Ad valorem tax Subject – Economy Context – States charge ad-valorem tax on fuel prices. Concept – Ad valorem tax, any tax imposed on the basis of the monetary value of the taxed item. Literally the term means “according to value.” An ad valorem tax is a tax based on the assessed value of an item, such […]

    Goods and Services Tax (GST) Subject – Economy Context – GST hurdle for PM’s fortified rice plan. At present, the GST rate of 18 per cent is applied on fortified rice kernels (FRK) Concept – The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for […]

    Anti-Dumping Duty Subject – Economy Context – The Finance Ministry has revoked the definitive antidumping duty that was originally imposed in August 2016 on certain Viscose Staple Fibre (VSF) from China and Indonesia. Concept – Anti-dumping duties are imposed when it is conclusively proved that a particular item is being exported at a […]

    PM Gati Shakti Master Plan Subject – Economy Context -On India’s 75th Independence Day, Prime Minister Narendra Modi announced that the Centre will launch ‘PM Gati Shakti Master Plan’, a Rs. 100 lakh-crore project for developing ‘holistic infrastructure’. Concept – In his speech, PM Modi pegged the project as a source of employment […]

    ONDC Subject: Economy Context:  Union Minister of Commerce & Industry Shri Piyush Goyal today chaired a meeting for the review of the Open Network for Digital Commerce (ONDC) initiative of DPIIT. Concept: Open Network for Digital Commerce christened ONDC is globally first-of-its-kind initiative that aims to democratise Digital Commerce, moving it from a […]