Representative money is an item such as a token or piece of paper that has no intrinsic value but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper,...
Hence, a Check is an example of representative money.
The GST Council on Nov 10th 2017 cut tax rates of over 175 products that were in the highest tax slab of 28% under the Goods and Services Tax (GST) regime.
Currently only 50 items have been left in the 28% category out of a total of 227 items that were present earlier.
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