1. Customs Duty A. When commodities are transferred across international boundaries, customsduty is applied as a tariff or tax. B. Its goal is to safeguard the country's economy. C. Various sorts of duties are imposed under customs rules, including Basic Duty, Countervailing Duty, Protective Duty, Anti-Dumping Duty, and Export Duty. D. Import duties are used not just to generate revenue for the government, but also to regulate commerce. E. In India, import duties are calculated on an ad valorem basis. 2. Sales Tax A. In India, a sales tax is a type of tax levied by the government on the sale or purchase of a certain commodity within the country. B. Sales tax is levied by both the central and state governments. C. It has now been replaced by IGST. 3. Excise Duty A. Excise duty is a commodities tax in the proper sense because it is collected on the manufacturing of products in India rather than the sale of the product. B. Except for alcoholic drinks and narcotics, the central gover...
1. Narasimham Committee- I A. 4-tier hierarchy for the Indian banking system with 3 or 4 major public sector banks at the top and B. rural development banks for agricultural activities at the bottom C. A quasi-autonomous body under RBI for supervising banks and financial institutions D. Reduction in statutory liquidity ratio E. Reaching of 8% capital adequacy ratio F. Deregulation of Interest rates G. Full discloser banks’ accounts and proper classification of assets H. Setting up Asset Reconstruction fund 2. Narasimham Committee- II This Committee is also known as the Banking Sector Committee. The task of the Committee was to review the progress of the implementation of reforms and to suggest a design for further strengthening of the sector. A. Stronger banking system: The Committee recommended the merger of major public sector banks to boost international trade. However, the Committee warned against merging stronger banks with weaker banks. B. Narrow Banking: Some o...