Skip to main content

Translate Your Page

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 stands for Repurchase agreement where a seller of a security agrees to buy it back from a buyer at a
Post a Comment

Question and Answers on GST

Image

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?
Labels:
By Victor S. Fischer

Comments

Post a Comment

Popular Posts

An Indian Festival Durga Puja

By Victor S. Fischer
1. The Durga Puja is an important festival of India. It takes place in the month of Ashwin from the first to tenth day of the bright fortnight. It is an occasion of great enthusiasm and festivity for the Hindus. On this occasion schools, colleges, and offices are closed for a long holiday. People return to their homes for celebrating the Puja. 2. The puja is celebrated for ten days, but the image is installed on the seventh day. During the last three days the Puja is celebrated with great pomp and gaiety. The Images are of different designs and sizes. They are dressed in fine clothes and decked with beautiful ornaments. Goddess Durga has ten arms in which she holds weapons. During the puja the poor are fed, alms are distributed and Prasad is distributed to the people. 3. The vijaya Dashami is considered to be an auspicious day. On this day people visit their relatives. The people of the trading classes begin their new year from this day. At some places Ramlila is staged and Ravan
Post a Comment
Show Full Post»

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 stands for Repurchase agreement where a seller of a security agrees to buy it back from a buyer at a
Post a Comment
Show Full Post»

Inflation: Types, Causes, Effects and Remedies

By Victor S. Fischer
Inflation refers to a situation when there is an overall increase in the prices of goods leading to a general decline in the value o  Types We will discuss the two major types of inflation: 1 . Demand Pull Inflation:   Inflation arises when there is an increase in the supply of money but there is no corresponding increase in the supply of goods useful to the community. Accumulation of more money than before raises the purchasing power of people and stimulates the demand for goods but the supply of the latter being limited, the necessary consequence will be the inflation of the price level. Demand Pull Inflation thus means, in plain words, too much money chasing too few goods. 2. Cost Push Inflation:  When the prices of goods increases because of an increase in the cost of production, it is known as cost push inflation. What causes Inflation? Additional money put in the hands of people naturally creates in them a desire to spend more on goods. The sellers these commodities get more mone
Post a Comment
Show Full Post»