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.

If you wish to register for our online General Knowledge course, you can do it from the green button below for 499 Rs.

The course will include many such factopedia videos.

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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