IEcoS (Economic Services) Indian Economics Budgeting and Fiscal Policy-Tax, Expenditure, Budgetary Deficits Terms and Persons (Page 29 of 36)

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Special Investigation Team on Black Money

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The Special Investigating Team (SIT) was appointed by the Central Government to implement the decision of the Honourable Supreme Court for investigating into the large amounts of money stashed abroad by evading taxes or generated through unlawful activities.

The SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in cases involving unaccounted money.

The SIT is headed by Honourable Mr. Justice M. B. Shah, former Judge of the Supreme Court as Chairman and Hon՚ble Mr. Justice Arijit Pasayat, former Judge as Vice Chairman. The SIT gives periodic reports about black money.

Standard GST

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The standard GST rate is that rate to be imposed on bulk of the commodities. Thus the standard GST rate will decide the total revenue from the tax, tax burden on the public etc.

State Sales Tax

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Tax on the sale of a commodity is called sales tax and it was imposed by the state which is known as state sales tax. With the launch of the GST, the state sales tax was merged under it.