General Studies 3

Banking System in India Banking System in India refers to a network of financial institutions, such as banks and credit unions, that handle financial transactions and provide financial services to individuals, businesses, and governments.  These institutions, primarily, act as intermediaries … Continue reading →

Terms Related to Taxation Cascading Effect – It is a tax on tax. It makes the tax rate much higher than the original rate. Tax Buoyancy – It measures the responsiveness of tax mobilisation to economic growth/GDP. Tax Elasticity – … Continue reading →

Benefits of GST Union Government State Overall Economy Expansion of the tax base Reduce corruption Create a unified common market Increase Compliance Bring about certainty Discourage Tax evasion Enhance Investment Poverty Reduction  Streamlining of Taxation Improve the investment scenario Boost … Continue reading →

Goods and Service Tax (GST) Definition – It is a comprehensive tax levied on the manufacture, sale, and consumption of goods and services. Constitutional Backing – Introduced by the 101st Constitutional Amendment Act, on the lines of One Nation One … Continue reading →

Types of Taxes Direct Taxes A direct tax is one that is levied directly on the taxpayer and paid directly to the government by those who are subjected to it. The Central Board of Direct Taxes is responsible for levying … Continue reading →

Taxation Taxation is a term for when an authority, mostly a  government, imposes a financial obligation on its  citizens/ residents/corporations/companies etc.  It is a way of Income redistribution. Associated Terms Tax Incidence: It is the one who actually pays tax. … Continue reading →

Important Curves & Graphs in Economics Kinked Demand Curve The kinked demand curve of oligopoly was developed by Paul M. Sweezy in 1939. The model explains the behaviour of oligopolistic organisations. It advocates that the behaviour of oligopolistic organisations remains … Continue reading →

Important Curves & Graphs in Economics Offer Curve The offer curve shows all pairs of imports and exports implied by the production possibilities of an economy and the indifference curves. J Curve A J-curve is a trendline that shows an … Continue reading →

Important Curves & Graphs in Economics Great Gatsby Curve The Great Gatsby Curve illustrates the relationship between income inequality in a country and the potential for its citizens to achieve upward mobility.

Important Curves & Graphs in Economics Beveridge Curve It is a graphical representation of the relationship between unemployment (on the horizontal axis) and job vacancy rate (on the vertical axis). ​ Wage Curve The wage curve is a graphical representation … Continue reading →