Goods and Services Tax (GST) | Class 11 Business Studies (Chapter: Internal Trade) | Eduvictors Study Notes

 Goods and Services Tax (GST) 

Class 11 Business Studies (Chapter:  Internal Trade) Study Notes

1. Meaning of Goods and Services Tax (GST)

Goods and Services Tax (GST) is a single indirect tax charged on the supply of goods and services from the manufacturer to the final consumer. It has replaced many earlier indirect taxes such as VAT, service tax and excise duty.

GST is called a destination-based tax because it is collected by the state where goods or services are finally consumed, not where they are produced.

In summary, GST consolidates various indirect taxes into a single system, thereby facilitating the creation of a unified national market in India.

---

2. Meaning and Types of GST

GST in India is divided into different types to enable both the Central Government and State Governments to collect revenue.

(a) CGST – Central Goods and Services Tax

• Collected by the Central Government.
• Applied to transactions taking place within the same state (intra-state supply).

(b) SGST – State Goods and Services Tax

• Collected by the State Government.
• Also charged on intra-state supplies along with CGST.

For example, when goods are sold within Delhi, both CGST and SGST are levied.

(c) IGST – Integrated Goods and Services Tax

• Collected by the Central Government on inter-state supplies (between two states).
• Also applicable to imports.

For instance, goods sold from Delhi to Maharashtra are subject to IGST.

(d) UTGST – Union Territory Goods and Services Tax

• Charged in Union Territories without a legislature (like Chandigarh, Lakshadweep).
• Works similarly to SGST.

---

3. Features of GST

1. Nationwide Application
   GST applies nationwide, creating a common market (including Jammu and Kashmir).
2. Tax on Supply
   GST is charged on the supply of goods and services rather than only on manufacturing or sale.
3. Destination-Based Consumption Tax
   The tax revenue goes to the state where the goods or services are consumed.
4. Applies to Imports
   Import of goods and services is treated as an inter-state supply and is subject to IGST along with customs duties.
5. Dual Structure
   Taxes such as CGST, SGST and IGST are levied at rates decided jointly by the Centre and States through the GST Council.
6. Different Tax Slabs
   GST has four main tax rates:
7. • 5%
   • 12%
   • 18%
   • 28%
     Essential items are taxed at lower rates, while luxury items may be taxed at higher rates.
   • 40% Slab (Luxury & Sin Goods): Applies to luxury cars, high-end motorcycles (>350cc), yachts, personal aircraft, and aerated beverages.
8. Zero-Rated Exports
   Exports and supplies to Special Economic Zones (SEZs) are zero-rated, which encourages international trade.
9. Easy Online Payment System
   Taxpayers can pay GST through Internet banking, debit/credit cards, NEFT or RTGS, making the process faster and more transparent.
10. Input Tax Credit (ITC)
    Businesses can claim tax credits for taxes already paid on purchases, reducing double taxation.

---

Quick Summary

• GST = One tax replacing many indirect taxes.
• It is a destination-based tax on supply.
• Types of GST: CGST, SGST, IGST and UTGST.
• It simplifies taxation and promotes a unified national market.

See Also

Ch4: Business Services (Introduction)
Ch4: Banks and Functions Of Commercial Banks
Ch4: Insurance Services
Ch4: Communication Services
Ch5: Emerging Modes of Business (VSQA)
Ch: International Business-I (NCERT Answers)
Entrepreneurship Development - Questions and Answers

डॉ. ए.पी.जे. अब्दुल कलाम : बच्चों के प्रिय "मिसाइल मैन" | #eduvictors | article

 डॉ. ए.पी.जे. अब्दुल कलाम : बच्चों के प्रिय "मिसाइल मैन"

भारत रत्न डॉ. ए.पी.जे. अब्दुल कलाम का जन्म 15 अक्टूबर 1931 को तमिलनाडु के रामेश्वरम में हुआ था। वे साधारण परिवार से थे, लेकिन अपनी मेहनत, लगन और सपनों की ताक़त से उन्होंने पूरी दुनिया में भारत का नाम रोशन किया। उनका जीवन हमें यह सिखाता है कि कठिन परिस्थितियाँ भी सफलता की राह में बाधा नहीं बन सकतीं।

World Sight Day – Opening Our Eyes to Care | October 9 | #Eduvictors | Article

World Sight Day – Opening Our Eyes to Care

Every year, the second Thursday of October is recognised as World Sight Day. It is a special occasion to remind us all of the value of our eyes and the importance of taking care of them. This year, our teachers informed us that millions of people worldwide suffer from poor vision or even blindness, but many of these issues can actually be prevented or treated if we take action in time.

