General Knowledge Prep – Factopedia on the GST Bill
Thursday, August 4th, 2016
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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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
Alcohol
Electricity
Petrol
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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