GOODS AND SERVICES TAX (GST) - XII ECONOMICS

 

GOODS AND SERVICES TAX (GST)

                       The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services. 

GST Act was passed in the Parliament on 24th March 2017 and it came into effect from 1st July 2017.

Goods & Services Tax is a comprehensive, multi-stage, destination-based tax that is levied on every value addition  by the Central and State governments.Before the implementation  GST , various central, state and local area taxes were levied in India. These indirect taxes have now been subsumed under GST which is based on the principle  of ONE NATION ONE TAX.

Features of GST 

(i)  GST is a comprehensive tax  as various indirect taxes have been merged in this single tax except Customs duty, taxes on petroleum products, alcoholic drinks and taxes levied by local bodies. 

(ii)   GST is a multi-stage tax  because it is proposed to be levied at all stages starting from production up to final consumption

(iii)GST is a Value Added tax because it is levied on value addition at each stage of the supply chain . 

(iv)GST is a destination-based tax  - As the tax would accrue to the taxing authority which has jurisdiction over the place of consumption.

GST structure in India

 There are three taxes applicable under GST:

• Central GST (CGST): Where the tax revenue will be collected by the central government.

• State GST (SGST) or Union Territory GST (UTGST): Where the tax revenue will be collected  within the same state.

• IGST: Where the tax revenue will be collected by the central government for inter-state sales.

Goods and services are divided into following tax slabs for collection of tax namely, 0% (on essential items including food), 5%, 12%, 18% and 28% (on luxury items and tobacco)

                    

Advantages of GST

Various benefits that shall accrue with the introduction of GST are discussed below

• Boost Economic Growth:

The subsuming of major Central and State taxes in GST will reduce the cost of locally manufactured goods and services and increase their competitiveness in the international market thereby giving boost to Indian exports. An increase in economic activities will also help in increasing the country’s GDP.

• Ease of doing business:  

Introduction of a single tax and automated procedures for registration etc. has led to ease of doing business for the enterprises. 

• Attracting Foreign Investment:

 Introduction of GST has given a boost to foreign investment and “Make in India” campaign by harmonising the tax base and administration procedures across the nation.

• Ensure better tax compliance: 

The transparent and complete chain of set-offs will result in widening of tax base and better tax compliance. 

•Reduction in the cost of goods: Implementation of GST will prevent cascading of taxes (i.e. tax on tax) which resulted due to multiplicity of taxes on goods and services. This will make products cheaper and would benefit the consumers

CBSE - CLASS XII - 10 ECONOMICS SAMPLE PAPERS WITH ANSWER KEY

        CBSE - CLASS XII  - 10 ECONOMICS SAMPLE PAPERS WITH ANSWER  KEY 

Class 12th, Economics (030)

MM – 80, Time: 3 Hours

STRUCTURE OF QUESTION PAPERS:

1. This question paper contains two parts:

Part A - Macro Economics (40 marks)

Part B - Indian Economic Development (40 marks).

2. Marks for questions are indicated against each question.

3. Question No. 1-10 and Question No. 18 – 27 (including two Case-Based Questions)

are 1 mark questions and are to be answered in one word/sentence.

4. Case-Based Questions (CBQ’s) are Question No. 7-10 and Question No. 25-27.

5. Question No. 11-12 and Question No. 28 – 29 are 3 marks questions and are to be answered in 60 - 80 words each.

6. Question No. 13-15 and Question No. 30 – 32 are 4 marks questions and are to be answered in 80-100 words each.

7. Question No. 16-17 and Question No. 33 – 34 are 6 marks questions and are to be answered in 100-150 words each.

8. Answers should be brief and to the point and the above word limit be adhered to as far as possible.

CLICK THE BELOW LINK TO DOWNLOAD THE SOLVED 10 SAMPLER PAPERS

JUDICIARY - VIIII CIVICS

 

 

                                                                 CLASS - VIII

                                                   SOCIAL SCIENCE - CIVICS 

                                                                  JUDICIARY

• Supreme Court plays important role of safe­guarding the fundamental rights of citizens which includes provid­ing fair justice also.
• Impartiality and Intelligence are some of the important characteristics of the independent judiciary in a democratic setup.
• Therefore, the judiciary plays a crucial role in the functioning of India’s democracy.

