The Infosys Technologies develop the (GSTN) Goods and Services Tax Network software, and NIC maintains IT Network. This is the need of this project. Economics project on We are learning Commerce, and we must have minimum knowledge about the country’s economic policies. Over the next 15 to 20 days, 18 states ratified the Constitution Amendment Bill, and President Pranab Mukherjee gave his consent to it. Narasimha Rao and his Finance Minister Manmohan Singh initiated early discussions on a Value Added Tax (VAT) at the state level. To know more about the History of Goods and Services Tax (GST). It was successfully introduced in Karnataka from 1st April 2018. A wide range of reforms is happening in our country, like political and economic reforms. Narendra Modi The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. GST rollout. After the recent revision of GST rates, these are the commodities that fall under the four tax stabs along with those that do not attract any tax. This sets small and medium enterprises or SMEs at per with large organizations in a biased move. The textbook contains all the necessary topics and concepts that need to be studied in Class 12. Submitted by: GST has around 11 returns under it. The states are divided into four zones for rolling out in phases by the end of April 2018. The project is made as per CBSE guidelines . Quick Books is very popular in India. In February 2015, Jaitley set another deadline of 1 April 2017 to implement GST. 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. Assam includes GST in Class XII economics curriculum. GST Project Description. After that, State Legislatures of different states have passed respective State Goods and Services Tax Bills. 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. Under the existing laws, only manufacturing businesses with a turnover of more than 1.5 Crores have to pay excise duty. 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. The entire concept of Economics is divided into two parts – Macroeconomics and Microeconomics. The tax is included in the final price and paid by consumers at … Dec 18, 2019 - Economics Project on GST talks about the advantages, disadvantages of GST. Petrol and Petroleum products (GST will apply later). 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. PM Modi. 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. 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. This project helps us to know about the reasons for the opposition and support of different sections of people to GST. The tax replaced existing multiple cascading taxes levied by the Central and State Governments. There are mainly four types of GST. For UPSC 2020 preparation, follow BYJU'S. Several states and industries recommended a reduction in GST tax rates for several items, which was followed through in this meeting. Integrated Goods and Services Tax (IGST). IGST complicates tax collection for State Governments by disabling them from collecting the tax owed to them directly from the Central Government. After the enactment of various GST laws, Goods and Services Tax was launched all over India with effect from 01 July 2017. Goods and Services Tax (GST) Economics Project Class 12 CBSE EDU RESOURCES https://www.youtube.com/channel/UC3NkrW6yDrJy2w2DpxoH_Hg While this will benefit the professionals, the small business will need to train their employees in GST obedience, increasing their overhead expenses. GST offers benefits to the Government, the industry, as well as the citizens of India. Tally is the leader in helping businesses in managing their compliance for more than two decades. NCERT Books for Class 12 Economics form the base for students who seek to pursue their career in Economics. BUSY offers a range of accounting software to cater to the needs of different business segments. Guru Nanak See our User Agreement and Privacy Policy. 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 the 2014 Lok Sabha election, the Bharatiya Janata Party-led NDA government was elected into power, this time under the leadership of Narendra Modi. 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. Jan 20, 2018 - Economics Project Class 12 on GST (Goods and Services Tax) See our Privacy Policy and User Agreement for details. It will subsume the various taxations, levies, and duties with one uniform taxation in Union Territories as well. This project helps us to know about the demand for a commodity. The company provides 30 days of free trial to the users. However, the mainstream framework of the state governing body will be supervised by the central government. Domestic demand is set to increase, and local businesses will have greater opportunities, thus generating more jobs within the country. February 9, 2020. Under the previous system, a state would only have to deal with a single Government to collect tax revenue. Goods and Services Tax (GST) is an extension of VAT, which includes service also. The Government of India will collect the revenue under IGST. GST will merge then and lower the number of returns as well as the time spent on tax compliances. By analyzing the project, I find that the consumer retail prices are comparatively lower in the Post-GST period in comparison to Pre-GST period along with the following points: There is no double taxation effect in the Post-GST period, unlikely in Pre-GST. That continues to be governed by Securities Transaction Tax (STT). NCERT Books for Class 12 Economics is divided into 2 parts – Microeconomics and Macroeconomics. GST implies a slow of indirect taxes with a unified tax and is therefore expected to reshape the country’s 2.4 trillion dollar economy dramatically. CGST applies to the supply of Goods and Services of standard services and commodities, which can be amended periodically by a specialized body under the central government. ECONOMICS CLASS - XII (2020-21) Theory: 80 Marks 3 Hours Project: 20 Marks Units Marks Periods Part A Introductory Macroeconomics National Income and Related Aggregates 10 23 Money and Banking 6 8 Determination of Income and Employment 12 22 Government Budget and the Economy 6 15 Balance of Payments 6 7 40 75 The revenue collected under CGST belongs to the Central Government. Study becomes fun when we relate your study content with your general life as whatever we study comes from our life only. Every individual must analyze the whole facts related to GST. 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 receiver of the goods is eligible to Input Tax Credit while the unregistered dealers are not. 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. India adopted a dual GST model, meaning the taxation is administered by both the Union and State Governments. Whether it is the filing of returns, filing of refund claims, payments of taxes, and event registration, all processes will be done online via GSTN. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Looks like you’ve clipped this slide to already. GST affects every aspect of the economy, such as business firms, tastes, and preferences of individuals for the demand of a commodity. Reverse Charge Mechanism: Reverse Charge Mechanism (RCM) is a system in GST where the receiver pays the tax on behalf of unregistered, smaller material and service suppliers. If a company has a turnover of up to 1.5 Crore in the preceding financial year, then they will not have to mention the HSN Code while supplying Goods on invoices. 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. 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%. There is no cascading effect in the Post-GST period, which leads to a price hike. It was made mandatory for inter-state transport of Goods from 1st June 2018. February 8, 2020. The price of Goods and Services is expected to reduce to under the new reform, while the economy will receive a healthy boost. 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. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. The Government has proposed 4-tier structures for all goods and services under the slabs – 5%, 12%, 18%, and 28%. The user-friendly interface helps you in creating GST invoices effortlessly. Related Articles. Submitted to: Higher efficiency with regards to the neutralization of taxes so that exports are globally competitive. This will increase the burden of compliance. The Union Finance Minister chairs it. Goods and Services Tax is to be levied and collected at each stage of sale or purchase of goods or services based on the input tax … For inter-state transactions and imported goods and services, an Integrated GST (IGST) is levied by the Central Government. Assam Includes GST In Class XII Economics Curriculum November 12, 2017 ICN WORLD Assam became the first state in the country last year to ratify the Constitution Amendment Bill on GST after the Lok Sabha passed the Bill in December last year. But students are confused how to prepare. A 21 member Selected Committee was formed to look into the proposed GST Laws. The procedures for different processes like registration, tax payments, refunds, returns, etc. Assam includes GST in Class 12 Economics . Truck travel time in an interstate moment dropped by 20%, because of no interstate check posts.