Daily Current Affairs- 12th August 2016

Dear Readers, we are providing Today's important current affairs of Competitive Exams specially for Bank and SSC
1. Assam becomes first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014
1. The Assam Assembly passed a resolution to become the first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014.
2. The bill was passed by the Lok Sabha on 8 August 2016 and by the Rajya Sabha on 3 August 2016.
3. Provisions of the Bill
• The GST will have two components keeping in mind the federal structure of India: the Central GST (CGST) and the State GST (SGST).
• For goods and services that pass through several states, or imports, the Centre will levy another tax, the Integrated GST (IGST).
• Alcohol for human consumption has been kept out of the purview of GST.
• It empowers the centre to impose an additional tax of up to 1% on the inter-state supply of goods for two years or more. This tax will accrue to states from where the supply originates.

2. Michael Phelps becomes first swimmer to win four consecutive golds in same event
1. Michael Phelps won his fourth consecutive 200m individual medley Olympic title. With this, he became the first swimmer ever to win four consecutive golds in the same event.
2. Phelps clocked one minute, 54.66 seconds to grab the 200m individual medley Olympic title.
3. Japan’s Kosuke Hagino won the silver medal and China’s Wang Shun took the bronze.

3. Legendary Pakistani cricketer Hanif Mohammad passes away
1. Hanif Mohammad, the original 'Little Master,’ passed away on 11 August 2016 in Karachi, Pakistan. He was 81.
2. Hanif was diagnosed with the cancer in 2013, for which he received treatment in London.

4. Union Government launches data bank portal of MSMEs
1. The Union Government has launched two important initiatives of the Union Ministry of MSME, viz. MSME Databank Portal and Online Finance Facilitation Web Portal. They were launched by Union Minister of Finance & Corporate Affairs Arun Jaitley on the sidelines of 14th Meeting of the National Board of MSME in New Delhi.
2. It aims to gather information about micro, small and medium enterprise (MSMEs). Its Objective is to have one-stop source of information of MSMEs of India, including their credit and technology, requirement in terms of raw material and marketing, etc. It will enable the MSME units and the various Associations to furnish data online. It will save the efforts and money required for physical Census.