Indian Air Force Day 2025: Touching the Sky with Glory

Every year on 8th October, India celebrates Indian Air Force Day to honour the brave men and women who guard our skies. This year marks the 93rd anniversary of the Indian Air Force (IAF), a reminder of its illustrious journey since its formation in 1932.

Class 8 Science | Curiosity | Chapter: The Invisible Living World: Beyond Our Naked Eye | Very Short Answer Based Questions (Solved) #eduvictors

Class 8 Science | Curiosity | Chapter: The Invisible Living World: Beyond Our Naked Eye | Very Short Answer Based Questions (Solved) 

Q1: What optical tool helped humans first see tiny things that were not visible to the naked eye? 

A: The microscope.

Q2: What was a curved piece of glass, thick in the middle and thin at the edge, called historically? 

A: A lens.

Quit India Movement
(August Kranti Diwas)
A Defining Chapter in India’s Freedom Struggle

Welcome to an exploration of the Quit India Movement, also known as August Kranti Diwas—a pivotal moment in India’s journey to independence. This post is tailored for Class 10 and Class 12 students, using clear, student-friendly language in Indian English. We’ll delve into the background, key events, and the enduring importance of August Kranti, ensuring you grasp both the facts and the spirit of the movement.

Breaking Free from Plastic: A Call for Action on World Environment Day 2025 | Article

Breaking Free from Plastic: A Call for Action on World Environment Day 2025

Every year on 5th June, people across the globe come together to observe World Environment Day, a day dedicated to raising awareness and taking action to protect our planet. The theme for 2025 is Plastic Pollution, a crisis that continues to threaten our environment, wildlife, and human health.

Class 8 Science | Summer Holiday Homework Assignment 2025-26 #eduvictors

Class 8 Science | Summer Holiday Homework Assignment 2025-26

Q1. Which force is responsible for the downward movement of parachutes? Will the person come down with the same speed without the parachute?

Answer: The downward movement of a parachute is caused by gravity (the force that pulls everything toward Earth). However, the parachute slows the fall because of air resistance (a force that pushes upward against the falling object).

A person would fall much faster without a parachute because there’s less air resistance to balance gravity’s pull. The parachute increases air resistance, making the fall slower and safer.

Forms of Business Organisation | MCQs | 2025 | Class 11 Business Studies #eduvictors

Forms of Business Organisation | MCQs | Class 11 Business Studies

Q1. ____________ is a type of business unit where a person is solely responsible for providing the capital.

(a) Sole proprietorship

(b) Joint Hindu family business

(c) Partnership

(d) Cooperative societies

Class 11 Applied Maths | Sets and Relations | Holidays Homework 2025

Q1. Let U = {1, 2, 3, 4, 5, 6}, A = {2, 3} and B = {3, 4, 5}.

Find A′, B′, A′ ∩ B′, A ∪ B and hence show that ( A ∪ B )′ = A′ ∩ B′.

Answer: 

i. A′ = U − A = {1,4,5,6}

ii. B' = U − B = {1, 2, 6}

iii. A′ ∩ B′ = {1, 6}

iv. A ∪ B = {2, 3, 4, 5}

v. (A ∪ B)′ = U − (A∪B) = {1,6} 

⇒ ( A ∪ B )′ = A′ ∩ B′ (De Morgan's Law)

Evolution and Fundamentals of Business | Case Study Based Questions | Class 11 Business Studies #eduvictors

Evolution and Fundamentals of Business | Case Study Based Questions | Class 11 Business Studies

Case Study Based Question: 

The Cake Plaza specialises in delivering a variety of traditional cakes, designer cakes, dry cakes, cookies, and more, made to order using the finest ingredients available in a wide array of tastes, colours, designs, and themes. You can have a customised cake with your message delivered to your doorstep to celebrate any event, occasion, festival, or gathering. Josephine, the owner of The Cake Plaza, resides in Delhi. She wants to expand her business to other parts of the country, but lacks the necessary funds for that. She also hopes that people from other states will learn about her delicious cakes and cookies. However, she is concerned that her shop might catch fire, as happened with one of the neighbouring shops last week. 

Based on the information provided about The Cake Plaza, answer the following question: State any three business activities that Josephine will use to achieve her goal.

