2018
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Generalised System of Preferences (GSP)
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Goods and Services Tax (GST)
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Generalised Goods and Products System (GPS)
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Goods and Preferred Supplies (GPS)
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Detailed explanation-1: -The federal register issued a notification, listing out 90 products which were so far subject to duty-free provisions under the Generalized System of Preferences (GSP). President Donald Trump issued a presidential proclamation on Tuesday, leading to the removal of these products from the privilege beginning November 1.
Detailed explanation-2: -Post-independence India adopted the policy of import substitution by imposing heavy tariffs on import duty. The industrial policy that the country endorsed was linked to the trade policy. In the first seven Five-Year plans, trade in India was distinguished by the inward-looking trade strategy.
Detailed explanation-3: -The present policy aims to keep the percentage of exports limited to 12% for the fiscal year 2022-23. This will help create a moderate impact on foreign investors in the Indian market. The Ministry of Commerce has attempted to simplify export techniques and reduce export duties.
Detailed explanation-4: -The term “composition of foreign trade” refers to the products and goods a country exports and imports. As a result, the composition of trade includes both the composition of exports and the composition of imports. The composition of Imports refers to the goods purchased from other countries.