Hi students, Welcome to Amans Maths Blogs (AMB). In this article, you will get Goods and Service Tax GST ICSE Class 10 Maths Revision Notes & Solutions Chapter 1 PDF.
GST – Goods and Service Tax
Before GST, there were 13 different indirect taxes in India. These 13 indirect taxes are replaced by GST (Goods and Service Tax). GST is levied by the Central and State Government and provide for a single and streamlined process. GST is a common tax for goods and service. The tax will be implemented at every step of value creation.
For more details about GST, visit its official website.
What are CGST, SGST and IGST?
India is a federal democracy which mean one which has clear demarcation of powers, responsiblity and revenue collection between the State and Central in its constitution. The GST too need have clear provisions on what areas the Center and the State are allowed to collect revenue to prvent an overlapping.
CGST: The Central GST or CGST is tax collected by the Central, when the sales are within the states.
SGST: The State GST or SGST is tax collected by the State, when the sales are within the states.
IGST: The Integrated GST or IGST is tax collected by the Central, when the sales are outside the states.
What are the rate of GST?
The GST is levied on multiple rates fro 0% to 28%. GST Council finalized a four GST tax structure of 5%, 12%, 18% and 28%. Presently Petroleum and Liquor for human consumption is exempted from GST. The GST Rates for different items are as below:
IGST Rate = CGST Rate + SGST Rate
What is the formula for calculating GST?
If output GST is more than input GST, then GST Payable = Output GST (GST on sale) – Input GST (GST on expenses purchase).
If input GST is more than output GST, then GST Credit = No GST to be paid.
Read More : S Chand ICSE Class 10 Math Chapter 1 GST Solutions
