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Month: September 2017

Banking in India: Definition, Functions and Types of Banks

CLICK:-REGISTER & DISCUSS ECONOMICS CONCEPTS & YOUR UPSC PREPARATION WITH CD MENTORS FOR FREE Definition of a Bank A bank is a financial institution which performs the deposit and lending function. A bank allows a person with excess money (Saver) to deposit his money in the bank and earns an interest rate. Similarly, the bank… Continue reading Banking in India: Definition, Functions and Types of Banks

Government Budgeting

Budget: Process, Types The Role of the Government in the Economy The Government Budget: Revenue Budget, Capital Budget, Government Deficits Budgetary procedure in India Types of Budgets in India Taxation in India Taxation in India: Classification, Types, Direct tax, Indirect tax Goods and Services Tax Tax Reforms in India Concept Related to Taxation: Tax Incidence,… Continue reading Government Budgeting

Budgetary procedure in India

The budgetary procedure in India involves four different operations that are Preparation of the budget Enactment of the budget Execution of the budget Parliamentary control over finance Preparation of the budget The exercise of the preparation of the budget by the ministry of finance starts sometimes around in the month of September every year. There… Continue reading Budgetary procedure in India

Types of Budgets in India

Balance Budget versus Unbalanced Budget Balanced Budget Unbalanced Budget A balanced budget is a situation, in which estimated revenue of the government during the year is equal to its anticipated expenditure.   The budget in which income & expenditure are not equal to each other is known as Unbalanced Budget.   The government’s estimated Revenue… Continue reading Types of Budgets in India

The Government Budget: Revenue Budget, Capital Budget, Government Deficits

Revenue Account The revenue account shows the current receipts of the government and the expenditure that can be met from these receipts. Revenue Receipts: RR are receipts of the government incomes which cannot be reclaimed back by the citizens from the government.     Revenue Expenditure The expenditure incurred by thegovernment that neither creates any… Continue reading The Government Budget: Revenue Budget, Capital Budget, Government Deficits

Taxation in India: Classification, Types, Direct tax, Indirect tax

CLICK:-REGISTER & DISCUSS ECONOMICS CONCEPTS & YOUR UPSC PREPARATION WITH CD MENTORS FOR FREE Taxation in India The India Constitution is quasi-federal in nature, and the country has three tier government structure. To avoid any disputes between the centre and state the Constitution envisage following provisions regarding taxation: Division of powers to levy taxes between… Continue reading Taxation in India: Classification, Types, Direct tax, Indirect tax

Goods and Services Tax

Goods and Services Tax The Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure since the economy began to be opened up 25 years ago, at last, becomes a reality. The Working of GST The Manufacturing Stage: Step 1) Imagine a Producer of Shoe. He buys raw materials like leather, cloth,… Continue reading Goods and Services Tax

Tax Reforms in India

The Summary of India’s Tax Reforms Income Tax In 1973-74, there were 11 income tax slabs, ranging from 10 per cent to 85 per cent. With a sur charge of additional 15%, the implication of which is high earning individuals paying an effective tax of 97% of their incomes. The Wealth tax further makes a… Continue reading Tax Reforms in India

Special Category Status, Role of Finance Commission, Centrally Sponsored Schemes, National Counter Terrorism Centre, GST, Federalism and Foreign policy

Special Category Status to States Various Chief Ministers across the nation have been demanding special status for their respective states since last few years. This has led to fierce debates amongst the proponents and critiques of the special category status. The proponents argue that granting special status to these states will bring them at par… Continue reading Special Category Status, Role of Finance Commission, Centrally Sponsored Schemes, National Counter Terrorism Centre, GST, Federalism and Foreign policy

Administrative Relations between Centre and State (Art. 256 to 263)

The framers of Indian Constitution made detailed provisions in the Constitution in regard to administrative relations between the Centre and State to ensure minimization of conflict between the two. They have been elaborated below: a) Directives by the Union to the State governments: Article 256 mentions that the executive power of every state shall be… Continue reading Administrative Relations between Centre and State (Art. 256 to 263)

Issues and Challenges pertaining to the federal structure

The Role of the Governor (Discretionary Power and Appointment Issues), Reservation of Bills for Consideration of President Misuse of Article 356 The Maintenance of Law and Order in States Encroachment by the Centre on State List The Financial weakness of the State Taxation Powers Issue of Grants Role of Planning Commission Question of Autonomy Issue

The Role of the Governor (Discretionary Power and Appointment Issues), Reservation of Bills for Consideration of President

Role of the Governor The Governor is appointed by the President of India for five years. But he remains in the office till the pleasure of the President. It means, he can be recalled any time and his continuation in the office depends at the will of the Centre. The Supreme Court has held that the… Continue reading The Role of the Governor (Discretionary Power and Appointment Issues), Reservation of Bills for Consideration of President

Functions & Responsibilities of the Union & the States

Concept of Federalism, Federalism in India Division of powers between Union and States Administrative Relations between Centre and State (Art. 256 to 263) Financial Relations between Centre and State (Art.268 to Art.293) Miscellaneous issues: Special Category Status, Role of Finance Commission, Centrally Sponsored Schemes, National Counter Terrorism Centre, GST, Federalism and Foreign policy

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