General Knowledge Prep – Factopedia on the GST Bill

Thursday, August 4th, 2016

Factopedia - Goods and Services Tax - GST

As a part of our online General Knowledge for XAT, IIFT, SNAP course – we regularly make videos on topics related to current affairs. Not only it helps students score well in the GK section of the exam but it also helps them do well in the Group Discussion and Personal Interview stage of the exam. Based upon recent events, we just made a video on the GST bill. Hope you will find it informative – and this hope is towards everyone and not just the MBA exam aspirants.

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  • You can use coupon code GST to get 18 Rs. off. I know that the discount is not significant. We are doing this just to track if any students enrolled after watching this video. It will also be an indication of how many people actually read the entire text of the post. ๐Ÿ™‚

    Factopedia- Video Tutorial on Goods and Services Tax GST Bill

    Some more highlights about the GST bill that are covered in the video are given below.

    What is the GST Bill?

    Goods and Services Tax Bill
    122nd Amendment Constitution
    Central GST / State GST
    A tax only on Value Addition

    What is the timeline of the GST Bill?

    FRBM Bill, 2000 (by Yashwant Sinha)
    FRBM Act, 2003
    Kelkar Task Force, 2003 (by Vijay Kelkar)
    GST Proposed on 28 Feb 2006 (by P Chidambram)
    GST Bill Published on 19 Dec 2014 (by Arun Jaitley)
    GST Bill Passed on 03 Aug 2016

    Taxes in India (precursor to GST)

    Direct Taxes
    Income Tax (Center)
    Wealth Tax (Center)
    On a person based on income / wealth
    Indirect Taxes
    Service Tax (Center)
    Value Added Tax (State)
    Luxury Tax (State)
    On goods and services

    What the GST aims to achieve?

    India โ€“ Single Market
    Reduce unhealthy competition
    Consumers will know how much they are paying
    Consumers will not pay Tax on Tax
    Increase the tax base
    18% cap
    1-2% to the GDP

    Central Taxes that will come under the GST

    Central Excise Duty
    Additional Excise Duty
    Additional Duties of Customs (CVD โ€“ Countervailing Duty)
    Special Additional Duty of Customs (SAD)
    Service Tax

    State Taxes that will come under the GST

    State VAT
    Central Sales Tax
    Purchase Tax
    Luxury Tax
    Entry Tax / Octroi (all forms)
    Entertainment Tax (not levied by local bodies)
    Purchase Tax
    Taxes on lotteries, betting and gambling

    Taxes that will not come under the GST

    Stamp Duty

    Another important bit that might be helpful for the exams – Infosys has got the contract to implement the technology end of the GST.

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