Economics (TAXATION AND GST)

Taxation

Nature of tax
1. Proportional tax
2. Progressive tax
3. Regressive tax
4. Digressive tax

PROPORTIONAL TAX

3 lakh =5%
5 lakh= 5%
8 lakh =5%
10 lakh= 5%

PROGRESSIVE TAX

3 lakh 5%
5 lakh8 %
 8 lakh 10%
10 lakh 12%

REGRESSIVE TAX

10 lakh 5%
5 lakh 8%
5 lakh 10%
3 lakh 12%

DIGRESSIVE TAX

3lakh 5%
5 lakh 8%
8 lakh 10%
10 lakh 10%

IN INDIA PROPORTIONATE AND PROGRESSIVE TAX RUN

PROGRESSIVE TAX

Rich more burden
 poor less burden

REGRESSIVE TAX

Rich less burden
poor more burden

IMPORTANT TAX

Canon of taxation →Adam Smith→ wealth of nation
Buayance of taxation→tax rate↑→tax revenue↑
Tobin tax
FTB→Fringe benifit tax.
Surcharge→Additional tax
Advoleram tax(VAT)

WEALTH OF NATION

Economy
Consistency/equality
Cerenity
Convenience

TOBIN TAX

A tax was imposed on export exchange of currency.

FTB

A tax which impose on extra benefit which is provided by employer.

ADVOLERAM TAX (VAT)

A tax which impose according to value or price

TAXATION

Direct tax(Income)
Indirect tax(expenditure)

Wepro.co.in=direct tax
Excise.me=direct tax

Where as;

We→wealth tax(अब नहीं लगता )
Pro→property tax( "     ")
Co→corporate tax("    ")(सबसे ज्यादा पैसा government को इस tax से मिलता है )
In→income tax("     ")

Ex→Excise duty
Cu→custom duty
Se→service tax
M→marketing tax
E→entertainment tax

SOME IMPORTANT QUESTION RELATED TO TAX

1. A tax was imposed by central government but collected and used by State Government (article 267)

ans=stamp duty tax, leaker, alcohol.

2. Attacks which imposed and collected by central government but distributed among state government (article 268).

Ans=terminal tax →goods and service carried by railway ,sea,Air.
Taxation buy and sale of newspaper and advertisement

A tax which imposed and collected by central government but distributed between Central and state government (article 269)
............................................................................

GST (GOODS AND SERVICE TAX)

Established →1 July 2017
Slogan →one Nation one tax
Amendment →101 (122th bill)

GST
8 AUGUST 2016 IN LOK SABHA
3 AUGUST 2016 IN RAJYA SABHA

GST

CGST(Central goods and service tax)
SGST(state goods and service tax)
IGST(integrated goods and service tax)
   ↓
Imposed by central government but revenue is distributed between Central and state government. Inter state goods exchange.

TAX SLAB
5%
12%
18%
28%

Exempted item→Petroleum, leaker,LPG education ,some medicine.

0% tax→खुला दूध  ,खुला सब्जी, चिकेन, मटन (जो समान खुले में बिकती हो )
Service→below 1000 hotel →0%  tax

5%tax→packed  food, packed milk, tea ,spices.

12% tax→Ayurvedic medicine, mobile, silae machine.

18%tax→camera, speaker, pesties, cake, mineral water, ice cream,.

28%tax→Pan ,Gutka, movie ,Chocolate ,automobile.

Services→5 star hotel

GST (BUSINESS)

Normal state→more 20 lakh/yearly→turn over→GST number compulsory.

Special state→more 10 lakh→turn over→GST number compulsory.

Say 20 lakh to 1.5 crore→90% (state government)+10%(central government)

More than 1.5 crore→50% (state government)+50%(central government)

LAW OF ECONOMICS OF SCALE

Per unit cost decreases if production increases but in a certain limit.

DUAL GST→Canada or India

SOME IMPORTANT QUESTION RELATED TO GST

Q. Headquarter of GST Council=New Delhi
Q. Chairman of GST Council=Arun Jaitley
Q. Who is the GST finance minister panel chairman=Amit Mishra

Q. First state which rectify GST=Assam
Q. 1st State which pass GST=Telangana
Q. GST day 1 July 2017
Q. GST is regulated by CBEC
CBEC =Central Board of Excise custom.

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