Current Affairs

DAILY CURRENT AFFAIRS (18 AUGUST 2025)

by | Aug 18, 2025

JD(U) backs NDA VP nominee, GST reforms reduce costs, ICAI Centre of Excellence announced in J&K.

From politics to economy and education—JD(U) supports NDA’s VP pick, GST reforms aim to cut costs, and ICAI expands with a Centre in Jammu & Kashmir.

DAILY CURRENT AFFAIRS (18 AUGUST 2025)

JD(U) BACKS NDA’S VICE-PRESIDENTIAL CANDIDATE

OVERVIEW: Nitish Kumar’s JD(U) & NDA Alliance

Nitish Kumar’s JD(U) has officially endorsed NDA’s candidate CP Radhakrishnan for the upcoming Vice-Presidential election. The move reflects political stability within the NDA bloc and signals JD(U)’s continued alliance strategy ahead of parliamentary developments. Kumar also extended wishes to Radhakrishnan for a VP candidature.

LEGAL PROVISIONS 

The legal provisions are mentioned below – 

  • Article 63 of Constitution: Provides for the office of the Vice-President.
  • Article 66 of Constitution: Election of Vice-President by an electoral college consisting of members of both Houses of Parliament.
  • Article 67 of Constitution: Term of office of Vice-President (5 years).
  • Representation of the People Act, 1951: Governs election procedures. 

SOURCE: PTI

GST REFORMS MAY LOWER TAXES ON COMMON GOODS

OVERVIEW: GST Simplification & Consumer Relief

The government is set to simplify GST rates by merging the current four-tier structure into two slabs—5% and 18%. Luxury and sin goods will attract a separate cess. This reform aims to reduce compliance burden, boost transparency, and make consumer goods like cars, mobiles, and electronics cheaper.

LEGAL PROVISIONS 

The legal provisions are mentioned below – 

  • Article 246A of Constitution: Empowers Parliament and state legislatures to make GST laws.
  • Article 269A of Constitution: Distribution of GST revenue between Centre and states.
  • Article 279A of Constitution: Constitution of the GST Council to recommend tax rates and exemptions.
  • Central Goods and Services Tax Act, 2017: Provides statutory basis for GST implementation. 

SOURCE: PTI

ICAI TO OPEN CENTRE OF EXCELLENCE IN J&K

OVERVIEW: ICAI’s Expansion into Jammu & Kashmir

The Institute of Chartered Accountants of India (ICAI) announced a new Centre of Excellence in Jammu & Kashmir during its 445th council meeting. The centre will focus on research, capacity building, and innovation in accounting and finance, supporting regional development and professional growth in collaboration with the state government.

LEGAL PROVISIONS 

The legal provisions are mentioned below – 

  • Section 15 of the Act of Chartered Accountants Act, 1949: Empowers ICAI to promote accountancy knowledge and training.
  • Companies Act, 2013: Recognises ICAI’s role in corporate financial reporting and auditing.
  • Article 19(1)(g) of Constitution: Right to practice any profession, including chartered accountancy. 

SOURCE: PTI

Also Read: DAILY CURRENT AFFAIRS (13 AUGUST 2025)

 

 

 

 

Written By Vishakha Khatri

My name is Vishakha Khatri. I am an engineering graduate and a civil service aspirant with a passion for spreading knowledge about Indian polity. I believe that understanding our political system is crucial for every citizen, and I am committed to making this information accessible to everyone in my own easy way. Through my experiences in civil service preparation and my unique perspective as an engineering graduate, I hope to inspire and educate others on the importance of Indian polity.

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