Read Current Affairs
- Why in News?
- Union Finance and Corporate Affairs Minister has inaugurated the Goods and Services Tax Appellate Tribunal (GSTAT) along with the GSTAT e-Courts Portal, marking a significant reform in India’s tax dispute resolution system.
- Key Provisions:-
- The GSTAT, created under Section 109 of the CGST Act, 2017, serves as the second appellate authority for taxpayers aggrieved by orders of GST Appellate Authorities. It provides an independent judicial platform for fair adjudication. The institution will operate through a Principal Bench in New Delhi and 31 State Benches spread across 45 locations, ensuring countrywide accessibility. Each Bench will consist of two Judicial Members, one Technical Member from the Centre, and one from the State, reflecting cooperative federalism in practice. Complementing this, the GSTAT e-Courts Portal—developed by GSTN and NIC—offers a fully digital system for filing appeals, monitoring case status, and attending hearings virtually. Together, these initiatives strengthen transparency, efficiency, and taxpayer convenience in the GST regime.
- Why in News?
- According to the Reserve Bank of India’s (RBI) latest monthly bulletin, the central bank was a net seller of $2.54 billion in the spot foreign exchange market during July. Such interventions are often carried out to manage volatility in the rupee and ensure orderly movements in the currency market. By moderating excessive fluctuations, the RBI seeks to balance the interests of importers, exporters, and overall financial stability.
- About Spot Market
- The spot market is a platform where currencies, securities, or commodities are traded for immediate settlement, usually within a couple of working days. In this market, the transaction involves the direct exchange of cash for the asset being traded. For India, the currency spot market is particularly significant as it helps stabilize exchange rates, influences inflation through import costs, and maintains investor confidence. Its role is central to ensuring predictability and smooth functioning of external trade.
- Why in News?
- The Union Territory of Ladakh recently witnessed violent protests as groups pressed for statehood and recognition of the region as a tribal area under the Sixth Schedule of the Constitution. Demonstrators have argued that inclusion under this framework would protect the unique cultural identity, land rights, and resources of local communities.
- About Sixth Schedule
- The Sixth Schedule, provided under Article 244(2) and Article 275(1), lays down a special system for governing tribal areas in Assam, Meghalaya, Tripura, and Mizoram. It empowers the Governor to establish Autonomous District Councils (ADCs) and Autonomous Regional Councils (ARCs), particularly where multiple Scheduled Tribes reside. These councils enjoy wide-ranging powers—legislative, executive, judicial, and financial—over matters such as land, forest use, inheritance, and social practices. By decentralizing authority, the Sixth Schedule aims to safeguard tribal traditions while allowing self-governance. Protesters in Ladakh seek similar autonomy and constitutional protection through this provision.