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BY
SOUNDARYA R
Goods & Service Tax
The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act
came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive,
multi-stage, destination-based tax that is levied on every value addition. Under the GST
regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST
and State
Salient GST are
features of charged.
GST Inter-state sales are chargeable to Integrated GST.
The salient features of GST are as under:
•GST is applicable on ‘supply’ of goods or services as against the present concept on the
manufacture of goods or on sale of goods or on provision of services.
•An Integrated GST (IGST) would be levied an inter-state supply (including stock transfers) of
goods or services. This shall be levied and collected by the Government of India and such tax
shall be apportioned between the Union and the States in the manner as may be provided by
Parliament by Law on the recommendation of the GST Council.
•Import of goods or services would be treated as inter-state supplies and would be subject to
IGST in addition to the applicable customs duties.
• Tobacco and tobacco products would be subject to GST. In addition, the Centre
would have the power to levy Central Excise duty on these products.
•Exports would be zero-rated supplies. Thus, goods or services that are exported
would not suffer input taxes or taxes on finished products.
GST RATES:
Gold- 3%
GOLD (22K) (per gm) 2962 (ON 30th JUNE) 2973 (ON 1st JULY)
PETROL (per litre) 65.46 (ON 30th JUNE) 65.74 (ON 1st JULY)
DIESEL (per litre) 56.3 (ON 30th JUNE) 56.13 (ON 1st JULY)
RICE (per kg) 29.51 26.87
WHEAT (per kg) 12.22 13.04
PEANUT OIL (per litre) 94.27 96.46
BANANA (per kg) 70.88 70.88
This tabulation is used to analyse the change in prices of commodities before and after the
implementation of GST.
BAR GRAPH OF THE TABLE
Representation of prices of the chosen commodities
3000
2500
2000
1500
1000
500
PRICE ON 1st July 2017
0 PRICE ON 30th JUN 2017
) e) e) ) ) e) )
gm il tr il tr kg kg il tr kg
er er er er er
er (p (p er (p
(p (p (p (p
K) L EL CE EA
T
IL
A
2 RO S RI
H O AN
(2 T I E W T N
LD PE D N
U BA
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PRICE ON 30th JUN 2017 PRICE ON 1st July 2017
HYPOTHESIS
The testing is done with the help of Paired Sample ‘t’ test which is used to
compare two means that are from the same individual, object or related
RESULT
CONCLUSION