CURRENT AFFAIRS

The Defence Research and Development Organisation (DRDO) successfully test fired Long Range Glide Bomb (LRGB) ‘Gaurav’ from Sukhoi-30 MKI fighter aircraft.

An Advance Pricing Agreement (APA) is a formal and binding agreement between a taxpayer and a tax authority, which determines the transfer pricing methodology to be applied to certain international transactions for a fixed period in the future.

Goods and Services Tax (GST) is a comprehensive, destination-based indirect tax levied on the supply of goods and services in India. 

Recently, Tahawwur Rana, an accused in the 26/11 Mumbai attack, has been extradited from the US to India. Extradition treaties in India are governed by the 'Extradition Act, 1962'.

Inheritance Tax is a direct tax levied on individuals who inherit assets or property from a deceased person. 

The Ministry of Panchayati Raj launched the Panchayat Advancement Index (PAI) to measure the overall development of Gram Panchayats.

Inverted Duty Structure (IDS) is a phenomenon within the indirect tax system, particularly under the Goods and Services Tax (GST), where the import duties on raw materials or input goods are higher than the tax rates levied on finished goods.

The Insolvency and Bankruptcy Code (IBC), 2016 is a comprehensive bankruptcy law enacted to consolidate and amend existing laws related to insolvency and bankruptcy for companies, individuals, and partnership firms. 

Asset Reconstruction Companies (ARCs) are specialized financial institutions that purchase Non-Performing Assets (NPAs) or bad loans from banks and financial institutions. 

Outstanding Dues: Has an outstanding loan amount of ₹25 lakh or more. Deliberate Default: Intentionally defaults on repayment despite having the capacity to repay.