This GSEB Class 11 Commerce Accounts Notes Part 1 Chapter 3 Introduction to Goods and Services covers all the important topics and concepts as mentioned in the chapter.
Introduction to Goods and Services Class 11 GSEB Notes
In our country various indirect taxes were collected by the central government, state governments and governments of union territories. Like the VAT, Excise duty, Custom duty, Sales tax, Purchase tax, Entry tax, Service tax, Entertainment tax, etc. Due to the diversity of these indirect taxes, governments, tax officers and taxpayers faced many problems in their management. To eliminate such type of complexitis in indirect taxes, instead of having different provisions of central government, state governments and governments of union territories, new tax act is introduced, with slogan of ‘One Nation One Tax’ that is GST Act. It became effective from 1st July, 2017 in the country.
→ The Goods and Services Tax (GST) is implemented from 1st July, 2017 by the government in the country.
→ GST is an indirect tax.
→ Entire operations and regulations of GST are done through GST council.
→ Tax which is applicable on supply of Goods and Services is known as GST.
→ Central Goods and Services Tax is known as CGST.
→ State Goods and Services Tax is known as SGST.
→ Integrated Goods and Services Tax is known as IGST.
→ Union Territory Goods and Services Tax is known as UTGST.
→ Goods and Services are covered under one tax only.
→ CGST and SGST are applicable for the intra¬state supply transactions.
→ CGST and UTGST are applicable for the union territory supply transactions.
→ IGST is applicable for the interstate supply transactions.
→ Imports of goods and services are treated as interstate supply.
→ In the context of GST five Acts are passed.
→ All GST rates are recommended by the GST council.
|1. Purchase / Sales of Goods and Services||Supply|
|2. Input State GST||Input SGST|
|3. Input Central GST||Input CGST|
|4. Input Union Territory GST||Input UTGST|
|5. Input Integrated GST||Input IGST|
|6. Output Central GST||Output CGST|
|7. Output State GST||Output SGST|
|8. Output Union Territory GST||Output UTGST|
|9. Output Integrated GST||Output IGST|
|10. Input Tax Credit||ITC|