UPSC CURRENT AFFAIRS

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

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

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.

The Household Savings Rate refers to the proportion of household income that is saved rather than consumed. 

An asset (loan or advance) is classified as a Non-Performing Asset if the borrower has failed to make the repayment (interest or principal) for 90 days or more. 

Urban Cooperative Banks (UCBs) are financial institutions operating in urban and semi-urban areas of India. 

Objective: To establish a uniform framework for the recognition and functioning of Self-Regulatory Organisations (SROs) across all financial sectors regulated by the RBI.