No anti-inflationary measures: Every country that follows GST experience a hike in inflation when they introduced it. When the GST Council met on 11th June 2017, the GST rates were revised for 66 items. Enter your email address to subscribe to this blog and receive notifications of new projects by email. There is no cascading effect in the Post-GST period, which leads to a price hike. Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State Governments. Small scale suppliers can make the most of the composition scheme to make their goods less expensive. IGST stands for Integrated Goods and Services Tax, which is charged on the supply of commodities and services from one state to another state. The Government has proposed 4-tier structures for all goods and services under the slabs – 5%, 12%, 18%, and 28%. 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. Several states and industries recommended a reduction in GST tax rates for several items, which was followed through in this meeting. To know more about different types of Goods and Services Tax (GST). Narasimha Rao and his Finance Minister Manmohan Singh initiated early discussions on a Value Added Tax (VAT) at the state level. Union Territory Goods and Services Tax (UTGST): The Union Territories in India are accounted for under specialized taxation called Union Territory Goods and Services Tax as per the GST regime 2016. This will increase the burden of compliance. The Intra-state e-way bill will pave the way for a seamless, nation-wide single e-way bill system. For example, if the supply of goods and services occurs between Gujarat and Maharashtra, IGST will be applicable. Modi government. This is a Class 12 Economics Project as per the guidelines 2019-20, CBSE. NCERT Books For Class 12 Economics: Students who are planning to choose their career path in Economics must be strong in Economics.Thus, the Class 12 NCERT Economics book acts as a base for students. The provisional GST implementation date is 1st July 2017. The Assam Higher Secondary Education Council (AHSEC), that conducts the exams for class 12 in the state, has decided to introduce the GST in its curriculum from the current academic year. Mobiles, sweets, medicine, are under 12%. The change to GST will require them to change the Softwares too, leading to increased costs of purchasing new software and training employees. 1-What will be effect on Equilibrium price and equilibrium quantity of good X if demand of substitute goods of X increases? 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. Children’s picture coloring books and drawing books. Though the session was attended by high-profile guests from the business and the entertainment industry, including Ratan Tata, it was boycotted by the opposition due to the predicted problems that were bound to happen for the middle and lower class Indians. The reform process of India’s indirect tax regime was started in 1986 by Sanjeet Singh, Finance Minister in Rajiv Gandhi’s Government, with the introduction of the Modified Value Added Tax (MODVAT). Goods and Services Tax (GST) is an extension of VAT, which includes service also. It was successfully introduced in Karnataka from 1st April 2018. The company provides 30 days of free trial to the users. GST is one of the biggest tax reforms in India, aiming to integrate State economies and boost overall growth by creating a single, unified Indian market to make the economy stronger. All states introduced it on May 30, 2018. Bird and Animals Damage the Crops, Significantly Higher in Fields that are Closer to Forest Areas, Insect and Disease Damage to Crops is Significantly Higher in Monoculture than in Polyculture, Fish Species Diversity is Significantly Lower in Reservoirs Than in Rivers, Natural Habitats have Significantly more Irregular Shapes than Man-Made Habitats, Females Rank Scarcity of Drinking Water as a More Serious Environmental Concern than Males Do, Marketing Management on Noodles – Class 12, Marketing Management Project for Class 12th on Chocolate, Project on Stock Exchange Financial Management Class 12 CBSE, Entrepreneurship Development Project EDP Business Plan. GST. Nawaf Gantare December 14, 2019 CBSE 12th Commerce, Economics Leave a comment. It will begin a new phase in India’s economy by providing logistics and supply chain efficiency and the state-based party that the country requires the most. It is also expected to make Indian products and services internationally competitive. It is one of the few midnight sessions that have been helped by the Parliament, the others being the declaration of India’s independence on 15th August 1947 and the silver and golden jubilees of that occasion. This project helps us to know about the reasons for the opposition and support of different sections of people to GST. In Post-GST System, the ultimate tax burden to the consumer abated. BUSY offers a range of accounting software to cater to the needs of different business segments. Tally is the leader in helping businesses in managing their compliance for more than two decades. The GSTN’s authorized capital is 10 Crore in which Central Government holds 24.5% of shares while the state government holds 24.5 percent, Non-Government Financial Institutions hold the remaining 51%, HDFC and HDFC Bank hold 20%, ICICI Bank holds 10%, NSE Strategic Investment holds  10%, and LIC Housing Finance holds 11%. Project Description. will be automated and simplified. Guru Nanak To analyze the benefits of Goods and Services Tax (GST). This sets small and medium enterprises or SMEs at per with large organizations in a biased move. No Comments on Goods And Services Tax (GST) Statistics Economics Project Class 12 Products and Ventures Tax is a backhanded expense forced in India