ICSE X Class Maths Concept

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ICSE X Class Maths Concept designed by the ‘Basics in Maths’ team. These notes to do help the ICSE 10th class Maths students fall in love with mathematics and overcome the fear.

These notes cover all the topics covered in the ICSE 10th class Maths syllabus and include plenty of formulae and concept to help you solve all the types of 10th class Mathematics problems asked in the ICSE board and entrance examinations.


 1. Goods and Service Tax

Two types of taxes in the Indian Government:

1.Direct taxes: –

These are the taxes paid by an organisation or individual directly to the government. These include Income tax, Capital gain tax and Corporate tax.

2.Indirect taxes: –

These are the taxes on goods and services paid by the customer, collected by an individual or an organisation and deposited with the Government. Earlier there were several indirect taxes levied by the central and state Governments.

Goods and Service Tax (GST):

GST is a comprehensive indirect tax for the whole nation. It makes India one unified common market.

 Registration under GST:

Any individual or organisation that has an annual turnover of more than ₹ 20 lakh is to be registered under GST.

Input and Output GST:

For any individual or organisation, the GST paid on purchases is called the ‘Input GST’ and the GST collection on sale of goods is called the ‘Output GST’. The input GST is set off against the output GST and the difference between the two is payable in the Government account.

One currency one tax:

There is a uniform GST rate on any particular goods or services across all states and Union Territories of India. This is called ‘One currency one tax’.

Note: Assam was the first state to implement GST and Jammu & Kashmir was the last.

GST rate slabs:

ICSE X class Maths GST rate slabs

However, the tax on gold is kept at 3% and on rough precious and semi-precious is kept at 0.25%.

The multitier GST tax rate system in India has been developed keeping in mind that essential commodities should be taxed less than luxury goods.

Benefits of GST for Traders:

• Simple tax system.

• Elimination of multiplicity of taxes.

• Development of a common market nation-wide.

• Reduction of cascading effect.

• Lower taxes result in the reduction of costs making in the domestic market.

Benefits of GST for Consumers:

• Single and transparent System.

• Elimination of cascading effect has resulted in the reduction in the costs of goods and services.

• Increase in purchasing power and savings.

Benefits of GST for Traders:

• Single tax system, simple and easy to administer.

• Higher revenue efficiency.

• Better control on leakage and tax evasion.

Types of GST in India

Central GST (CGST): For any intrastate supply half of the GST collected as the output GST is deposited with the Central Governments as CGST.

State GST or Union Territory GST (SGST/UGST): For any local supply (supply with in the same state or Union Territory) half of the GST is deposited with the respective state or Union Territory Government as the beneficiary. This is called SGST/UGST.

Integrated GST (IGST): The GST levied on the supply of goods or services in the case of interstate trade within India or in the case of exports/imports is known as IGST.

Reverse charge Mechanism:

There are cases where the chargeability gets reversed, that is the receiver becomes liable to pay the tax and deposit it to the Government Account.

Composition shame:

The composition is meant for small dealers and service providers with an annual turnover less than ₹ 1.5 crores and also for Restaurant service providers. Under this scheme the rates of GST are:

ICSE X class Maths Composition Scheme
Input Tax Credit (ITC)
    

When a dealer sells his goods, he charges the output GST from his customer which he has to deposit in the government account, but in running his business he had paid input GST on the goods he had availed. This input GST, he utilizes as Input Tax credit and deposits the exes amount of output GST with the Government.

Input Tax credit is a provision of reducing the GST already paid on inputs in order to avoid the cascading of taxes.

GST payable = Output GST – ITC

Claiming ITC: A dealer registered under GST can claim ITC only if:

  • He possesses the tax invoice.
  • He has received the said goods/services
  • He has filed the returns.
  • The tax paid by him has been paid to the government by his supplier.

Utilization of ITC:

The Amount of ITC available to any registered dealer shall be utilized to reduce the out put tax liability in the sequence shown in the table.

ICSE X class Maths Utilization of ITC

E – ledgers under GST:
An E – ledger is an electronic form of a pass book available to all GST registrants on the GST portal. These are of three types:

(i) Electric cash ledger (ii) Electric credit ledger and (iii) Electric Liability Register

(i) Electric cash ledger: It contains the amounts of GST deposited in each to the government.

(ii) Electric credit ledger: It contains the balance of ITC available to the dealer.

(iii) Electric credit ledger: It contains all the Tax liability of the dealer.

GST Returns:

These are the information provided from time to time by the dealer to the Government regarding the ITC, output Tax liability and the amounts of GST deposited.

A GST registered person has to submit the following returns:

ICSE X class Maths GST returns

E – Way bill:
E – Way bill is an electronic way bill that can be generated on the E – Way bill portal. A registered person can not transport goods whose value exceeds ₹ 50,000 in a vehicle without an e – way bill. When an E – way bill is generated, a unique e – way bill number (EBN) is allocated and is available to the supplier, the transporter and recipient. A dealer must generate an E – way bill if he has to transport them for returning to the supplier.
 

 

 

 

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