GST & Other GK Topics for Bank Exams 2017

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GST & Other GK Topics for Bank Exams 2017

Goods and Services Tax (GST) is a system of taxation in India which merges many individually applied taxes into a single tax. GST plays an important role in the growth of Indian Economy. It directly impacts the lives of all the people; be it merchants, workers or salaried employees.

Latest GST 2017 updates

1. Some of the latest reforms in GST were made by the GST Council at the 14th GST Council Meeting held at Srinagar, Jammu & Kashmir on 19 May 2017.
2. The Council approved four slabs for GST: Nil rate, 5%, 12%, 18% and 28%. The GST Council has tried to keep the tax under control. Most of the goods are under the 18% tax slab.

Let’s do a slab-wise tax investigation of all the 5 slabs.

1.) 0% tax slab

Goods included in this slab:

1. Milk, curd, buttermilk
2. Meat, chicken, eggs, fish
3. Honey, fresh fruits, vegetables
4. Flour, Besan, bread, salt
5. Bindi, sindoor
6. Stamps, judicial papers, printed books, newspapers
7. Bangles, handloom

Services included in this slab:

1. Hotels and lodges with tariff below Rs.1,000/-

2.) 5% tax slab

Goods included in this slab:

1. Fish fillet
2. Cream, Skimmed milk powder, branded paneer
3. Frozen vegetables
4. Coffee, tea, spices, pizza bread, rusk
5. Kerosene, coal, medicines, stent, lifeboats

Services included in this slab:

1. Transport services (Railways, air transport)
2. Small restaurants

3.) 12% tax slab

Goods included in this slab:

1. Frozen meat products
2. Butter, cheese, ghee
3. Dry fruits in packaged form
4. Animal fat, sausage, fruit juices
5. Namkeen Snacks
6. Ayurvedic medicines, tooth powder, incense sticks
7. Colouring books, picture books, umbrella
8. Sewing machine, cell phones

Services included in this slab:

1. Non-AC hotels
2. Business class air ticket
3. Fertilizers
4. Work contracts

4.) 18% tax slab

Goods included in this slab:

1. Pasta, cornflakes, pastries and cakes
2. Preserved vegetables, jams, sauces
3. Soups, ice cream, instant food mixes
4. Mineral water
5. Tissues, envelopes, tampons, notebooks
6. Steel products, printed circuit boards
7. Camera, speakers, and monitors

Services included in this slab:

1. AC hotels serving liquor
2. Telecom services
3. IT services
4. Branded garments
5. Financial services.

5.) 28% tax slab

Goods included in this slab:

1. Chewing gum
2. Chocolate devoid of cocoa
3. Waffles and wafers coated with chocolate
4. Pan masala, aerated water, paint
5. Deodorants, shaving creams, after shave
6. Hair shampoo, dye, sunscreen
7. Wallpaper, ceramic tiles
8. Water heater, dishwasher, weighing machine
9. Washing machine, ATM, vending machines
10. Vacuum cleaner, shavers, hair clippers
11. Automobiles, motorcycles, aircrafts

Services included in this slab:

1. 5-star hotels
2. Race club betting
3. Cinema

If you want the detailed information, you can download these detailed official PDFs related to: Goods and Services.

Moving on to more GK Topics for Bank and SSC exams, let’s learn about Ransomware!

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Ransomware & Other GK Topics for Bank Exams 2017

The global outbreak of ‘Ransomware’, a malicious software left not just the the international cyber crime agencies, but the whole world in dilemma. The ransomware attack hit almost 150 countries in the world. Ransomware is not the new threat, it has been harming the digital world since 2005. Let’s see what it is all about…

What is WannaCry ‘Ransomware’?

WannaCry is not a new threat of ransomware (a malware that demands ransome) in the cyber world. ‘Crypto locked’, ‘torrent locker’ and many more softwares have existed for a long time. Mostly computers and laptops are the victims of these attacks because of ‘open source platform’.

Mobile attacks have also been reported last year. Researchers are working to find a solution to get rid of the threat.

How does it work?

1. Ransomware is a type of malicious software which enters into your system and encrypts the data, making it inaccessible to the user of the system. (In other words, it converts your files into a non-crackable code.)
2. It locks you out of your own files and other data on your computer.
3. It then displays a message on your computer screen, demanding a ‘ransome’ amount from you. The message tells you to deposit a certain amount if you want to access your files ever again.
4. At first, the ransomeware doesn’t harm the data. The hackers set a time limit in which you have to make the payment.
5. If you fail to pay the desired amount to the hackers, in this time limit, the amount is doubled and a new time limit is set. If you don’t pay the hackers the next time too, then the malware deletes all your data automatically!

In a way, Ransomware abducts (kidnaps) your data and asks you for a Ransome! 

Where did Ransomware Begin?

1. According to the US Computer Emergency Readiness team, a malware named Wannacry is spread by an internet worm that ‘copies’ itself by hacking other computer network.
2. It believes that the source of ‘Wannacry’ is a software tool – ‘Eternal blue’, has been stolen from the National Security Agency (NSA) of USA.
3. UK, Russia, Taiwan and Ukraine are among the countries which were affected the most by this malicious software.

How Does Ransomware Spread?

1. When the system comes in contact with the insecure computer network, ransomeware propagates through the insecure network and spreads its copies via the network.
2. The method of exploitation it uses is called ‘Heapspraying‘. It injects the ‘shell code’ into the vulnerable system.
3. Once it enters the system, it encrypts the files.
4. When user tries to access the system, it pops up a message and asks for money to decrypt the files.
5. The hackers are demanding the amount in the bitcoin currency.

• Bitcoin is a crypto-currency which was invented by Satoshi Nakamato.
• Bitcoin uses the Blockchain technology to record the data of transaction.

Who can be the victim of Ransomware?

1. Computer systems with outdated cyber protection softwares are the most vulnerable to attack.
2. Healthcare providers are the main victims of these attacks because they usually use windows XP on their systems, which is again an outdated version of windows and hence doesn’t receive any security updates.

India’s Concerns about Ransomware

India is transforming in the digital world but still lacks in security aspects. India has also been infected by the Wannacry attack. Various incidents of cyber attack by ransomware have been reported in Gujarat and some other parts of the country.

India’s main concerns in this area are regarding:

• Lack of cyber security
• Banking industry’s complete dependency on digital technology
• Not all sections of society are aware of these dangerous attack
• Lack of knowledge of Information Technology among a huge chunk of digital user base of India.

How you can prevent Ransomware from attacking you:

• Keep backup of your data in hard disks which are not connected to the internet.
• Update your computers in a timely manner.
• Do not surf  suspicious websites.
• Never open unknown Email attachments which include ‘.exe’ extensions.
• Keep your PC secure with antivirus.
• After the Wannacry attack, Microsoft has released security updates to keep your computer systems protected from this attack specifically.
• Remember that paying ransom amount will not solve the problem. Hackers will ask for more money.

Also, strong anti-malware software is the need of an hour to secure the digital world from the malware attacks.