हिंदी

Mathematical Study of GST (Goods and Services Tax)

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Topics

  • Introduction
  • Definition: Goods
  • Definition: Services
  • Definition: GST
  • Reasons for GST
  • Characteristics of GST
  • GST rate slabs
  • Benefits of GST
Maharashtra State Board: Class 10
CISCE: Class 10

Definition: Goods

Goods mean every kind of movable thing/property, i.e. anything which can be taken (moved) from one place to another. 

Goods do not include money and securities. Securities mean: shares, stocks, bonds, debentures, etc. 

Maharashtra State Board: Class 10
CISCE: Class 10

Definition: Services

Services mean anything other than goods, money and securities. Services include activities relating to the use of money, e.g. banking services, insurance services, etc. 

Maharashtra State Board: Class 10
CISCE: Class 10

Definition: Goods and Services Tax (GST)

Prior to 1st July 2017, we had a number of indirect taxes such as VAT, excise, service tax, etc. From 1st July 2017 onwards, the government of India has abolished all such indirect taxes and introduced a new (indirect) tax called Goods and Services Tax (GST). 

Maharashtra State Board: Class 10
CISCE: Class 10

Key Points: Characteristics of GST

  • GST = Goods and Services Tax

  • Indirect tax for the whole country

  • Creates One Nation, One Market

  • Not under GST:
    Customs Duty, Road Tax, Stamp Duty, Property Tax, Toll Tax, Electricity Duty, Excise on Liquor, Petroleum taxes

  • GST Registration:
    ₹20 lakh (normal states)
    ₹10 lakh (special states)

  • One Country One Tax:
    Same GST structure across India (CGST + SGST / IGST), but rates may differ for different goods & services.

  • Destination-based tax:
    Tax goes to the state of consumption

  • GST Rate Slabs:
    Goods and services in India are taxed under five fixed GST rates — 0%, 5%, 12%, 18% and 28% — based on their nature and necessity.

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