Internal Trade Overview

<p>Low price and low-quality goods (B)</p> Signup and view all the answers

<p>Helps in distribution (A)</p> Signup and view all the answers

<p>Market trader (C)</p> Signup and view all the answers

<p>They offer non-branded and local items. (C)</p> Signup and view all the answers

<p>Credit facility availability (C)</p> Signup and view all the answers

<p>Buying goods for resale or intermediate use (C)</p> Signup and view all the answers

<p>Direct sales to consumers (C)</p> Signup and view all the answers

<p>It focuses on small lot sales to end consumers. (B)</p> Signup and view all the answers

<p>Credit facilities to ease purchases (C)</p> Signup and view all the answers

<p>They typically have low profit margins. (C)</p> Signup and view all the answers

<p>Selling directly to end consumers (B)</p> Signup and view all the answers

<p>By purchasing goods in bulk from manufacturers (B)</p> Signup and view all the answers

<p>Takes place within a country's borders (A)</p> Signup and view all the answers

<p>They sell items of daily use. (C)</p> Signup and view all the answers

<p>Cheap Jacks (D)</p> Signup and view all the answers

<p>They deal in one specific line of products. (D)</p> Signup and view all the answers

<p>Fixed shop retailers (B)</p> Signup and view all the answers

<p>Second hand or used items (B)</p> Signup and view all the answers

<p>They often provide credit facilities. (B)</p> Signup and view all the answers

<p>They have a large inventory space. (D)</p> Signup and view all the answers

<p>They provide a wider choice in a specific line of products. (A)</p> Signup and view all the answers

<p>They have a dedicated section for each product line within a large showroom. (D)</p> Signup and view all the answers

<p>They benefit from centralized purchasing which leads to uniform pricing. (C)</p> Signup and view all the answers

<p>They sell defective goods at discounted prices. (D)</p> Signup and view all the answers

<p>Small product variety. (C)</p> Signup and view all the answers

<p>To send catalogues and price lists to potential buyers. (A)</p> Signup and view all the answers

<p>Low-cost and pre-packed products. (C)</p> Signup and view all the answers

<p>Centralized accounting system. (C)</p> Signup and view all the answers

<p>They are primarily used for selling expensive items. (B)</p> Signup and view all the answers

<p>It merges multiple indirect taxes into one. (D)</p> Signup and view all the answers

<p>The tax burden of GST is only borne by the end consumer. (B)</p> Signup and view all the answers

<p>5%, 12%, 18%, 28% (A)</p> Signup and view all the answers

<p>CGST (A), SGST (B)</p> Signup and view all the answers

<p>IGST - 12%, CGST - 6%, SGST - 6% (D)</p> Signup and view all the answers

<p>Filing multiple returns and assessments. (B)</p> Signup and view all the answers

<p>Input Tax Credit (A)</p> Signup and view all the answers

<p>To promote cooperative federalism and simplify the tax structure. (A)</p> Signup and view all the answers

Buying and selling of goods and services within a country's borders.

Buying and selling goods in large quantities for resale or intermediate use

A person or business that buys goods from manufacturers in bulk and sells them to retailers in smaller quantities.

Selling goods in small quantities directly to consumers.

A person or business that sells goods in small quantities to consumers.

A company that creates goods.

Wholesalers assist manufacturers by risk-sharing and offering support related to large-scale product manufacturing ,expert knowledge, sales and distribution.

Wholesalers help retailers by providing access to goods, credit, and knowledge of manufacturers.

Retailers who sell goods from a non-fixed location, like street vendors.

Retailers who operate from a specific store location.

Itinerant retailers that carry goods on carts or animals.

Itinerant retailers that carry goods on their backs or heads.

Retailers who sell goods at specific locations and times.

Retailers who sell goods in temporary locations like tents or hired shops, and change locations frequently.

Small businesses with a permanent location, often in local areas.

Small stores selling everyday items like groceries, stationery, and makeup.

Stores focusing on a particular type of product, like garments, shoes, or stationery.

Shops located at street crossings or on roads, with limited space, and selling inexpensive goods.

Stores that sell used items like books, furniture, or antiques, often at lower prices.

Retail stores that sell goods with minor defects or imperfections at heavily discounted prices.

Retail stores that require significant investment, occupy large spaces, and are located in central areas or shopping malls.

Large retail stores with multiple departments, each specializing in a different product category, under one roof.

Department stores offer a wide range of products, centralized purchasing, and various services like free delivery and restaurants.

A network of identical retail stores owned and controlled by a single organization, located in different areas.

Chain stores offer consistent infrastructure, uniform prices, centralized purchasing, and standardized product quality.

Customers purchase goods from a catalog or online website and order through the mail.

Self-service machines that dispense pre-packaged goods after inserting coins or tokens.

Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It replaced multiple indirect taxes like VAT, Service Tax, and Excise Duty, simplifying tax filing for businesses.

GST is a destination-based tax, meaning the end consumer pays the tax on the goods or services they consume. The burden shifts throughout the supply chain until it reaches the final consumer.

Input Tax Credit (ITC) allows businesses to claim back the GST paid on their inputs (raw materials, machinery etc.) when selling their goods or services. This prevents double taxation.

Central Goods and Services Tax (CGST) is levied on the supply of goods and services within a state by the central government.

State Goods and Services Tax (SGST) is levied on the supply of goods and services within a state by the state government.

Integrated Goods and Services Tax (IGST) is levied on the supply of goods and services between states.

GST has different tax slabs: 5%, 12%, 18%, and 28%. The slab applied depends on the type of good or service.

GST was introduced in India on July 1, 2017. It aims to simplify the tax system and create a 'one nation one tax' environment.