• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Advertisement
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Economy

GST Basics

July 19, 2020
in Economy
Reading Time: 1min read
0
24
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook

Background:

  • Before the GST regime, the Central government used to impose its own indirect taxes like Service Tax, Excise Duty etc. and the State governments imposed their own indirect taxes like VAT, Entertainment Tax etc.
  • When a producer used to produce a product then he used to pay Excise Duty to the Centre as well as VAT to the state which used to create tax on tax and when B used to sell the product to some other supplier it resulted in cascading effect and makes the product more costly in the market.
  • Even in the case of VAT, the credit was not available across the States. Further, different states had different VAT rates (1%, 4%, 12.5%, 20%) and gave exemptions on different categories of products.
  • Due to the above issues, effective tax used to be different in different states on the various goods and services and ultimately resulted in different prices of goods and services in different States.
  • This fragmented the whole of India into a heterogeneous market affecting business and investment.

 

 

Tags: Prelims

Related Posts

CONCOR

CONCOR

February 23, 2021
One Nation One Standard

One Nation One Standard

February 23, 2021
Nurturing Neighbourhood contest

Nurturing Neighbourhood contest

February 20, 2021
One Nation-One Grid

One Nation-One Grid

February 20, 2021
Integrated Command and Control Centre- Smart cities

Integrated Command and Control Centre- Smart cities

February 20, 2021
Superconducting Magnetic Energy Storage

Superconducting Magnetic Energy Storage

February 20, 2021
Feeder Separation

Feeder Separation

February 19, 2021
Labour Bureau

Labour Bureau

February 19, 2021
Solar Energy Corporation of India

Solar Energy Corporation of India

February 19, 2021
Nurturing Neighbourhoods Challenge

Nurturing Neighbourhoods Challenge

February 19, 2021
Please login to join discussion
February 2021
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
« Jan    

Browse by Category

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society

Browse by Tags

AIR Down to Earth EU g20.utoronto.ca GS-1 GS-2 GS-3 GS-4 imi3.nhp.gov.in Kurukshetra Mains News Paper PIB powergridindia.com Prelims RSTV Science Reporter Survey Yojana Zee news
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society

Browse by Tag

AIR Down to Earth EU g20.utoronto.ca GS-1 GS-2 GS-3 GS-4 imi3.nhp.gov.in Kurukshetra Mains News Paper PIB powergridindia.com Prelims RSTV Science Reporter Survey Yojana Zee news

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In