INTERNAL TRADE -NEW

Trade: The buying and selling of goods and services with the objective of earning profit.
Types based on geographic location:
- Internal Trade: Trade within the boundaries of a nation.
- External Trade: Trade outside of national boundaries.

Buying and selling of goods and services within a nation's boundaries.
No custom or import duties applied since goods are part of domestic production meant for local consumption.
Transactions are conducted in accepted local currency.

Involves the purchase and sale of goods in large quantities for resale or intermediate use.
Traders: Wholesale traders who do not typically sell to ultimate consumers.
Functions:
- Help producers reach a wide audience.
- Perform activities like:
  - Grading of products.
  - Packing into smaller lots.
  - Storage and transportation.
  - Promotion of goods.
  - Extending credit facilities to retailers.

Facilitating Large-Scale Production:
- Collecting small orders from multiple retailers and pooling these for bulk purchase from manufacturers.
- Assists manufacturers in benefiting from economies of scale.
Risk Bearing:
- Wholesalers take delivery of goods and keep them in warehouses, bearing risks such as price falls, theft, or spoilage.
- Relieves manufacturers of these risks.
Financial Assistance:
- Cash payments for goods purchased help manufacturers avoid blocking capital in stock.
- Advance payments for bulk orders.
Production Continuity:
- Ensuring continuous production by purchasing goods as they are produced and storing them until needed by retailers.
Expert Advice:
- Providing market information regarding customer preferences, market conditions, and competitive activities.
- Advising manufacturers based on retailer insights.
Marketing Function:
- Managing distribution and enabling manufacturers to focus on production.
Storage:
- Wholesalers provide storage facilities, easing the manufacturers' burden of keeping finished goods.

Retailers purchase large quantities from wholesalers and sell in smaller quantities to ultimate consumers.
Final stage of distribution from traders to consumers.
Retailing: Selling goods and services for personal, non-business use.
Retail selling methods include:
- Personal sale
- Online sales
- Vending machines

General Stores:
- Located in local markets.
- Stock a variety of daily needs.
- Open long hours and often offer credit to regular customers.
Speciality Shops:
- Focus on sole product lines, popular in urban areas.
- Located centrally to attract a larger customer base.
Street Stall Holders:
- Positioned in high traffic areas.
- Offer low-cost items and cater to immediate needs.
Second-Hand Goods Shops:
- Sell used items at lower prices.
- May also sell antique items.
Departmental Stores:
- Large establishments with diverse products across multiple departments.
- Aim to satisfy various customer needs under one roof.
- Include facilities like restaurants and info bureaus.
Chain Stores / Multiple Shops:
- Network of retail shops owned by manufacturers or intermediaries.
- Offer standardized branded products across various locations.
- Operate under identical merchandising strategies.

Feature	Departmental Stores	Multiple Shops
Location	Central with high customer traffic	Multiple locations distributed geographically
Range of Products	Wide variety to satisfy all customer needs	Specific range of products offered
Services	Extensive services (alterations, restaurants)	Limited services (repair guarantee only)
Pricing	Prices vary; service quality prioritized	Competitive pricing focused
Customer Class	Higher-income customers seeking service	Serves varied income groups, often budget-focused
Credit Facilities	May offer credit facilities to regulars	All sales are cash basis
Flexibility	More flexibility in product offerings	Limited product line scope

Implemented on July 1, 2017, in India for a unified tax system.
Aims to simplify taxation and facilitate a unified market.
Replaced various indirect taxes (17 taxes and 23 cesses).
Comprises Central GST (CGST) and State GST (SGST), with collaborative tax rates.