The government earns revenues from various sources, and one of its principal means of income is tax and duty. They help the government to provide public utility services to the people of the country like medical, railway, postal, education, banking, food, infrastructure, etc. Tax is the financial charged levied by the Government on the income, activity or commodity. It is into two main categories Direct Tax and Indirect Tax. Direct tax includes income tax or wealth tax. On the other hand, … [Read more...]
Difference Between Transactional and Transformational Leadership
Leadership is a trait of influencing the behavior of individuals, in order to fulfill organizational objectives. A number of leadership theories have been propounded by various management experts considering behaviour, traits, nature, etc. namely, Authoritarian, Laissez-faire, Transactional, Transformational, Paternalistic and Democratic. Transactional Leadership or otherwise known as management leadership, refers, to a leadership style which lays emphasis on the transaction between leader and … [Read more...]
Difference Between Current Account and Capital Account
The balance of payment is the record of dealings in goods, services and assets, between the citizens of the nation and the rest of the world. It is divided into two parts, i.e. Current Account and Capital Account. Current Account is an account showing the trade of merchandise, whereas the Capital Account gives place to all capital transactions. While current account is used to keep a track on the movement of money in and out the economy, during a particular period. The capital account, on the … [Read more...]
Difference Between Central Sales Tax (CST) and VAT
CST is charged on interstate sales, by the central government, but collected by that state government in which sales have been made. On the contrary, VAT is a state-level multipoint tax, imposed in the value addition in the product, collected at various stages production and distribution. It contains a provision of set-off for the tax paid at the earlier stage. There are hundreds of sale transactions that takes place every moment around the world. The selling price of the product includes … [Read more...]
Difference Between Balance of Trade and Balance of Payments
After the implementation of globalization policy, world has become a small village and now every contry freely transacts with the other countries of the world. In this context, two statements are prepared to keep a record of the transactions made by the country internationally; they are Balance of Trade (BOT) and Balance of Payments (BOP). The balance of payment keeps a track of transaction in goods, services, and assets between the country's residents, with the rest of the world. On the … [Read more...]
Difference Between Central Bank and Commercial Banks in India
In any country's financial sector, banks play a crucial role in the overall economic development, by mobilizing savings of individuals and entities. They act as an intermediary amidst depositor and borrower. Besides lending money, banks provide various other value added services, that help in the smooth functioning of the economy. The Central bank, as the name suggest is the apex body, that regulates the entire banking system of the economy. The Central bank is not exactly same as a … [Read more...]
Difference Between IMF and World Bank
The process of globalization is facilitated by three major organizations, i.e. World Bank, World Trade Organization (WTO) and International Monetary Fund (IMF). There is a little bit of bewilderment and confusion, in the mind of many people regarding the IMF and World Bank regarding their functions, objectives, structure, member nations, etc. The fundamental difference between IMF and World Bank is that the bank is established as a development organization whereas the fund is founded as a … [Read more...]
Difference Between Inflation and Deflation
In macroeconomics, we study about two burning issues which is experienced by almost all the countries of the world, i.e. inflation and deflation. Inflation is a situation when the prices of goods and services get a boost, thus decreasing the buying power of money. It is the continuous upward movement in the general price level of the economy. On the other hand deflation, it is opposite of inflation, whereby prices of goods and services fall and people can purchase more goods with the limited … [Read more...]
Difference Between Consignment and Sale
Consignment refers to a commercial arrangement in which goods are delivered to the agent by the seller, for the purpose of sale to the customers, on behalf of the seller. The term consignment is commonly juxtaposed with Sale. Typically, Sale is a transaction between two parties in which the ownership, title and possession goods are transferred from seller to buyer for the money consideration. The scope of sale is wider in comparison to a consignment, as consignment is also a type of sale. The … [Read more...]
Difference Between Condition and Warranty
In a contract of sale, the subject matter is 'goods'. There are millions of sale transactions which occur in the normal course, all around the world. There are certain provisions which need to be fulfilled because it is demanded by the contract. These prerequisites can either be a condition and warranty. The condition is the fundamental stipulation of the contract of sale whereas Warranty is an additional stipulation. In other words, condition is the arrangement, which should be present at … [Read more...]
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