Class 7 Science | Curiosity| Chapter 2: Exploring Substances: Acidic, Basic, and Neutral| NCERT Solutions #eduvictors

Class 7 Science | Curiosity| Chapter 2: Exploring Substances: Acidic, Basic, and Neutral| NCERT Solutions

Q1. A solution turns the red litmus paper blue. Excess addition of which of the following solutions would reverse the change?

(i) Lime water

(ii) Baking soda

(iii) Vinegar

(iv) Common salt solution

Answer: (iii) Vinegar

Only vinegar (acetic acid) is acidic and can neutralise the base, turning the blue litmus back to red.

Poem: A Photograph | Shirley Toulson | NCERT Solutions for Class 11 English Chapter

Infer the meaning of the following words from the context

Q1. paddling (wading in water, walking with bare feet in shallow water)

Answer: The poet describes the scene when her mother was young and she was enjoying paddling in water with her two cousins, who were holding her hands.

Occupational hazards are workplace risks. | Class 11 Business Studies | Chapter 1- Evolution and Fundamentals of Business| Activity

Occupational Hazards are Workplace Risks

Class 11 Business Studies | 

Chapter 1: Evolution and Fundamentals of Business 

Occupational hazards are workplace risks that can cause harm, illness, or accidents to employees, categorised as physical, chemical, biological, ergonomic, and psychosocial hazards. 

Class 6 Science - Chapter 2 | Diversity in the Living World | Worksheet

Write your answers in the blanks provided. Use the words from the chapter to complete the sentences.

1. The variety of plants and animals around us is part of __________.

2. Grouping organisms involves considering their __________ and differences.

Celebrating Siblings: A Look at Siblings Day and Raksha Bandhan | April 10 | Article | #eduvictors

Celebrating Siblings: A Look at Siblings Day and Raksha Bandhan

Siblings hold a unique place in our lives—they’re our partners in mischief, our first friends, and often our lifelong supporters. Around the world, different cultures celebrate these bonds in their own ways. Two such celebrations are Siblings Day, observed in the US, Canada, and parts of Europe, and Raksha Bandhan, a centuries-old Hindu festival in India. Let’s explore these holidays and what makes them special.

Poem: A Photograph By Shirley Toulson | Summary | Class 11 English - Hornbill #eduvictors

Poem: A Photograph By Shirley Toulson | Summary | Class 11 English - HornBill 

Summary:

The poet looks at an old photograph of her mother as a child, enjoying a seaside holiday with her two cousins. The picture shows them standing in the shallow water, their feet temporarily against the everlasting sea. This contrast reminds the poet how short human life is compared to nature, which changes very slowly. The poem also shows us the poet’s mother’s happy and exciting childhood. At twelve years old, she spent her holidays by the sea, playing in the water with her cousins. She wore pretty, colourful dresses that matched the fun beach atmosphere.

Class 6 Mathematics | The Amazing Collatz Conjecture – A Math Mystery! #eduvictors

Class 6 Maths | The Amazing Collatz Conjecture – A Math Mystery! 

What is the Collatz Conjecture?

Have you ever played with numbers and discovered an intriguing pattern? The Collatz Conjecture (also known as the 3n + 1 problem) is a renowned unsolved mathematical puzzle that even the brightest mathematicians have yet to solve!

Class 11 Mathematics | NCERT Exercise 2.3 | Solved Answers and Questions #eduvictors #class11Maths

Class 11 Mathematics | NCERT Exercise 2.3 | Solved Answers and Questions

Q1. Which of the following relations are functions? Give reasons. If it is a function, determine its domain and range.

(i) {(2,1), (5,1), (8,1), (11,1), (14,1), (17,1)}

(ii) {(2,1), (4,2), (6,3), (8,4), (10,5), (12,6), (14,7)}

(iii) {(1,3), (1,5), (2,5)}.

Celebrating World Poetry Day: The Power of Words | #eduvictors

Celebrating World Poetry Day: The Power of Words

World Poetry Day, celebrated each year on 21st March, is a special occasion dedicated to the art of poetry. Established by UNESCO (the United Nations Educational, Scientific and Cultural Organisation) in 1999, this day aims to promote linguistic diversity, support endangered languages, and encourage appreciation for the beauty of poetry. The date was chosen to coincide with the beginning of spring in the Northern Hemisphere, symbolising renewal, creativity, and growth. Since its inception, World Poetry Day has evolved into a global celebration, uniting poets, readers, and educators to honour the timeless power of poetic expression.