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Page 1
81
4 Financial Planning
Let’s discuss.
Teacher : Dear students, in our country which tax system is in practice for business ?
Ayush : GST system is in practice.
Teacher : Very good ! What do you know about GST ?
Ayan : GST stands for Goods and Service Tax.
Aisha : Yes, the whole country follows the same tax levy system.
Teacher : Correct, before GST every state had variety of taxes levied at different
stages of trading. Observe the picture given below and tell which taxes
existed before GST and are now subsumed in GST ?
Shafik : Taxes that existed before were Excise Duty, Custom Duty, VAT,
Entertainment tax, Central sales tax, Service tax, Octroi etc.
Teacher : All these taxes are subsumed under GST, that is why GST is One nation,
One tax, One market. GST is in effect from 1
st
of July 2017.
· GST - Introduction · GST - Tax Invoice
· GST - Computation and ITC · Shares, Mutual Funds and SIP
Excise Duty
Entertainment Tax
VAT
Service Tax
Custom Duty
Central Surcharge
and Cess
Goods and Service
Tax (GST)
Luxury Tax
Octroi
Spectial Additional
Duty (SAD)
Countervailing Duty
(CVD)
CST
Let’s study.
Page 2
81
4 Financial Planning
Let’s discuss.
Teacher : Dear students, in our country which tax system is in practice for business ?
Ayush : GST system is in practice.
Teacher : Very good ! What do you know about GST ?
Ayan : GST stands for Goods and Service Tax.
Aisha : Yes, the whole country follows the same tax levy system.
Teacher : Correct, before GST every state had variety of taxes levied at different
stages of trading. Observe the picture given below and tell which taxes
existed before GST and are now subsumed in GST ?
Shafik : Taxes that existed before were Excise Duty, Custom Duty, VAT,
Entertainment tax, Central sales tax, Service tax, Octroi etc.
Teacher : All these taxes are subsumed under GST, that is why GST is One nation,
One tax, One market. GST is in effect from 1
st
of July 2017.
· GST - Introduction · GST - Tax Invoice
· GST - Computation and ITC · Shares, Mutual Funds and SIP
Excise Duty
Entertainment Tax
VAT
Service Tax
Custom Duty
Central Surcharge
and Cess
Goods and Service
Tax (GST)
Luxury Tax
Octroi
Spectial Additional
Duty (SAD)
Countervailing Duty
(CVD)
CST
Let’s study.
82
Let’s learn.
Tax Invoice
Tax Invoice of goods purchase (Sample)
SUPPLIER : A to Z SWEET MART GSTIN : 27ABCDE1234H1Z5
143, Shivaji Rasta, Mumbai : 400001, Maharashtra.
Mo No. 92636 92111 e-mail - atoz@gmail.com
Invoice No. GST/110 Invoice Date: 31-Jul-2017
S.
No.
HSN
code
Name
of
Product
Rate Quantity
Taxable
Amount
CGST
Rate Tax
SGST
Rate Tax
Total
`
1 210690 Pedhe ` 400 per kg. 500 gm. 200.00 2.5% 5.00 2.5% 5.00 210.00
2 210691 Chocolate ` 80 1Bar 80.00 14% 11.20 14% 11.20 102.40
3 2105 Ice-cream ` 200
per pack
1 pack
(500 gm.)
200.00 9% 18.00 9% 18.00 236.00
4 1905 Bread ` 35 1 pack 35.00 0% 0.00 0% 0.00 35.00
5 210690 Butter ` 500 per kg. 250 gm 125.00 6% 7.50 6% 7.50 140.00
Total Rupees 41.70 41.70 723.40
Ved : In the invoice we see some new words, please explain them.
Teacher : CGST and SGST are two components of GST. CGST is Central Goods and
Service Tax which is to be paid to the central government. Whereas SGST
is State Goods and Service Tax which is to be paid to the state government.
Ria : What is in the right most corner with a long queue of numbers and alphabets?
Teacher : It is GSTIN, dealer’s indentification number. (GSTIN- Goods and Service
Tax Identification Number). GSTIN is mandatory for the dealer whose
annual turn over in previous financial year exceeds rupees 20 lacs. You
know that PAN has 10 alpha-numerals, similarly GSTIN has 15 alpha-
numerals. It includes 10 digit PAN of the dealer.
e.g. : 27 A B C D E 1 2 3 4 H 1 Z 5
10 digit PAN of the firm
Jennie : There is a word HSN code in the tax invoice.
