revenue is divided into two parts
tax – it is collected from income tax sales tax goods and service tax and State duty.
non tax- is collected from interest , tourism, profit.
tax can again be divided into two parts
- direct tax all those taxes on which burden of paying taxes is non Transferable to another person is direct tax.
- indirect tax face on which burden of paying taxes is transferred to another person is indirect tax.
BUDGET AND TAXATION
disadvantages of economy
#cascading effect- tax on tax.
#lack of uniform tax structure.
GST is divided into two parts
intra State
inter state
GST is destination tax
five tax rates are introduced in GST.
percent
0%
5%
12%
18%
28%
world custom organisation create special code known as HSN code
HSN stands for harmonized system of nomenclature.
there are two exclusive rate of GST
0.25%
precious stone tax
3%
precious metal gold silver etc.
four products are exempted from GST.
petroleum products
electricity
real state
alcohol.
important points about GST.
it was introduced by Atal Bihari Vajpayee in the year 2000.
it got clearance in the year 2016
it got implemented on 1st of July 2017
28% is the highest rate of GST
160 countries follow GST.
first time GST was implemented in France in the year 1954
india and Canada follows dual concept of GST.