 

 

What is the Role of the Judiciary:

Upholding the Law and Enforcing Fundamental Rights: Every citizen of India can approach the Supreme Court or the High Court

(i) Dispute Resolution- The judicial system provides a mechanism of courts for resolving disputes between citizens, citizens and the government, two state governments and the central and state governments.

(ii) Judicial Review- The judiciary has the power to strike down particular laws passed by the Parliament if it believes that these are a violation of the basic structure of the Constitution

(iii) Upholding the law & enforcing Fundamental Rights – Every citizen of India can approach the Supreme Court or the High Court if his/her Fundamental Rights have been violated.

 

What is an Independent Judiciary:

The Independence of Judiciary means:

1. Other branches of government – the legislature and the executive – cannot interfere in the work of the judiciary. The courts are not under the government and do not act on their behalf.
2. Independence of the judiciary allows the courts to play a central role in ensuring that there is no misuse of power by the legislature and the executive.
3. Judiciary is the guardian of the constitution and defender of fundamental rights of the people.
4. Independence of the judiciary also plays a crucial role in protecting the Fundamental Rights of citizens.

 

 

What is the Structure of Courts in India:

(i) There are three different levels of courts in India.

1. District Court: The courts that most people interact with are called subordinate or district courts or Tehsil level court.
2. High Court: Each state has a High Court which is the highest court of that state.
3. Supreme Court : The Supreme Court of India is the highest judicial authority. It is located in New Delhi and is presided over the Chief Justice of India. The decisions made by the Supreme Court are binding on all other courts in India.

 (ii) In India, we have an integrated judicial system, meaning that the decision made by higher courts are binding on the lower Courts as all these different levels of courts are connected to each other.

(iii) Appellate System: This means that a person can appeal to a higher court if they believe that the judgement passed by the lower court is not just. This system exists in India. It is another way that defines the integration of all the levels of courts.

What are the Different branches of the Legal System?

 

Criminal Law

• ·   Deals with conduct or acts that the law defines as offences
•   Eg: Theft, harassing a woman, dowry, murder 
•    It usually begins with the lodging of a First Information Report (FIR) with the police who investigate the crime after which a case is filed in the court.If found guilty, the accused can be sent to jail and also fined.

 

Civil Law

• · Deals with any harm or injury to the rights of individuals
• ·         Eg: Disputes relating to sale of land, purchase of goods, rent matters, divorce cases
• ·         A petition has to be filed before the relevant court by the affected party only
• ·         The court gives the specific relief asked for.

 

Does Everyone Have Access to the Courts:

(i) In principle, all citizens of India can access the courts in this country. This implies that every citizen has a right to justice through the courts.

(ii) Legal procedures involve a lot of money and paperwork which take up a lot of time. Poor people often avoid to go the court to get justice.

(iii) The Supreme Court devised a mechanism of Public Interest Litigation or (PIL) to increase access to justice in 1980’s. It allowed any individual or organization to file a PIL in the High Court or the Supreme Court on behalf of those whose right were being violated.

(iv) The legal process was simplified and even a letter or telegram addressed to the Supreme Court or the High Court could be treated as a PIL.

(v) The court exercise a crucial role in interpreting the Fundamental Rights of Citizens.

(vi) The judiciary serves as a check on the powers of the executive and the legislature and protecting the Fundamental Rights of the citizens.

.

The phrase ‘justice delayed is justice denied’ is often used to characterize extended time period that courts take. However, in spite of this there is no denying that the judiciary has played a crucial role in democratic India, serving as a check on the powers of the executive and the legislature as well as in protecting the Fundamental Rights of citizens.