Note : Here 27 is the state code
of Maharashtra. From
27, one can understand
that a person or a firm is
registered in Maharashtra.
1 represents one registration
Uniform for all (By default)
Check sum digit (confirms the
validity of GSTIN when entered
on GST portal)
2 digits for
state code
Page 3
81
4 Financial Planning
Let’s discuss.
Teacher : Dear students, in our country which tax system is in practice for business ?
Ayush : GST system is in practice.
Teacher : Very good ! What do you know about GST ?
Ayan : GST stands for Goods and Service Tax.
Aisha : Yes, the whole country follows the same tax levy system.
Teacher : Correct, before GST every state had variety of taxes levied at different
stages of trading. Observe the picture given below and tell which taxes
existed before GST and are now subsumed in GST ?
Shafik : Taxes that existed before were Excise Duty, Custom Duty, VAT,
Entertainment tax, Central sales tax, Service tax, Octroi etc.
Teacher : All these taxes are subsumed under GST, that is why GST is One nation,
One tax, One market. GST is in effect from 1
st
of July 2017.
· GST - Introduction · GST - Tax Invoice
· GST - Computation and ITC · Shares, Mutual Funds and SIP
Excise Duty
Entertainment Tax
VAT
Service Tax
Custom Duty
Central Surcharge
and Cess
Goods and Service
Tax (GST)
Luxury Tax
Octroi
Spectial Additional
Duty (SAD)
Countervailing Duty
(CVD)
CST
Let’s study.
82
Let’s learn.
Tax Invoice
Tax Invoice of goods purchase (Sample)
SUPPLIER : A to Z SWEET MART GSTIN : 27ABCDE1234H1Z5
143, Shivaji Rasta, Mumbai : 400001, Maharashtra.
Mo No. 92636 92111 e-mail - atoz@gmail.com
Invoice No. GST/110 Invoice Date: 31-Jul-2017
S.
No.
HSN
code
Name
of
Product
Rate Quantity
Taxable
Amount
CGST
Rate Tax
SGST
Rate Tax
Total
`
1 210690 Pedhe ` 400 per kg. 500 gm. 200.00 2.5% 5.00 2.5% 5.00 210.00
2 210691 Chocolate ` 80 1Bar 80.00 14% 11.20 14% 11.20 102.40
3 2105 Ice-cream ` 200
per pack
1 pack
(500 gm.)
200.00 9% 18.00 9% 18.00 236.00
4 1905 Bread ` 35 1 pack 35.00 0% 0.00 0% 0.00 35.00
5 210690 Butter ` 500 per kg. 250 gm 125.00 6% 7.50 6% 7.50 140.00
Total Rupees 41.70 41.70 723.40
Ved : In the invoice we see some new words, please explain them.
Teacher : CGST and SGST are two components of GST. CGST is Central Goods and
Service Tax which is to be paid to the central government. Whereas SGST
is State Goods and Service Tax which is to be paid to the state government.
Ria : What is in the right most corner with a long queue of numbers and alphabets?
Teacher : It is GSTIN, dealer’s indentification number. (GSTIN- Goods and Service
Tax Identification Number). GSTIN is mandatory for the dealer whose
annual turn over in previous financial year exceeds rupees 20 lacs. You
know that PAN has 10 alpha-numerals, similarly GSTIN has 15 alpha-
numerals. It includes 10 digit PAN of the dealer.
e.g. : 27 A B C D E 1 2 3 4 H 1 Z 5
10 digit PAN of the firm
Jennie : There is a word HSN code in the tax invoice.
Note : Here 27 is the state code
of Maharashtra. From
27, one can understand
that a person or a firm is
registered in Maharashtra.
1 represents one registration
Uniform for all (By default)
Check sum digit (confirms the
validity of GSTIN when entered
on GST portal)
2 digits for
state code
83
Teacher : All Goods are classified by giving numerical code called HSN code.
It is to be quoted in the tax invoice. Full form of HSN is Harmonized
System of Nomenclature.
Joseph : As usual there is name of the shop, address, state, date, invoice number, mo-
bile number and e-mail ID also in the tax invoice.
