Flashcards on Indian Economy: GST and Economic Reforms

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What does GST stand for?

Goods and Services Tax

When was GST implemented in India?

1 July 2017

What is the purpose of GST in India?

To simplify the tax structure and promote economic growth

What are the three types of GST that exist in India?

Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST)

What are the benefits of GST?

Reduced tax burden, elimination of cascading effect of taxes, simplified tax structure

Who is responsible for administrating GST in India?

Goods and Services Tax Council

What are some economic reforms implemented in India?

Liberalization, privatization, globalization

What is the purpose of economic reforms in India?

To improve efficiency, encourage competition, attract foreign investment

When did economic reforms start in India?

In the early 1990s

What is the role of the Reserve Bank of India in economic reforms?

To regulate and control the monetary policy

What is demonetization?

The act of stripping a currency unit of its status as legal tender

What is the purpose of demonetization in India?

To curb black money, eliminate counterfeit currency, promote digital transactions

What are some effects of demonetization on the Indian economy?

Temporary disruption in cash-based businesses, increase in digital transactions, reduction in black money

What is the significance of the Goods and Services Tax (GST) in the Indian economy?

It is a crucial tax reform that has unified multiple indirect taxes into one

How has GST affected the prices of goods and services in India?

It has led to both increase and decrease in prices depending on the category of goods and services

What steps were taken to implement the Goods and Services Tax (GST) in India?

Constitutional amendment, development of IT infrastructure, training of tax officials

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Test Your Knowledge


What does GST stand for?



When was GST implemented in India?



What are the three types of GST that exist in India?



Who is responsible for administrating GST in India?



What are some economic reforms implemented in India?



What is demonetization?



What is the purpose of demonetization in India?



What is the significance of the Goods and Services Tax (GST) in the Indian economy?



How has GST affected the prices of goods and services in India?



What steps were taken to implement the Goods and Services Tax (GST) in India?




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