01-01-2018, 04:28 PM
Stag flation
*The situation where a country persistently suffers from both high inflation and high Unemployment
COMMERCE
*Foreign trade consists of two activities, export and import.
*India is one of the first Asian country to recognise the effectiveness of Export Processing zone.
*The Foreign Exchange Regulation Act (FERA) was passed by the Indian Parliament in 1973 and came into force in 1974.
*FERA imposed strict regulations on certain kinds of payments and transactions, which had indirect impact on the foreign exchange and import and export of currency.
*FERA was replaced by FEMA (Foreign Exchange Management Act) which came into operation on the 1st June, 2000.
*The main objective of FERA is to consolidate and amend the law relating to foreign exchange for facilitating external trade and payments.
*Monopoly: In the market strucuture where there is only one seller in the market who controls to entire market supply.
*Monopsony: It is the market situation in which there is only one single buyer of the product in the market.
*Oligopoly : In a market situation in which there are only a few firms in the industry (group) producing either homogeneous product or may be having product differentiation in a given line of production.
Special Economic Zones (SEZs)
*Special Economic Zones (SEZs) denoted geographical areas that have economic and other laws that are more free market oriented than a country’s typical or national laws. “Nation wide” laws may be suspended inside a special economic zone.
The category SEZ covers
(a)Free Trade Zones (FTZ)
(b)Export Processing Zones (EPZ)
(c )Free Zones (FZ)
(d)Industrial Parks Industrial Estates (IE)
GST
*GST - Goods and Services Tax
*GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and service throughout India.
*It will substitute all indirect taxes levived on goods & services by the Central & State Govts in India.
*The main objective of GST is to eliminate the multiplicity of taxation & eliminate the cascading effects of taxes on production and distribution cost of goods and services.
*GST bill was passed by Rajya Sabha on
Ans : 3rd August 2016
*GST bill was passed by Lok Sabha on
Ans : 8th August 2016
*Signed by President on
Ans : 8th September 2016
*The first country to introduce GST
Ans : France (1954).
*The concept of ‘GST’ was first presented in the parliament by P. Chidambaram (2005)
*The first state to approve the GST bill
Ans : Assam ( Second - Bihar)
*The approval of 16 states is required for implementing GST.
*Odisha became the 16th state to approve the GST bill
*GST was passed as 101st Amendment Act 2016 (122nd Amendment Bill)
*The first chairman of GST Committee of State Financial Ministers
Ans : K.M Mani
*Dr. Amit Mitra succeeded , K.M. Mani, who resigned from the post in November 2016.
*GST will come into effect from 1st July 2017.
*New Indirect tax network of the Central Board of Excise & Customs (CBEC) for
GST COUNCIL
*GST council will make recommendations on taxes, cesses & surcharges to be subsumed under the GST, rates of GST & other related matters
*The GST council includes of Union Finance Minister, Union Minister of State for Revenue and State Finance Ministers.
*The Chairman of the GST council
Ans : Union Finance Minister
*First chairman of GST council
Ans : Arun Jaitley
*Present additional Secretary of GST council
Ans : Arun Goyal
*The first meeting of GST council was held in New Delhi.
*Article deals with formation of GST Council
Ans : Article 279A
