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What is the weightless economy or knowledge economy?
  • a)
    An economy based on physical production and distribution of material goods
  • b)
    An economy based on the production of products that have their base in information
  • c)
    An economy based on the export of raw materials and natural resources
  • d)
    An economy based on the manufacture of heavy machinery and equipment
Correct answer is option 'B'. Can you explain this answer?
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What is the weightless economy or knowledge economy?a)An economy based...
The weightless economy or knowledge economy is a term used to describe an economy that is based on the production of products and services that have their base in information, rather than on the physical production and distribution of material goods. This includes products such as software, media, and entertainment products, as well as internet-based services. The weightless economy is characterized by the use of information and communication technologies, and the creation and dissemination of knowledge and information is seen as the key driver of economic growth.
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Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. The introduction of GST has resulted in

Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. Cascading effect of tax es results due to

Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. Identify the direct tax among the following

Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. Which of the following taxes/duties have not been subsumed in the GST initially

Directions: Based on the case study given below answer the questions that follow.GST : On Nation, One Tax, One MarketThe Goods and Services Tax (GST), the biggest tax reform in the country since independence was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament, is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/services provider to the consumer. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.As there have been a number of intermediate goods/ services, which were manufactured/provided in the economy, the pre GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service. The total value included taxespaid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply. In view of our large and fast growing economy, it extends principles of ‘value-added taxation’ to all goods and services and addresses to establish parity in taxation across the country. It has replaced various types of taxes/cesses, levied by Central and State/ UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC.The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, cesses like KKC and SBC. Taxes on Advertisements, Taxes on Lottery/ Betting/Gambling, State cesses on goods etc. These have been subsumed in GST.Five petroleum products have been kept out of GST for the time being but with passage of time, they will get subsumed in GST. State Governments will continue to levy VAT on alcoholic liquor for human consumption.Tobacco and tobacco products will attract both GST and Central Excise Duty. Under GST, there are 6 (six) standard rates applied i.e., 0%, 3%, 5%, 12%, 18% and 28% on supply of all goods and/or services across the country.GST has simplified the multiplicity of taxes on goods and services. The laws, procedure and rates of taxes across the country are standardised and thus created a common market in the country. It is aimed at reducing the cost of business operations and cascading effect of various taxes on consumers. It has also reduced the overall cost of production, which will make Indian products/services more competitive in the domestic and international markets. It will also result into higher economic growth as GDP is expected to rise by about 2%. Compliance will also be easier as all tax payment related services like registration, returns, payments are available online through a common portal www.gst.gov.in.It has expanded the tax base, introduced higher transparency in the taxation system, reduced human interface between Taxpayer and Government and is furthering ease of doing business.Q. The six standard rates of tax es applied under GST are

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What is the weightless economy or knowledge economy?a)An economy based on physical production and distribution of material goodsb)An economy based on the production ofproducts that have their base in informationc)An economy based on the export of raw materials and natural resourcesd)An economy based on the manufacture of heavy machinery and equipmentCorrect answer is option 'B'. Can you explain this answer?
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What is the weightless economy or knowledge economy?a)An economy based on physical production and distribution of material goodsb)An economy based on the production ofproducts that have their base in informationc)An economy based on the export of raw materials and natural resourcesd)An economy based on the manufacture of heavy machinery and equipmentCorrect answer is option 'B'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about What is the weightless economy or knowledge economy?a)An economy based on physical production and distribution of material goodsb)An economy based on the production ofproducts that have their base in informationc)An economy based on the export of raw materials and natural resourcesd)An economy based on the manufacture of heavy machinery and equipmentCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the weightless economy or knowledge economy?a)An economy based on physical production and distribution of material goodsb)An economy based on the production ofproducts that have their base in informationc)An economy based on the export of raw materials and natural resourcesd)An economy based on the manufacture of heavy machinery and equipmentCorrect answer is option 'B'. Can you explain this answer?.
Solutions for What is the weightless economy or knowledge economy?a)An economy based on physical production and distribution of material goodsb)An economy based on the production ofproducts that have their base in informationc)An economy based on the export of raw materials and natural resourcesd)An economy based on the manufacture of heavy machinery and equipmentCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Humanities/Arts. Download more important topics, notes, lectures and mock test series for Humanities/Arts Exam by signing up for free.
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