Teacher : Now we will see how the GST is charged for each product (Goods) in the bill.
Observe the given bill and fill in the boxes with the appropriate number. Price
of 1 kg of Pedhe is ` 400, therefore cost of 500 gm. of Pedhe is ` 200.
?? CGST at the rate of 2.5% is ` and SGST at the rate of % is ` 5.00.
?? It means that the rate of GST on Pedhe is 2.5+2.5=5% and hence the total
GST is ` 10.
?? The rate of GST on chocolate is % and hence the total GST is
`
?? Rate of GST on Ice-cream is %, hence the total cost of ice-cream is
`
?? On butter CGST rate is % and SGST rate is also %. So GST rate
on butter is %.
Aditya : Rate of GST on bread is 0 %. The rate of CGST and SGST is same
for each product.
Ninad : Rates of GST are different for diferent products such as 0%, 5%, 12%,
18% and 28%.
Teacher : These rates are fixed and prescribed by the government.
Now let us observe the tax invoice of services provided. Fill in the
blanks with the help of given information.
Tax invoice of services provided (Sample)
Food Junction, Khed-Shivapur, Pune Invoice No. 58
Mo. No. 7588580000 email - ahar.khed@yahoo.com
GSTIN : 27 AAAAA5555B1ZA Invoice Date 25-Dec-2017
SAC Food items Qty Rate
(in ` )
Taxable
amount
CGST SGST
9961 Coffee 1 20 20.00 2.5% . . . 2.5% . . .
9963 Masala Tea 1 10 10.00 . . . . . . . 2.5% . . .
9962 Masala Dosa 2 60 . . . . 2.5% . . . . . . . . .
Total . . . . . . . . . . . .
Grand Total = ` --------
Teacher : Compare both, Goods and Service Tax invoices and find the difference
in codes.
Page 4
81
4 Financial Planning
Let’s discuss.
Teacher : Dear students, in our country which tax system is in practice for business ?
Ayush : GST system is in practice.
Teacher : Very good ! What do you know about GST ?
Ayan : GST stands for Goods and Service Tax.
Aisha : Yes, the whole country follows the same tax levy system.
Teacher : Correct, before GST every state had variety of taxes levied at different
stages of trading. Observe the picture given below and tell which taxes
existed before GST and are now subsumed in GST ?
Shafik : Taxes that existed before were Excise Duty, Custom Duty, VAT,
Entertainment tax, Central sales tax, Service tax, Octroi etc.
Teacher : All these taxes are subsumed under GST, that is why GST is One nation,
One tax, One market. GST is in effect from 1
st
of July 2017.
· GST - Introduction · GST - Tax Invoice
· GST - Computation and ITC · Shares, Mutual Funds and SIP
Excise Duty
Entertainment Tax
VAT
Service Tax
Custom Duty
Central Surcharge
and Cess
Goods and Service
Tax (GST)
Luxury Tax
Octroi
Spectial Additional
Duty (SAD)
Countervailing Duty
(CVD)
CST
Let’s study.
82
Let’s learn.
Tax Invoice
Tax Invoice of goods purchase (Sample)
SUPPLIER : A to Z SWEET MART GSTIN : 27ABCDE1234H1Z5
143, Shivaji Rasta, Mumbai : 400001, Maharashtra.
Mo No. 92636 92111 e-mail - atoz@gmail.com
Invoice No. GST/110 Invoice Date: 31-Jul-2017
S.
No.
HSN
code
Name
of
Product
Rate Quantity
Taxable
Amount
CGST
Rate Tax
SGST
Rate Tax
Total
`
1 210690 Pedhe ` 400 per kg. 500 gm. 200.00 2.5% 5.00 2.5% 5.00 210.00
2 210691 Chocolate ` 80 1Bar 80.00 14% 11.20 14% 11.20 102.40
3 2105 Ice-cream ` 200
per pack
1 pack
(500 gm.)
200.00 9% 18.00 9% 18.00 236.00
4 1905 Bread ` 35 1 pack 35.00 0% 0.00 0% 0.00 35.00
5 210690 Butter ` 500 per kg. 250 gm 125.00 6% 7.50 6% 7.50 140.00
Total Rupees 41.70 41.70 723.40
Ved : In the invoice we see some new words, please explain them.
