INDIRECT TAX

Value Added Tax (VAT) is a consumption tax levied on the value added at each stage of a product or service’s production or sale. It is a broad-based tax applied to most businesses and individuals. Key Features of VAT: How VAT is Collected: Benefits of VAT: Drawbacks of VAT: Conclusion: VAT is a widely used […]

Supply Under GST Supply under GST is defined as the movement of goods or services from a taxable person to another taxable person in the course of business. It is a taxable event that triggers the obligation to charge GST. Types of Supply: Supplies of Goods: Sale of tangible goods, such as vehicles, electronics, and […]

CST (Central Sales Tax) The Central Sales Tax (CST) is a indirect tax levied in India on the sale of goods and services by businesses located in the country. It is a concurrent tax, meaning that it is levied by both the central government and state governments. Rate of CST: The standard rate of CST […]

Cascading Effect The cascading effect is a phenomenon in which changes in one part of a system have ripple effects or consequences that are felt in other unrelated parts of the system. Explanation: A cascading effect occurs when a change in one variable or system element causes a chain of reactions or changes in other […]

Definition: Duty is a legal or moral obligation to perform a certain action or to fulfill a certain role. It is a binding commitment or responsibility to act in a particular manner or to provide a specific service. Examples: Legal duty: Paying taxes, obeying traffic laws, serving on a jury. Moral duty: Helping those in […]

gst-return is a command-line tool in the GStreamer framework that returns the return value of a GStreamer element or plugin. Syntax: gst-return [element name] Example Usage: gst-return my-pipeline where my-pipeline is the name of a GStreamer pipeline. Output: The output of gst-return will be the return value of the element or plugin named my-pipeline. This […]

Free Trade Free trade is a trade regime that allows goods, services, and capital to flow across borders without any government restrictions or barriers. It is based on the principles of supply and demand, where prices determine the quantity and direction of trade. Key Features of Free Trade: 1. Absence of Barriers:– No tariffs, quotas, […]

The word “abatement” has several meanings. Here are the most common ones: 1. Reduction: Abatement refers to the reduction of something, such as pain, swelling, or discomfort. For example, “Taking medication can abate the pain.” 2. Cessation: Abatement can also refer to the cessation or stopping of something. For example, “The wind abated after the […]

Definition: An input tax credit is a tax deduction or credit that is allowed for businesses for the taxes paid on inputs used in the production of goods or services. This credit reduces the overall tax burden on businesses. Eligibility: To be eligible for an input tax credit, the following conditions must be met: The […]

Regressive Tax A regressive tax is a tax that disproportionately burdens low-income individuals and corporations. Definition: A tax system in which the burden of taxation increases with the proportion of income or wealth. In other words, people with higher incomes and wealth pay a higher percentage of their income or wealth in taxes than those […]