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GST and It's Impact

Economics project file cbse 12

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Meenakshi Pandey
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61 views14 pages

GST and It's Impact

Economics project file cbse 12

Uploaded by

Meenakshi Pandey
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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JECT on GDP OVERALL OUTLAY OF THE PROJECT 1. Beonomic Project File (1 Sheet) 2. Name of the Project (2" Sheet) 3. Acknowledgement (3 Sheet) 4, Certificate (48 Sheet) 5, Index : (5* Sheet) (i), Objective of Choosing this project (ii) Introduction (iii) History of GST (iv) Types of GST (v) Various rates under GST (vi) Things to get cheaper (vii) Things to get expensive (viii) Features of GST (ix) GST Council OBJECTIVE OF THE PROJECT I have chosen this TOPIC : Goods and Services Tax Act and Its Impact () How has GST reduced the price (xi) Challenges of GST (xii) Impact of GST on Indian Economy (xiii) Impact of GST across various sectors (xiv) Impacts of GST on GDP (xv) How GST affects us (xvi) Benefits of GST (xvii) Conclusion (xviii) Bibliography project on the Topic—Goods and Service Tax because of the following reasons: > First of all to study and understand the concept of GST. > To get to know about its various aspect. > To know the impact of GST on various sector of the economy on GDP ete. > To check out the need to implement GST instead of the system that was existing earlier. > To know about thé effect of GST on the prices of various goods. > Lastly to know/find the flares (in any) in these in the system and to bring about a change in the same if | am able to that. INTRODUCTION Goods and Service Tax (GST) is an indirect tax i.e. the Burden and implication of it falls on two differer persons, In India GST is levied on Goods and Services. The GST Act was passed in the Parliament on 251 Goyal Brothers Prakas March 2017 and came into effect on 15th July 2017. Earlier, in India we were having Service Tax and VAT for collection of indirect terms. On central level services tax was charged on goods and services and VAT was charged for sale of goods on state level But we were not able to minimize the tax evasion, distortion and cascading effect therefore to remove that GST was introduced in the Constitution in 2016 for the Ist limit GST removed the varying level of taxation between different states. It took the country as a one organist A consumer who buys the product now will how to pay only GST A list of taxes that the GST replaced are as follows Service Tax. L Pe 3. Central Excise Duty. 4 sb Surcharges related to supply of goods and services. Excise duty of medicinal and toilet preparation Additional Excise Duty on textiles and textile products. 6. Additional Excise Duty on goods of special importance. 7. Additional Customs Duties. 8. Special Additional Duty of Custom. There are t 1. Central Sales Tax 3, Entry Tax 5, Entertainment Tax 7. Taxes on Advertisements Project Work in Economics (Class-X1)) ‘he terms that were absorbed into the GST regume 2. State VAT 4. Purchase Tax 6. Luxury Tax 8 Taxes on lotteries, betting and gambling ‘Added 1 eave a TAXES | commit HISTt Sale to J] Whotssertiarsouing —> vat VAT + Excise Duty a ("ee |] a VAT Goyal Brothers Prakashan Ss frivolous TECH GST eliminated multiple levies. Duty on manufactured goods increased from 14-15% to 18%, so electronic products became costlier. FMCG Earlier FMCG companies had to pay around 24-25% tax and GST would help in reduction of tax. Reduction of overall tax rates, is expected to generate saving. Currently, GST rate on FMCG varies from 5% to 18%. E-COMMERCE : GST created a single unified market across India and allowed free movement and supply of goods in every part of the country. It also eliminated the cascading efléct of taxes on customers which increased the workload for ecommerce firms and push up costs. TELECOM {andset prices likely to come downveven out across states. Manufacturers are further likely to come through vith flying colours on to consumers charge benefits they will eam from consolidating their warehouses and fficiently managing inventory. all charges, data rates has gone up as tax rate in the GST regime exceeds 15% ic, it is 18% now et Work in Beonomles (Clase X19 / 37 | \UTOMORIL _ 28% thom SNe & Post ow decreased to tgp % and 42 he OW! MEDIA 7" the g ee Tax producers and multilex player. GST wi ag ate © boost to this sector. The rate now on this sector w Fone tk and entertainment tax are levied on DTH, film Major critical Point and dreariness in businesses. SST will be a car Tae Cazying Tot of weight boon to silver sereen produces and stdion that curen the iSe 'X On most of their charge, but cannot eharge input credit on Contin services as they gm ine Dezative list. Under GST, they will he able to claim credit of these eee es which wit) ut the overall cost. Also, the GST rate attracts tickets at 25% from 30% and og food/drin\s wee S at Ig VAT. from 20.5 INSURANCE policies: life, health and motor Tnsurane are more costlier since April 2017 as taxes had increased AIRLINES Airlines became expensive, as service tax was replaced by GST, Earlier service tax on air tickets were 5.6% on economy class and 8.4% on business class . Now rate of GST on economy class is 5% and 12% on business clas: CEMENT Earlier tax rates on cement are 27% - 32% but GST brought down the rate to 18-20%, This helped in reduction in logistics costs, India is second largest producer of cement in the world, IMPACT OF GST ON GDP 1, The current system taxation leads to cascadin, producing to the full potential and retards g1 provide solution to it, 2. Different tolls at different posts and places also lead to the wastage of travelling time of tucks. A single BI taxation system will eliminate this roadblock 3. There will be more transparency in the system as the customers will know all the charges inclvsine of is taxation at all levels = 4. GST will definitely improve government revenue by improvement in taxes ( 5. Due to elimination of various hurdles like road blocks, cascading effect of taxes at various levels. ( simplification in taxes will promote encourage more producers to buy raw material from differen! ( IMPACT OF GST BILL ON Pinetree eee ts ey ig and multiple taxes which discourages manufacturers from rowth. GST now will incorporate these problems and will registered dealers. 6. GST will promote competitiveness in foreign markets. A So, in all we can say that all this things points out to the fact that GST will bring positive impact on tht GDP and the economy of India. Goya Brothers Pratasb™ ] 3s HOW GST AFFECTS Us? . in he oh ee Hy vn pine fr the GST Counc nd : oe ; ng tax rates was th ti, rent slabs—5%, 12 at the transition to th the 6 “Should be close to the current effective tty “ae and Sanson fo hn Inet a sya enema Auge ae Ve Products on which tax its fain he td a ake Y fay, burden comes down Products on which tax: wi

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