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PRICE DISCRIMINATION UNDER MONOPOLY Price discrimination refers to the charging of different prices by the monopolist for the same product. The difference in the product may be on the basis of brand, wrapper etc. This policy of the monopolist is called price discrimination. ACCORDING TO KOUTSOYIANNIS “Price discrimination exists when the same product is sold…
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MONOPOLY MEANING In this post you will get notes on Monopoly Meaning, Features of Monopoly and price determination under monopoly. The word Monopoly Meaning is the derivation from the combination of two words i.e., ‘Mono’ and ‘Poly’. Mono refers to a single and poly to control. In this way, monopoly refers to a market situation…
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PERFECT COMPETITION A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of the market at a time. ACCORDING TO MRS. JOAN ROBINSON “Perfect Competition prevails when…
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In this post, you will study Theory of Revenue. Understand the topic and make notes properly. THEORY OF REVENUE Revenue is the amount that a firm receives from the sale of the output. ACCORDING TO PROF. DOOLEY “The Revenue of a firm is its sales receipts or income.” There are three concepts of revenue which…
DIFFERENCE BETWEEN COMPOSITE AND MIXED SUPPLY COMPOSITE SUPPLY Composite supply means a supply is comprising two or more goods/services, which are naturally bundled and supplied in with each other in the ordinary course of business, one of which is a principal supply. It means that the items are generally sold as a combination. The items cannot…
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MIXED SUPPLY Mixed supply under GST means a combination of two or more goods or services made together for a single price. Each of these items can be supplied separately and is not dependent on any other. Under GST, a mixed supply will have the tax rate of the item which has the highest rate of…
WHAT IS COMPOSITE SUPPLY Composite supply means a supply comprises two or more goods/services, which are naturally bundled and supplied in with each other in the ordinary course of business, one of which is a principal supply. It means that the items are generally sold as a combination. The items cannot be supplied separately. A supply…
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INTRA STATE SUPPLY Section 8 of the IGST Act provides that intra State supply means any supply of goods and/or services where location of the supplier and place of supply are in the same State or same Union territory Exceptions – Supply of goods to or by a Special Economic Zone developer or a SEZ unit; or…
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INTER STATE SUPPLY The term Inter state supply is described under the Section 7(1) of the IGST Act. It is a supply of goods or services, where the location of the supplier and place of supply are in- Two different States; Two different Union territories; or A State and a Union territory It also includes import of goods or services into…
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MEANING Place of supply of goods under GST defines whether the transaction will be counted as intra-state or inter-state, and accordingly levy of SGST, CGST & IGST will be determined.The tax is paid according to the nature of the Supply. If the supply is intra-state supply, tax shall be paid as CGST+SGST and if the…