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LAW OF CONSTANT RETURNS The law of constant returns is also empirically valid and operates in the transitional stage between the Law of Diminishing Returns as well as The Law of Increasing Returns. According to the Law, when in order to increase output, units of labour and capital are increased; output and cost also increase…
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LAW OF DIMINISHING RETURNS Diminishing returns, also called law of diminishing returns or principle of diminishing marginal productivity, is an economic law stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or…
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LAW OF INCREASING RETURNS The law of Increasing Returns is also known as the Law of Diminishing Costs. According to this law when more and more units of variable factors are employed while other factors are kept constant, there will be an increase of production at a higher rate. This law is applicable to all different industries…
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RELATIONSHIP BETWEEN TP AP AND MP Product or output refers to the volume of goods produced by a firm or an industry during a specified period of time. The concept of product can be considered from three different angles – Total Product, Marginal Product, Average Product. TOTAL PRODUCT (TP) Total Product (TP) refers to the…
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GST COUNCIL GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. The GST council is the key decision-making body that will take all important decisions regarding the GST. The Goods and Service Tax Council dictates tax rate, tax…
CGST The full form of CGST under GST law is central goods and service tax. It is called as CGST act 2017. The CGST act has been enacted to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the central government and the matters connected…
WHAT IS IGST IGST means Integrated Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. IGST falls under Integrated Goods and Service Tax Act 2016. IGST is charged when movement of goods and services from one state to…
OBJECTIVES OF GST Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level under which no distinction is made between goods and services for levying of tax. It will mostly substitute all indirect taxes levied on goods and services by the Central and State governments in India. The…
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LIABILITY OF TAX PAYER The liability of tax payer depends upon the fact whether a person is taxable person under the act or not. A ‘taxable person’ under GST, is a person who carries on any business at any place in India and who is registered or required to be registered under the GST Act. Any person…
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CONSTITUTIONAL ASPECTS OF GST The constitutional aspects of GST is as follows: TAX STRUCTURE BEFORE GST Before the implementation of GST, taxation laws between the Centre and states were clearly demarcated. There were no overlaps between the fiscal powers, whatsoever. The Centre would levy tax on goods manufacture, except alcohol for consumption, narcotics, opium, etc….
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