PT 365 Economy 4

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In this video, we are going to cover the key topics from Vision PT 365 –Polity, Governance & Social Issues for UPSC CSE Prelims 2026.

INDEX – ECONOMY (PT365 – PART 4)
Tax / GST / Financial Market / SEBI / AIF / Duties / Off-budget borrowing
1. Income Tax Act 2025

Replaces Income Tax Act 1961

MAT / AMT separated

Virtual digital assets included

Search power expanded to digital space

Dispute Resolution Panel

Double taxation agreements allowed

Transfer pricing provisions

2. Direct Tax Developments
Safe Harbour Rules

CBDT rules

Threshold increased to ₹300 cr

Transfer pricing relief

Advance Pricing Agreement (APA)

Agreement between taxpayer & CBDT

Max 5 years

Types:

Unilateral

Bilateral

Multilateral

Securities Transaction Tax

Direct tax

On stock exchange transactions

Introduced 2004

3. GST Reform (GST 2.0)

Single indirect tax

101st Amendment 2017

CGST / SGST / IGST / UTGST

Destination based tax

GST 2.0 changes

Two slab → 5% & 18%

40% sin tax

Rate rationalisation

GST Appellate Tribunal

Simplified registration

Export benefit change

Insurance GST relief

Drug GST cut

GST Council

Article 279A

FM chairman

Weighted voting

Cooperative federalism

4. Other Key Terms
Anti-Dumping Duty

Protection tariff

Against cheap imports

Allowed under GATT

Safeguard Duty

WTO rule

For sudden imports

Temporary protection

Off-Budget Borrowing

Borrowing outside budget

Through PSUs

Hides fiscal deficit

5. Financial Market & Payment System
Financial Market

Money market

Capital market

Primary market

Secondary market

T-bill / CD / CP

6. SEBI

Established 1988

Statutory 1992

Protect investors

Regulate market

Civil court powers

SEBI Board

Chairman

Finance members

RBI member

Govt nominees

SEBI Updates

SWAGAT-FI framework

REIT reclassification

IPO norms relaxed

FPI / FVCI rules

7. Other SEBI Terms
AIF

Alternative Investment Fund

SEBI regulated

Category 1 / 2 / 3

Equity Derivatives

Futures

Options

Based on underlying asset

Front Running

Illegal trading

Insider info use

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