar = 79.30 Indian Rupee (Last updated · 4 August at 1:05 pm UTC)
0 Comments