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GST Reduction: Only 50 Items Now Remain In The Highest 28% GST Slab On November 10, the 23rd GST Council meeting in Guwahati slashed rates from 28% to 18% on 178 items. It also relaxed penalties and tweaked rules, easing business for small and medium enterprises. The new tax rate will come into effect from November 15. Reductions Out of the 227 items, only 50 remain in the highest GST slab of 28%. A total of 178 items have faced the price cut, most of which will now be taxed at 18%. tems for which GST reduced from 28% to 18% Food and edibles:  Cocoa butter, Chocolates, Chewing gum, Wafers, Non-Alcoholic Beverages Personal care:  Shampoo, Soaps (including washing), Skincare, beauty and Toilet products, Shaving products Home care:  Furniture, mattress, Suitcase, Briefcases, Lamp and light fitting, Mirror Personal Accessories:  Goggles, Wristwatch Wood and rubber:  Tyre tubes for bicycles and 3-wheelers, Wallpaper, Plywood furniture Stone a...

PRACTICE QUESTIONS ON NATIONAL INCOME One Mark questions. 1. When will the domestic income be greater than the national income? Ans: When the net factor income from abroad is negative. 2. What is national disposable income? Ans.It is the income, which is available to the whole economy for spending or disposal NNP Mp + net current transfers from abroad = NDI 3. What must be added to domestic factor income to obtain national income? Ans. Net factor income from abroad. 4. Explain the meaning of non-market activities Ans. Non marketing activities refer to acquiring of many final goods and services not through regular market transactions. E.g. vegetable grown in the backyard of the house. 5. Define nominal GNP Ans. GNP measured in terms of current market prices is called nominal GNP. 6. Define Real GNP. Ans. GNP computed at constant prices (base year price) is called real GNP. 7. Meaning of real flow. Ans. It refers to the flow of goods a...