on the supply of merchandise and enterprises. It stands for state goods and services tax as per the 2016 GST bill. The Tax rates, rules, and regulations are governed by the GST Council, which comprises finance ministers of central and all the states. Goods like paneer, packed food, tea coffee etc are placed under 5% category. It was made mandatory for inter-state transport of Goods from 1st June 2018. After the GST Council approved the Central Goods and Services Tax Bill 2017 (The CGST Bill), the Integrated Goods and Services Tax Bill 2017 (The IGST Bill), the Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill), the Goods and Service Tax (Compensation to the States) Bill 2017 (The Compensation Bill), these Bills were passed by the Lok Sabha on 29th March 2017. Integrated Goods and Services Tax (IGST): GST focuses on the concept of one tax, one nation. All these help users in filling GST returns effortlessly. For GST, though, as it is a completely new tax system, small businesses will require professional help as most of them do not hire professionals and prefer to pay taxes and file returns on their own to save costs. You can change your ad preferences anytime. The receiver of the goods is eligible to Input Tax Credit while the unregistered dealers are not. Petroleum products, alcoholic drinks, electricity, and real estate are taxed separately by the individual state governments. SGST is an important part of GST. Quick Books is very popular in India. Revenue collected under SGST belongs to the State Government. Compliance costs will also reduce as a result. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. HSN (Harmonised System of Nomenclature) is an eight-digit code for identifying the applicable rate of GST on different products as per CGST rules. The Union Finance Minister chairs it. To know more about the History of Goods and Services Tax (GST). Economics Project on GST – CBSE Class 12. There is a special rate of 0.25 percent on rough precious and semi-precious stones and 3 percent on gold. Helping Government Revenue find Buoyancy: GST is forecast to help the Government Revenue find Buoyancy by expanding the tax base while enhancing the taxpayer’s compliance. Class 12 Economics provides a wide range of concepts and advanced information regarding the subject which includes all the questions provided in the CBSE Class 11 Economics Syllabus. Among these, economic reforms are mainly taken into consideration by ordinary people. Increased competition between manufacturers and businesses will benefit consumers. GST Council is the governing body of GST, having 33 members. This single most important tax reform initiative by the government of India since independence provides a significant fill up to the investment and growth of our country; it should be assured that the benefit of input credit ultimately enjoyed by final consumers. Generation of more jobs through enhanced economic activity. Inter-state disputes such as those on e-commerce taxation and entry tax that currently prevail will no longer cause concerns, while multiple taxations on the same transactions will also be removed. one nation one tax. Vajpayee set up a committee headed by the Finance Minister of West Bengal, Asim Dasgupta, to design a GST model. India adopted a dual GST model, meaning the taxation is administered by both the Union and State Governments. The project includes the following. Truck travel time in an interstate moment dropped by 20%, because of no interstate check posts. Goods and Services are divided into five tax slabs for collection of tax – 0 percent, 5 percent, 12 percent, 18 percent, and 28 percent. The Government of India will collect the revenue under IGST. BUSY is an integrated business accounting software for Micro, Small, and Medium Businesses. Now customize the name of a clipboard to store your clips. 12th class Economic chapter wise notes in hindi Economics is the social science that studies the production, distribution, and consumption of goods and services. Petroleum Products are not Part of GST yet: Petroleum products are kept out of GST. Under GST, they will be required to register for all states. Products and Services will be allowed to move freely across the country. Composition Scheme is not available for many Businesses: The composition scheme is not available to service providers or for online sellers. Goods and Services Tax (GST) was introduced by the Government of India to boost the economic growth of India. However, the mainstream framework of the state governing body will be supervised by the central government. The price of Goods and Services is expected to reduce to under the new reform, while the economy will receive a healthy boost. It is put on hold until June. The GST was launched at midnight on 1st July 2017 by the President of India, Pranab Mukherjee and the Prime Minister of India, Narendra Modi. The previous tax regime had service tax and VAT, and they both had their compliances and returns. That continues to be governed by Securities Transaction Tax (STT). This is a Class 12 Economics Project as per the guidelines 2019-20, CBSE. 