Teacher : CGST and SGST are two components of GST. CGST is Central Goods and
Service Tax which is to be paid to the central government. Whereas SGST
is State Goods and Service Tax which is to be paid to the state government.
Ria : What is in the right most corner with a long queue of numbers and alphabets?
Teacher : It is GSTIN, dealer’s indentification number. (GSTIN- Goods and Service
Tax Identification Number). GSTIN is mandatory for the dealer whose
annual turn over in previous financial year exceeds rupees 20 lacs. You
know that PAN has 10 alpha-numerals, similarly GSTIN has 15 alpha-
numerals. It includes 10 digit PAN of the dealer.
e.g. : 27 A B C D E 1 2 3 4 H 1 Z 5
10 digit PAN of the firm
Jennie : There is a word HSN code in the tax invoice.
Note : Here 27 is the state code
of Maharashtra. From
27, one can understand
that a person or a firm is
registered in Maharashtra.
1 represents one registration
Uniform for all (By default)
Check sum digit (confirms the
validity of GSTIN when entered
on GST portal)
2 digits for
state code
83
Teacher : All Goods are classified by giving numerical code called HSN code.
It is to be quoted in the tax invoice. Full form of HSN is Harmonized
System of Nomenclature.
Joseph : As usual there is name of the shop, address, state, date, invoice number, mo-
bile number and e-mail ID also in the tax invoice.
Teacher : Now we will see how the GST is charged for each product (Goods) in the bill.
Observe the given bill and fill in the boxes with the appropriate number. Price
of 1 kg of Pedhe is ` 400, therefore cost of 500 gm. of Pedhe is ` 200.
?? CGST at the rate of 2.5% is ` and SGST at the rate of % is ` 5.00.
?? It means that the rate of GST on Pedhe is 2.5+2.5=5% and hence the total
GST is ` 10.
?? The rate of GST on chocolate is % and hence the total GST is
`
?? Rate of GST on Ice-cream is %, hence the total cost of ice-cream is
`
?? On butter CGST rate is % and SGST rate is also %. So GST rate
on butter is %.
Aditya : Rate of GST on bread is 0 %. The rate of CGST and SGST is same
for each product.
Ninad : Rates of GST are different for diferent products such as 0%, 5%, 12%,
18% and 28%.
Teacher : These rates are fixed and prescribed by the government.
Now let us observe the tax invoice of services provided. Fill in the
blanks with the help of given information.
Tax invoice of services provided (Sample)
Food Junction, Khed-Shivapur, Pune Invoice No. 58
Mo. No. 7588580000 email - ahar.khed@yahoo.com
GSTIN : 27 AAAAA5555B1ZA Invoice Date 25-Dec-2017
SAC Food items Qty Rate
(in ` )
Taxable
amount
CGST SGST
9961 Coffee 1 20 20.00 2.5% . . . 2.5% . . .
9963 Masala Tea 1 10 10.00 . . . . . . . 2.5% . . .
9962 Masala Dosa 2 60 . . . . 2.5% . . . . . . . . .
Total . . . . . . . . . . . .
Grand Total = ` --------
Teacher : Compare both, Goods and Service Tax invoices and find the difference
in codes.
84
Patrick : In the tax invoice for Goods, there is HSN code while in service
invoice there is SAC.
Teacher : Services are also classified and special code numbers are given. These
are called SAC or Service Accounting Code.
Sr.
No.
Types
Rate of
GST
Goods and services items list
I Zero
rated
0%
Goods - Essential Commodities like food grains, fruits,
vegetables, milk, salt, earthen pots etc.
Services - Charitable trust activities, transport of water,
use of roads and bridges, public library, agriculture
related services, Education and Health care services etc.
II Low
rated
5%
Goods- Commonly used items- LPG cylinder, Tea, cof-
fee, oil, Honey, Frozen vegetables, spices, sweets etc.
Services - Railway transport services, bus transport
services, taxi services, Air transport (economy class),
Hotels providing food and beverages etc.
III Stand-
ard
rated
(I slab)
12%
Goods- Consumer goods : Butter, Ghee, Dry fruits,
Jam, Jelly, Sauces, Pickles. Mobile phone etc.
Services - Printing job work, Guest house, Services
related to construction business.
