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Gaurav Seth 7 years ago
A country’s development can be achieved only through economic growth which is dependent on the prevailing financial system. The role played by the adopted ‘Financial System’ is crucial and it intermediates between the flow of funds belonging to those who save a part of their income and those who invest in productive assets. The major function of the financial system is the provision of money and monetary assets for the production of goods and services.
A strong financial system is crucial to fulfilling the objective of strengthening the real economy and for its healthy and orderly growth. The financial system is a complex, well-integrated set of sub-systems of
Financial Institutions, Markets, Instruments, and Services which facilitates the transfer and allocation of funds, efficiently and effectively. The formal financial the system consists of four segments or components namely –
(1) Financial Institutions, (2) Financial Markets, (3) Financial Instruments and (4) Financial Services.
These constitute the financial system and act as a conduit for the transfer of financial resources from net savers to net borrowers i.e. from those who spend less than they earn to those who earn more than they spent
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Yogita Ingle 7 years ago
1. Levy of GST : The centre will levy Central GST (CGST) and the states will levy State GST (SGST) on the supply of goods and services within a state. The centre will levy IGST in the case of (i) inter-state supply of goods and services, (ii) imports and exports, and (iii) supplies to and from special economic zones.
2. Exemptions from GST: The centre exempt certain goods and services from the purview of GST through a notification. This will be based on recommendations of the GST Council.
3. Turnover limit under GST and tax right over low turnover entities: GST is applied when turnover of the business exceeds Rs 20lakhs per year (Limit is Rs 10lakhs for the North-Eastern States). Traders who would like to get input tax credit should make a voluntary registration even if their sales are below Rs 20 lakh per year. Traders supplying goods to other states have to register under GST, even if their sales is less than Rs 20 lakh. There is a composition scheme for selected group of tax payers whose turnover is up to Rs 75 lakhs a year.
4. The four-tier rate structure: The GST proposes a four-tier rate structure. The tax slabs are fixed at 5%, 12%, 18% and 28% besides the 0% tax on essentials. Gold is taxed at 3%. The center has strictly demanded and got an additional cess on demerit luxury goods that comes under the high 28% tax. Essential commodities like food items are exempted from taxes under GST.
Other consumer goods which are common items will be taxed at 5%.4. The new GST seems to have two standard rates – 12% and 18%. GST rate structure for the goods and services are fixed by considering different factors including luxury/necessity nature.
5. Tax revenue appropriation between the center and states: The center and states will share GST tax revenues at 50:50 ratio (except the IGST). This means that if a service is taxed at 18%, 9% will go to the center and 9% will go to the concerned state.
6. Input tax credit: Every taxpayer while paying taxes on outputs may take credit for taxes paid earlier by the supplier on inputs. However, this will not be applicable on supplies related to: (i) motor vehicles when used for personal consumption, (ii) supply of food, health services, etc. unless they are further used to make a supply.
Posted by Dolly ?️ 7 years ago
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Yogita Ingle 7 years ago
Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders.
CSR is a concept with many definitions and practices. The way it is understood and implemented differs greatly for each company and country. Moreover, CSR is a very broad concept that addresses many and various topics such as human rights, corporate governance, health and safety, environmental effects, working conditions and contribution to economic development. Whatever the definition is, the purpose of CSR is to drive change towards sustainability.
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Gaurav Seth 7 years ago
3Thank You