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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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GOODS AND SERVICE TAX IN INDIA (GST) Goods and Service Tax 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…
DISADVANTAGES OF GST There are various benefits of GST in India. However, a tax reform of such magnitude comes with its teething problems. The following are the disadvantages of GST : IT INFRASTRUCTURE Since GST is an IT-driven law, it cannot be sure whether all the states in India are currently equipped with infrastructure and…
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