1) Goods and Services Tax Appellate Tribunal (GSTAT): Minstry of Finance has notified the constitution of 31 GSTAT across all States and UTs.
- In February 2023, GST Council recommended to set up GSTAT with 1 Principal Bench and a number of State Benches.
- Currently, High Courts hear disputes in absence of GSTAT, making it expensive and time consuming.
- GSTAT is a statutory body under the Central GST Act, 2017.
- It will hear appeals against orders passed by Appellate Authority or Revisional Authority.
- It is the forum of second appeal in GST laws and the first common forum of dispute resolution between Centre and States
2) Cobweb cycle in economics: This refers to a phenomenon where the prices of certain goods witness fluctuations that are cyclical in nature.
- It happens due to faulty producer expectations.
- The producers of agricultural goods, for instance, might decide to increase their output one year because their product commanded a very high price the previous year.
- This, however, might lead to overproduction and cause prices to slump that year, thus leading to losses.
3) Anti-trust laws: US government commenced anti-trust trial against Google to check its dominance in Search Engine market to eliminate competition and maintain its monopoly.
- Antitrust laws are regulations that encourage competition by limiting the market power of businesses and corporations.
- In India, anti-trust provisions fall within the jurisdiction of the Competition Commission of India (CCI) under the Competition Act, 2002.
- The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises, and regulates combinations (mergers, amalgamations, and acquisitions)
4) Chief Economists Outlook: It is a quarterly report released by the World Economic Forum.
- Uncertainty around the trajectory of the world economy remains high despite the fact that fears of a global recession appear to have eased.
- Inflationary pressures subsided (looser labour markets and weaker wage growth have contributed to it).
- Central banks’ sharp and synchronized tightening of monetary policy appears to dampened inflationary pressures over the last year.
Places in News:
1) Burkina Faso (Capital: Ouagadougou)
- Burkina Faso orders the French embassys defense attache to leave.
- Political Features
- Landlocked country in western Africa.
- Boundary countries: Mali to the north and west, Niger to the northeast, Benin to the southeast, and Côte dIvoire, Ghana, and Togo to the south.
- Geographical feature
- Characterized by a Savanna grassland.
- Main Rivers: the Black Volta, the Red Volta, and the White Volta
- Highest Peak: Mount Tenakourou.