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banking terms

By Victor S. Fischer
  ✍️ CRR Cash Reserve Ratio is the minimum fraction of total deposits of a bank’s customers that banks have to hold as reserves with the central bank. ✍️ SLR Statutory Liquidity Ratio is the ratio of liquid assets to the net demand and time liabilities. ✍️ LAF Liquid Adjustment Facility is a tool to allow banks to borrow money through repurchase agreements. It consists of repo and reverse repo operations. ✍️ MSF Marginal Standing Facility allows scheduled banks to borrow funds overnight from RBI against approved government securities. ✍️ MSS Market Stabilization Scheme is a monetary policy intervention by RBI to withdraw excess liquidity by selling government securities in the economy. ✍️ OMO Open Market Operations refers to the buying and selling of government securities in the open market so as to expand or contract the amount of money in the banking system. ✍️ REPO Repo...
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Question and Answers on GST

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Question No.1:

What kind of Taxes will GST replace?
  1. Central Excise Tax
  2. Service Tax
  3. Entertainment Tax
  4. All the types of taxes
Answer: GST will remove or replace all the types of taxes that will include Entry Tax, Luxury Tax, Purchase Tax, Octrol, Service Tax, Central Excise Tax etc on goods and services.

Question No: 2
What does G stands for in GST?
  1. General
  2. Global
  3. Goods
  4. Great
Answer: G in GST stands for Goods and Service Tax Bill

Question No: 3
What is GST officially called?
GST is also known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014

Question No: 4
To what percent there will be economic growth in the country with the help of GST?
The economic growth will be 1- 1.5% per year

Question No: 5 
What industries will GST benefit?
GST will benefit Trade and agriculture industry the most

Question No: 6
Will GST benefit Importers OR Exporters?
GST will benefit exporters more than importers.

Question No: 7
Which areas will be benefitted more by GST?
GST will be more advantageous to small traders and entrepreneurs

Question No: 8
Will Common Consumers be benefited from GST?
Yes, it will also be advantageous for the common customers.

Question No: 9 
What are the two types of GST? 
Central GST and State GST’

Question No: 10
What is Dual GST?
Dual GST will help in maintaining the Fiscal Federalism for both the central and state government.

Question No: 11
What type of Taxes comes under the GST?
Indirect taxes comes under the GST

Question No: 12
What is the basic need of GST to be implemented successfully?
The Revenue Fairness of Both State and Union is required.

Question No: 13
What is Threshold Exemption from GST?
It is created to keep small traders away from the tax net

Question No: 14
What will be the status of cross utilization of goods and services to be allowed under GST? 
Yes, cross utilization of goods and services to be allowed under GST

Question No: 15
What is the name of Committee organized for taking judicial measures for CGST and SGST?
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