WORKSHEET 11 BUSINESS STUDIES (CLASS 11) -INTERNAL TRADE

 CHAPTER 10 INTERNAL TRADE 

IMPACT OF GST

1.     GST aims to subsume a --------------- of taxes into one single tax across the country and make goods uniformly priced across India .

a)     Group

b)    Bundle

c)     Plethora

d)    multiple

2.     GST is not taxation at source. It is a ---------------- tax.

a)     Profitable

b)    Simple

c)     Good

d)    Destination

3.     The Indian GST will have a mechanism of matching of ------------. Input tax credit of purchased goods and services will only be available if the taxable supplies received by the supplier.

a)     Tax credit

b)    Profit

c)     Supplies

d)    Invoices

4.     GST is applicable on the ‘supply’ of goods or services as against the present concept of tax on  ------------------.

a)     Production

b)    Demand

c)     Input 

d)    Credit

FUNCTIONS OF CHAMBERS OF COMMERCE.

1.  There are chambers of commerce all over the world. They may not have a direct role in establishing laws or regulations. Still, with their coordinated lobbying activities, they can be successful in influencing regulators and legislators.

2.    The Indian Chamber of Commerce (ICC), established in 1925, is the leading and only National Chamber of Commerce headquartered in Kolkata. It is one of the country's most progressive and forward-looking chambers. Its membership stretches to some of India's most influential and powerful industrial classes.

3.   The Indian Chamber of Commerce, set up by a group of visionary industrialists headed by Mr G D Birla, was closely aligned with the Indian Freedom Movement as the first unified Indian Industry voice.

4.  These associations have been playing a catalytic role in strengthening internal trade to make it an important part of overall economic activity 

5.  Many such associations have been formed and are present in the country such as Associated Chamber of Commerce and Industry (ASSOCHAM), Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI). These associations or chambers act as the national guardians of trade, commerce and industry.