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. The effective tax rate remains constant and lower in the Post-GST period in comparison to the traditional tax system. Tax credit for inputs will, therefore, not be available to related industries like the plastic industry, which as heavily dependent on petroleum products. XII – ‘E’. After its launch, the GST rates have been modified multiple times, the latest being on 18th January 2018, where a panel of Federal and State Finance Ministers decided to revise the GST rates on 29 Goods and 53 Services. To understand the importance of Goods and Services Tax (GST). Arun Jaitley introduced the GST Bill in the Lok Sabha, where the BJP had a majority. While this will benefit the professionals, the small business will need to train their employees in GST obedience, increasing their overhead expenses. MARG GST Software allows you to convert your bill into any format you require. Domestic demand is set to increase, and local businesses will have greater opportunities, thus generating more jobs within the country. The states are divided into four zones for rolling out in phases by the end of April 2018. The portal is accessible to the Tax authorities for tracking down every transaction, while taxpayers can connect for their tax returns. To understand about Goods and Services Tax (GST). About Class 12 Economics Notes and Study Materials: Byjus.com brings to you Class 12 Economics Notes and Study Materials so that your studies become more interesting. Integrated Goods and Services Tax (IGST). To know about the Impact of India’s Goods and Services Tax (GST) on its economy. Not only that, they will not be eligible for the configuration scheme and will be required to pay taxes like any large organization. Nawaf, An Twentieth-something savvy Web Designer / Social Media Manager / SEO Strategist based In India. Goods and Services Tax. The procedures for the refund of taxes and registration of taxpayers will be common, while the formats of the tax return will be uniform. Since technology will be used heavily to drive GST, taxpayers will have a common pedal (GSTN). The single GST replaced several taxes and levies, which included: central excise duty, services tax, additional customs duty, surcharges, state-level value-added tax, and Octroi. economics project class 12 including devaluation of indian currency Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Gurpreet Kaur The solution offers 14 days of free trial for its clients. February 9, 2020. This saves plenty of time for the user. Notify me of follow-up comments by email. Related Articles. Question may be asked like…. GST has only 4 proposed tax rates of 5%, 12%, 18% and 28%. Business operations can be streamlined at each stage of supply thanks to the seamless services. Under the previous system, a state would only have to deal with a single Government to collect tax revenue. The primary editions offered by BUSY are Basic, Standard, and Enterprise. GST has around 11 returns under it. Indirect tax revenue will be increased considerably due to the inclusion of more goods and services, and at last, the cost compliance will be reduced. It is impossible to cross over from one tax structure to the other in just a day, and hence, the business will end up running both tax systems in parallel, resulting in made confusion and compliance issues. GST will merge then and lower the number of returns as well as the time spent on tax compliances. 20 Lakhs, thus increasing the tax burden for many manufacturing SMEs. The tax is included in the final price and paid by consumers at … The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. Four of them are basic returns that apply to all taxable entities under GST. It includes the amalgamation of State Sales Tax, Luxury Tax, Entertainment Tax, and levies on Lottery, Entry Tax, Octroi and other taxations related to the movement of Commodities and Services under State authority through one uniform taxation SGST. GST will surely boost the country’s economic growth and ease of doing business in the overall industrial sectors. While there have been similar discussions in the GST Council, India still does not have concrete anti-inflationary measures to control the inflation that is an unavoidable outcome of GST. It lets you send invoices, reconcile bank transactions, track inventory, generate reports. A wide range of reforms is happening in our country, like political and economic reforms. In February 2015, Jaitley set another deadline of 1 April 2017 to implement GST. Thus for many sectors, the tax burden will increase, which in turn will increase the price of final goods. There was no GST on the sale of Goods and Purchases of securities. 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 In 2005, the Kelkar committee recommended rolling out GST as suggested by the 12th Finance Commission and proposed a GST rollout by 1 April 2010. Under the existing laws, only manufacturing businesses with a turnover of more than 1.5 Crores have to pay excise duty. GST is the biggest tax-related reform in the country, bringing uniformity in the taxation structure and eliminating the cascade of taxes that are currently levied. GST rollout. Narendra Modi GST is a comprehensive destination-based indirect level. In addition to a loss of 22 percent of other rates on top of 28 percent. Dicalcium Phosphate (DCP) of animal feed grade. The procedures for different processes like registration, tax payments, refunds, returns, etc. However, under GST, the income limit has been condensed to Rs. The tax base will also be common, as will the system of an assortment of products or services in addition to the timelines for each activity. GST Rates in India is four times than in Malaysia. Jaitley. This project helps us to know about the demand for a commodity. The official Android mobile app can be used for generating an away bill, with powerful features for cash generation and for maintaining records. GST offers benefits to the Government, the industry, as well as the citizens of India. After that, State Legislatures of different states have passed respective State Goods and Services Tax Bills. MyCBSEguide provides solved papers, board question papers, revision notes and NCERT solutions for CBSE class 12 Economics. This is the need of this project. The entire concept of Economics is divided into two parts – Macroeconomics and Microeconomics. Economics project on See our Privacy Policy and User Agreement for details. Guwahati: The Assam Higher Secondary Education Council (AHSEC), the regional board for holding Class 12 examinations in the state, has decided to introduce the GST in its curriculum from the current academic year. 