IV Stand-
ard
rated
(II slab)
18%
(Most
of the
Goods and
services
are
included)
Goods - Marble, Granite, Perfumes, Metal items,
Computer, Printer, Monitor, CCTV etc.
Services - Courier services, Outdoor catering, Circus,
Drama, Cinema, Exhibitions, Currency exchange,
Broker Services in share trading etc.
V Highly
rated
28%
Goods - Luxury items, Motor Cycles and spare parts,
Luxury cars, Pan-masala, Vacuum cleaner, Dish
washer, AC, Washing machine, Fridge, Tobacco
products, Aerated water etc.
Services - Five star Hotel accommodation Amusement
parks, Water parks, Theme parks, Casino, Race course,
IPL games, Air transport (business class) etc.
Reference : www.cbec.gov.in (Central Board of Excise & Customs)
Besides these rates, find on which goods are the GST rates levied between 0 and 5 ?
Note : - The rates and types of GST are as prescribed by the
government at the time of writing this chapter. GST rates are subject
to change. Electricity, petrol, diesel etc are not under purview of GST.
Page 5
81
4 Financial Planning
Let’s discuss.
Teacher : Dear students, in our country which tax system is in practice for business ?
Ayush : GST system is in practice.
Teacher : Very good ! What do you know about GST ?
Ayan : GST stands for Goods and Service Tax.
Aisha : Yes, the whole country follows the same tax levy system.
Teacher : Correct, before GST every state had variety of taxes levied at different
stages of trading. Observe the picture given below and tell which taxes
existed before GST and are now subsumed in GST ?
Shafik : Taxes that existed before were Excise Duty, Custom Duty, VAT,
Entertainment tax, Central sales tax, Service tax, Octroi etc.
Teacher : All these taxes are subsumed under GST, that is why GST is One nation,
One tax, One market. GST is in effect from 1
st
of July 2017.
· GST - Introduction · GST - Tax Invoice
· GST - Computation and ITC · Shares, Mutual Funds and SIP
Excise Duty
Entertainment Tax
VAT
Service Tax
Custom Duty
Central Surcharge
and Cess
Goods and Service
Tax (GST)
Luxury Tax
Octroi
Spectial Additional
Duty (SAD)
Countervailing Duty
(CVD)
CST
Let’s study.
82
Let’s learn.
Tax Invoice
Tax Invoice of goods purchase (Sample)
SUPPLIER : A to Z SWEET MART GSTIN : 27ABCDE1234H1Z5
143, Shivaji Rasta, Mumbai : 400001, Maharashtra.
Mo No. 92636 92111 e-mail - atoz@gmail.com
Invoice No. GST/110 Invoice Date: 31-Jul-2017
S.
No.
HSN
code
Name
of
Product
Rate Quantity
Taxable
Amount
CGST
Rate Tax
SGST
Rate Tax
Total
`
1 210690 Pedhe ` 400 per kg. 500 gm. 200.00 2.5% 5.00 2.5% 5.00 210.00
2 210691 Chocolate ` 80 1Bar 80.00 14% 11.20 14% 11.20 102.40
3 2105 Ice-cream ` 200
per pack
1 pack
(500 gm.)
200.00 9% 18.00 9% 18.00 236.00
4 1905 Bread ` 35 1 pack 35.00 0% 0.00 0% 0.00 35.00
5 210690 Butter ` 500 per kg. 250 gm 125.00 6% 7.50 6% 7.50 140.00
Total Rupees 41.70 41.70 723.40
Ved : In the invoice we see some new words, please explain them.
Teacher : CGST and SGST are two components of GST. CGST is Central Goods and
Service Tax which is to be paid to the central government. Whereas SGST
is State Goods and Service Tax which is to be paid to the state government.
Ria : What is in the right most corner with a long queue of numbers and alphabets?
Teacher : It is GSTIN, dealer’s indentification number. (GSTIN- Goods and Service
Tax Identification Number). GSTIN is mandatory for the dealer whose
annual turn over in previous financial year exceeds rupees 20 lacs. You
know that PAN has 10 alpha-numerals, similarly GSTIN has 15 alpha-
numerals. It includes 10 digit PAN of the dealer.
e.g. : 27 A B C D E 1 2 3 4 H 1 Z 5
10 digit PAN of the firm
Jennie : There is a word HSN code in the tax invoice.
