School States will levy their taxes on this sector. Increased competition between manufacturers and businesses will benefit consumers. In addition to this, it can also send the bills through email. The Tax came into effect from July 1, 2017, through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian Government. Revenue collected under SGST belongs to the State Government. Moreover, IGST (Integrated Goods and Services Tax) will be levied on all imported goods. After that, State Legislatures of different states have passed respective State Goods and Services Tax Bills. Simplified tax structure with fewer exemptions. It also includes all the details regarding the GST for CBSE class 12 GST will merge then and lower the number of returns as well as the time spent on tax compliances. They are: As per the Central Goods and Services Tax Act, 2016, CGST is the Centralised part of GST that subsumes the present central taxations and levies Central Sales Tax, Central Excise Duty, Service Tax, Excise Duty under Medical and Toiletries Preparation Act, Additional Excise Duty Countervailing Duty (CVD), Additional Custom Duty and other centralized taxations. GST will now be introduced in class 12 economics curriculum after the Assam Higher Secondary Education Council (AHSEC), the regional board for holding Class 12 examinations, took a decision regarding the same. This project helps us to know about the reasons for the opposition and support of different sections of people to GST. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. To understand about Goods and Services Tax (GST). Compliance costs will also reduce as a result. Mobiles, sweets, medicine, are under 12%. The subsuming of the State as mentioned earlier and Central indirect taxes into just one tax will also provide a major life to the Government’s ‘Make in India’ campaign, as Goods that are produced or supplied in the country will be competitive not only in national markets but in the international ones as well. Tax Rates under GST. If you continue browsing the site, you agree to the use of cookies on this website. GST offers benefits to the Government, the industry, as well as the citizens of India. Jaitley. GST He is currently learning Management Studies and is in the Second Year, Made With ♥ By A Person Who Understands Your Pain. Jaitley GST. However, in 2010, with the Trinamod Congress routing (PIIM) out of power in West Bengal, Asim Dasgupta resigned as the head of the GST Committee. “Goods and Services Tax Network (GSTN) is a non-profit organization formed for creating a sophisticated network, accessible to stakeholders, Government, and Tax Payers to access information from a single source (portal). In February 2015, Jaitley set another deadline of 1 April 2017 to implement GST. Union Territory Goods and Services Tax (UTGST). It will subsume the various taxations, levies, and duties with one uniform taxation in Union Territories as well. Simpler and Lesser Number of Compliances: Compliance will be simpler through the harmonization of tax rates, procedures, and laws. Project cover page; Acknowledgement; Index; Introduction to Goods and Service Tax (GST) Need of GST in India; History /Timeline of GST implementation in India Nowadays, many SMEs operate through their online shopping websites or through third party websites to sell to different parts of India. Arun Jaitley introduced the GST Bill in the Lok Sabha, where the BJP had a majority. So far, the fiscal year 2017-18 business will follow the old tax structure for the first three months and GST for the following months. Viva questions on gst class 12 cbse board. When the GST Council met on 11th June 2017, the GST rates were revised for 66 items. Pre-GST, the stationary tax rate for most Goods was about 26.5 percent, Post-GST, most goods are expected to be in the 18 percent range. Related Articles. Finally, in August 2016, the Amendment Bill was passed. Narendra Modi Since technology will be used heavily to drive GST, taxpayers will have a common pedal (GSTN). A wide range of reforms is happening in our country, like political and economic reforms. It is required to be generated for every Inter-state movement of Goods beyond 10 Kilometres and the threshold limits of 50,000. Economics project on GST Done by TANAY RISHU 1 st year Section-D INTRODUCTION Goods and Services Tax is a comprehensive indirect tax on manufacture, sale and consumption of goods and services to replace taxes levied by the central and state governments.