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. The parties reported that they found virtually no difference between the GST and the existing taxation system, claiming that the Government was trying to rebrand the current taxation system merely. The Infosys Technologies develop the (GSTN) Goods and Services Tax Network software, and NIC maintains IT Network. If turnover crosses 5 Crores, then they shall mention four-digit HSN code on invoices. The reform is also expected to improve the country’s ranking so far as the ‘Ease of Doing Business Index’ is concerned. The project is made as per CBSE guidelines . Although the number of returns could increase, the main GSTR-1 shall be manually populated, while GSTR-2, GSTR-3, and GSTR-4 shall be auto-populated. In addition to this, it can also send the bills through email. GST is levied at every step in the production process but is refunded to parties in the chain of production other than the final consumer. To order projects on any topic and subject, Contact us at - +91-8860013924Click on the link below to whatsapp. GST is a policy that affects the financial conditions of every citizen in the country. Dec 18, 2019 - Economics Project on GST talks about the advantages, disadvantages of GST. A good number of products and services are either exampled from tax or charged 5% or less. In the 2014 Lok Sabha election, the Bharatiya Janata Party-led NDA government was elected into power, this time under the leadership of Narendra Modi. See our User Agreement and Privacy Policy. Unit: Macroeconomics Topic: GST (Goods and Services Tax) Check out my other projec… Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. GST affects every aspect of the economy, such as business firms, tastes, and preferences of individuals for the demand of a commodity. IGST complicates tax collection for State Governments by disabling them from collecting the tax owed to them directly from the Central Government. Union Territory Goods and Services Tax (UTGST). MARG ERP9 is very simple and user-friendly software. GST rates are divided into five categories which are 0% , 5%, 12%, 18%, 28%. Tally ERP9 is India’s most popular business software and GST Software. With the consequential dissolution of the 15th Lok Sabha, the GST Bill approved by the standing committee for reintroduction lapsed seven months after the formation of the Modi Government, the new Finance Minister. GST applies to a few items. The Jammu and Kashmir state legislature passed its GST act on 7 July under a unified indirect taxation scheme. The Ravi Rasgupta committee which was also tasked with putting in place the back-end technology and logistics, it later came out for rolling out a uniform taxation regime in the country. States will levy their taxes on this sector. Viva questions on gst class 12 cbse board. Jan 20, 2018 - Economics Project Class 12 on GST (Goods and Services Tax) Over the next 15 to 20 days, 18 states ratified the Constitution Amendment Bill, and President Pranab Mukherjee gave his consent to it. However, the Opposition led by the Congress, demanded that the GST Bill be again sent back to the Selection Committee of the Rajya Sabha due to disagreements on several statements in the Bill relating to taxation. The RCM and matching of invoices by buyers and sellers were earlier suspended due to pressure from the industry. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Nowadays, many SMEs operate through their online shopping websites or through third party websites to sell to different parts of India. After the enactment of various GST laws, Goods and Services Tax was launched all over India with effect from 01 July 2017. It also includes all the details regarding the GST for CBSE class 12 The basics of the Goods and Services Tax will be included in the higher secondary second year curriculum for the students who opt for economics as one. The verification of input tax credit will be done online, too, and input tax credits across the country will be matched electronically, thereby turning the process into an accountable and transparent one. We know how important is revision before exams it can help to prepare well for exams. If you continue browsing the site, you agree to the use of cookies on this website. It is a paperless technology solution, and critical anti-evasion had to check tax leakages and to clamp down on trade that currently happens on a cash basis. Ask questions, doubts, problems and we will help you. Object Oriented Programming Using C++ Practical File, Computer Oriented Numerical Methods Practical File, Customer Code: Creating a Company Customers Love, Be A Great Product Leader (Amplify, Oct 2019), Trillion Dollar Coach Book (Bill Campbell), No public clipboards found for this slide, Economics Class 12 CBSE project on GST (Goods and Services Tax). 0.25 percent on gold is administered by both the Union and state Governments, which in turn will,! Collect SGST from 01 July 2017 tax regime had service tax ) will having. Tax rate remains constant and lower in the Lok Sabha, where the Goods and Services tax was all! State authority to collect TCS under GST, having 33 members 12 %, 18 %, 18,! Learning Management Studies and is in the overall industrial sectors of returns as well as the citizens of.... Igst complicates tax collection for state Goods and Services is expected to reduce under! 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