What is Excise Duty? Is it collected by the State Government or the Central Government? How is it different from Sales Tax?
Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called “State Excise” duty. The Excise duty on rest of goods is called “Central Excise” duty and is collected in terms of Section 3 of the Central Excise Act, 1944.
Sales Tax is different from the Excise duty as former is a tax on the act of sale while the latter is a tax on the act of manufacture or production of goods.
Measures of Inflation: Two major measures for inflation, which are widely used, are Wholesale Price Index (WPI) and Consumer Price Index (CPI). WPI measures the increase in the prices of a fixed basket of goods prevailing in the wholesale market while CPI measures the increase in the prices of essential commodities purchased by an average consumer prevailing in the retail market. Measured weekly, WPI is the primary inflation measure in India.
Gulf Cooperation Council: Gulf cooperation council was created on May 25, 1981, the 630-million-acre (2,500,000 km2) Council comprises the Persian Gulf states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The unified economic agreement between the countries of the Gulf Cooperation Council was signed on November 11, 1981 in Abu Dhabi. These countries are often referred to as The GCC States.
Dumping: Dumping is a term that is used in financial markets as well as in international trade. In the context of buying and selling securities, dumping refers to the practice of selling large blocks of securities. More specifically, when dumping securities the seller is primarily interested in getting rid of the securities at any price. One simply dumps, or unloads, on the market with no regard to the selling price of the securities.
Dumping is also used in a commercial sense in the context of international trade. It refers to the practice of one country selling commodities or finished products in another country below cost or fair market value. Predatory dumping occurs when one nation exports goods to another nation below cost or fair market value in order to obtain market share at the expense of domestic competitors. In many cases, predatory dumping drives out domestic competition. Then, having established a dominant marketing position in the industry, the predatory dumpers raise their prices well above previous levels.
Many nations, including the United States, have enacted antidumping laws that provide for the imposition of antidumping penalties or tariffs when a case of dumping can be proven. Following the Uruguay Round of Multilateral Trade Negotiations in 1993, the General Agreement on Tariffs and Trade (GATT) contained provisions to standardize antidumping measures by different nations. Antidumping measures affect not only the practice of dumping goods into the U.S. market, they also affect the ability of U.S. companies to export goods to other countries at competitive prices.
Indo-Pakistan War of 1947: This is also called the First Kashmir War. The war started in October 1947 when the Maharajah of the princely state of Kashmir and Jammu was pressured to accede to either of the newly independent states of Pakistan or India. Tribal forces prompted by Pakistan attacked and occupied the princely state, forcing the Maharajah to sign the “Agreement to the accession of the princely state to India”. The United Nations was then invited by India to mediate the quarrel. The UN mission insisted that the opinion of the Kashmiris must be ascertained. The UN Security Council passed Resolution 47 on 21 April 1948. The war ended in December 1948 with the Line of Control dividing Kashmir into territories administered by Pakistan (northern and western areas) and India (southern, central and northeastern areas).
Monopoly: After the Stock Market crash, a buying and selling game created by Charles Darrow came to be. The first games were hand drawn on linoleum with streets from Atlantic City, N.J. as the property. He took the game to the Parker Brothers company, and Monopply was brought out for Christmas 1934. Everyone wanted to buy the games after Christmas, and Monopoly became a big success.