0
In India, the authority to impose tax on interstate trade primarily lies with the central government, which levies the Goods and Services Tax (GST) on such transactions. The GST Council, comprising the Union and state finance ministers, oversees the implementation of GST. States also have the power to tax certain goods under specific circumstances, but overall, the central government plays the leading role in regulating interstate trade taxation.
What else can I help you with?
What is trade within one state known as?
Trade exclusively within a single state is known as intrastate trade. Trade between differing states is known as interstate trade. The prefix "intra" means "within," and the prefix "inter" means "between."
What is the name for the taxes on international trade?
There are many names and types of taxes that may be imposed on Inter-Country commerce, some follow:Customs FeesDutyIncome TaxExcise TaxesTransfer FeesImport FeesTariff Charges
What are different types of trade?
a) Intra-Industry Trade, b) Inter-Industry Trade, c) Intra-firm Trade, d) Inter-firm Trade
What are different types of international trade?
a) Intra-Industry Trade, b) Inter-Industry Trade, c) Intra-firm Trade, d) Inter-firm Trade
What is inter-firm trade?
Trade between firms.
What is the term used to describe trade within one state?
The term used to describe trade within one state is domestic trade. This is also known as local trade as it only happens within the borders of the state.
What are the different types of international trade?
a) Intra-Industry Trade, b) Inter-Industry Trade, c) Intra-firm Trade, d) Inter-firm Trade
What is inter state relation?
Inter-state relations refer to the interactions and relationships between different states or countries. This can include diplomatic communication, trade agreements, military alliances, cultural exchanges, and other forms of cooperation or competition between nations. Effective management of inter-state relations is crucial for promoting peace, stability, and prosperity in the international system.
How does Caribbean countries benefit by removing the barriers to intra-regional trade?
state three ways in which Caribbean country may benefit by removing the barriers to inter regional trade
What are inter regional trade?
Interregional trade is trade that takes place between two or more regions.
What must both international trade and inter-regional trade must overcome?
distance
What is the central sales tax?
The central sales tax (CST) in India was a tax levied on the sale of goods during inter-state trade or commerce. It was imposed by the central government under the Central Sales Tax Act, 1956, and was applicable when goods were sold from one state to another. However, the CST has been largely phased out following the introduction of the Goods and Services Tax (GST) in July 2017, which aimed to create a unified tax structure across the country. Under GST, inter-state transactions are now subject to Integrated Goods and Services Tax (IGST) instead of CST.
