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Daily Current Affairs Quiz 3rd March 2026 Check Important Questions Here |

Practice Current Affairs Quiz to stay updated with national, international, economic, and banking news. This quiz is based on the previous day’s current affairs and is designed to boost your exam readiness, improve speed and accuracy, strengthen memory, and build confidence for competitive exams and interviews.

Daily Current Affairs: 3rd March 2026

Q1. India’s gross GST collections in February 2026 registered an 8.1% year-on-year increase, reflecting improved economic activity and compliance levels. What was the approximate total GST collection during the month?

(a) ₹1.55 lakh crore
(b) ₹1.69 lakh crore
(c) ₹1.75 lakh crore
(d) ₹1.83 lakh crore
(e) ₹1.95 lakh crore

Answer: d

Solution:

India’s gross Goods and Services Tax (GST) collections recorded an 1% year-on-year growth in February 2026.
The total gross GST revenue crossed ₹1.83 lakh crore in February 2026, compared to ₹1.69 lakh crore collected in February 2025.
The Central GST (CGST) collection stood at ₹37,473 crore during the month.
The State GST (SGST) collection amounted to ₹45,900 crore.
The Integrated GST (IGST) collections exceeded ₹1 lakh crore, contributing the largest share to overall GST revenue.
The growth reflects improved tax compliance, higher economic activity, and strengthened indirect tax administration.

Q2. The Vajra Corps of the Indian Army, known as the “Defenders of Punjab,” celebrated its 76th Raising Day on 1 March 2026. In which year was the Corps originally raised?

(a) 1947
(b) 1949
(c) 1950
(d) 1952
(e) 1955

Answer: c

Solution:

The Indian Army’s Vajra Corps celebrated its 76th Raising Day on 1 March 2026, marking more than seven decades of dedicated service to the nation.
The Corps was raised in 1950, becoming the first Indian Army Corps formed after Independence.
Vajra Corps has played a crucial operational role along the Western Front, particularly in safeguarding India’s borders in Punjab.
The Corps earned distinction during the 1965 and 1971 Indo-Pakistan Wars, including historic victories at Dograi, Barki, and Khem Karan.
It has also demonstrated operational excellence through humanitarian and operational missions such as Operation Sindoor and Operation Rahat, along with extensive civil-military outreach activities.
Vajra Corps has been awarded 25 Battle Honours, 4 Honour Titles, and 38 Theatre Honours.
Known as the “Defenders of Punjab,” the Corps continues to uphold a legacy of operational readiness and national security as it enters its 76th year of service.

Q3. Following the activation of Article 111 of Iran’s Constitution after the death of Ayatollah Ali Khamenei, which cleric was appointed as a key member of the interim leadership arrangement?

(a) Hassan Rouhani
(b) Ebrahim Raisi
(d) Mohammad Khatami

Answer: d

Solution:

Senior Iranian cleric Alireza Arafi has been appointed as interim Supreme Leader authority member following the death of Ali Khamenei.
The leadership transition was triggered after Iran activated Article 111 of its Constitution, which provides for an emergency arrangement when the Supreme Leader’s position becomes vacant.
Under this constitutional provision, a three-member interim leadership council temporarily assumes the powers and responsibilities of the Supreme Leader.
Ayatollah Alireza Arafi has been designated as the jurist member of this interim council, responsible for carrying out the Supreme Leader’s duties during the transition.
The arrangement will remain in place until a permanent successor is selected through Iran’s constitutional process.

Q4. In a recent development in India’s public sector energy landscape, a new leadership transition took place at GAIL (India) Limited following the superannuation of its previous CMD. Who has assumed office as the Chairman and Managing Director (CMD) of GAIL (India) Limited in March 2026?

(a) Deepak Gupta
(b) Sandeep Kumar Gupta
(c) Manoj Jain
(d) Alok Kumar
(e) R.K. Singh

Answer: a

Solution:

Deepak Gupta has officially assumed charge as the Chairman and Managing Director (CMD) of GAIL (India) Limited.
He succeeds Sandeep Kumar Gupta, who superannuated on 28 February 2026.
Deepak Gupta’s tenure as CMD will extend until 28 February 2029.

Q5. Under the newly announced Eligible Manufacturer Importers (EMI) scheme by the CBIC, what is the primary financial benefit provided to trusted manufacturers regarding their import operations?

(a) Total exemption from Integrated Goods and Services Tax (IGST)

(b) Reduction in the Basic Customs Duty (BCD) rates by 50%

(d) Provision of interest-free loans for importing raw materials

(e) Complete waiver of Social Welfare Surcharge on all capital goods

Answer: c

Solution:

In line with the Union Budget 2026–27 announcement by the Union Finance Minister, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a new facilitation measure.
A new category of importers called Eligible Manufacturer Importers (EMIs) has been created to enable deferred payment of Customs duty.
Under this scheme, approved EMIs can clear imported goods without paying Customs duty at the time of clearance. Instead, duty can be paid monthly, as per the Deferred Payment of Import Duty Rules, 2016.
The facility will be operational from 1 April 2026 to 31 March 2028.
Eligibility is subject to compliance criteria relating to Customs and GST compliance, turnover, financial soundness, and past track record.
Existing AEO-T1 entities, including MSMEs, that meet eligibility conditions can also apply.
During the scheme’s validity, approved EMIs are expected to progressively obtain AEO-T2 or AEO-T3 status under the Authorised Economic Operator (AEO) Programme, which provides faster clearances and priority treatment.
Applications can be submitted online from 1 March 2026 through the AEO portal.
The scheme is designed as a trust-based facilitation initiative, aimed at improving ease of doing business and enhancing compliance levels.