Daily Current Affairs for UPSC Civil Services Exam – 08 July 2020

Daily Current Affairs for UPSC Civil Services Exam – 08 July 2020

In Today’s News:

  1. Golden birdwing is India’s largest butterfly.
  2. The Centre won’t extend the deadline for the levy on foreign e-com firms.

1. Golden birdwing is India’s largest butterfly

News Summary

A Himalayan butterfly named Golden BirdWing is India’s largest butterfly. It has replaced the Southern Birdwing’s record as the largest butterfly for the last 88 years.

Prelims GS – Environment

Golden birdwing:
  • The female species of Golden Birdwing is larger than the Southern Birdwing which was recorded by Brigadier Evans in 1932.
  • However, the male species of Golden Birdwing is much smaller at 106mm.
  • The female Golden Birdwing was recorded from Didihat in Uttarakhand.
  • The female Golden Birdwing has a wingspan of 194mm whereas Southern Birdwing has a wingspan of 190mm.

2. The Centre won’t extend the deadline for the levy on foreign e-com firms.

News Summary

The Government of India is not extending the deadline for the payment of Equalization levy by non-resident e-commerce players, even though many of them have not paid their first installment.

Prelims GS – Economic Development

Equalization Levy:   (NOTE: UPSC PRELIMS 2018 Question)
  • Equalization Levy was first introduced in 2016. Its scope was extended in Finance Act 2020.
  • Equalization Levy is a direct tax that is levied on foreign e-commerce firms that are providing its services to Indian customers in India.
  • In the Finance Act 2016, it was levied on services in the nature of online advertisement/digital space provided by non-resident vendors to Indian resident customers. Equalization Levy was fixed at 6%.
  • In the Finance Act 2020, it has included other revenue streams of non-residents also under Equalization Levy. Now Equalization Levy is fixed at 2% for these new sources.

Click here for more information on Equalization Levy.

 

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