Note : Here 27 is the state code
of Maharashtra. From
27, one can understand
that a person or a firm is
registered in Maharashtra.
1 represents one registration
Uniform for all (By default)
Check sum digit (confirms the
validity of GSTIN when entered
on GST portal)
2 digits for
state code
83
Teacher : All Goods are classified by giving numerical code called HSN code.
It is to be quoted in the tax invoice. Full form of HSN is Harmonized
System of Nomenclature.
Joseph : As usual there is name of the shop, address, state, date, invoice number, mo-
bile number and e-mail ID also in the tax invoice.
Teacher : Now we will see how the GST is charged for each product (Goods) in the bill.
Observe the given bill and fill in the boxes with the appropriate number. Price
of 1 kg of Pedhe is ` 400, therefore cost of 500 gm. of Pedhe is ` 200.
?? CGST at the rate of 2.5% is ` and SGST at the rate of % is ` 5.00.
?? It means that the rate of GST on Pedhe is 2.5+2.5=5% and hence the total
GST is ` 10.
?? The rate of GST on chocolate is % and hence the total GST is
`
?? Rate of GST on Ice-cream is %, hence the total cost of ice-cream is
`
?? On butter CGST rate is % and SGST rate is also %. So GST rate
on butter is %.
Aditya : Rate of GST on bread is 0 %. The rate of CGST and SGST is same
for each product.
Ninad : Rates of GST are different for diferent products such as 0%, 5%, 12%,
18% and 28%.
Teacher : These rates are fixed and prescribed by the government.
Now let us observe the tax invoice of services provided. Fill in the
blanks with the help of given information.
Tax invoice of services provided (Sample)
Food Junction, Khed-Shivapur, Pune Invoice No. 58
Mo. No. 7588580000 email - ahar.khed@yahoo.com
GSTIN : 27 AAAAA5555B1ZA Invoice Date 25-Dec-2017
SAC Food items Qty Rate
(in ` )
Taxable
amount
CGST SGST
9961 Coffee 1 20 20.00 2.5% . . . 2.5% . . .
9963 Masala Tea 1 10 10.00 . . . . . . . 2.5% . . .
9962 Masala Dosa 2 60 . . . . 2.5% . . . . . . . . .
Total . . . . . . . . . . . .
Grand Total = ` --------
Teacher : Compare both, Goods and Service Tax invoices and find the difference
in codes.
84
Patrick : In the tax invoice for Goods, there is HSN code while in service
invoice there is SAC.
Teacher : Services are also classified and special code numbers are given. These
are called SAC or Service Accounting Code.
Sr.
No.
Types
Rate of
GST
Goods and services items list
I Zero
rated
0%
Goods - Essential Commodities like food grains, fruits,
vegetables, milk, salt, earthen pots etc.
Services - Charitable trust activities, transport of water,
use of roads and bridges, public library, agriculture
related services, Education and Health care services etc.
II Low
rated
5%
Goods- Commonly used items- LPG cylinder, Tea, cof-
fee, oil, Honey, Frozen vegetables, spices, sweets etc.
Services - Railway transport services, bus transport
services, taxi services, Air transport (economy class),
Hotels providing food and beverages etc.
III Stand-
ard
rated
(I slab)
12%
Goods- Consumer goods : Butter, Ghee, Dry fruits,
Jam, Jelly, Sauces, Pickles. Mobile phone etc.
Services - Printing job work, Guest house, Services
related to construction business.
IV Stand-
ard
rated
(II slab)
18%
(Most
of the
Goods and
services
are
included)
Goods - Marble, Granite, Perfumes, Metal items,
Computer, Printer, Monitor, CCTV etc.
Services - Courier services, Outdoor catering, Circus,
Drama, Cinema, Exhibitions, Currency exchange,
Broker Services in share trading etc.
V Highly
rated
28%
Goods - Luxury items, Motor Cycles and spare parts,
Luxury cars, Pan-masala, Vacuum cleaner, Dish
washer, AC, Washing machine, Fridge, Tobacco
products, Aerated water etc.
Services - Five star Hotel accommodation Amusement
parks, Water parks, Theme parks, Casino, Race course,
IPL games, Air transport (business class) etc.
Reference : www.cbec.gov.in (Central Board of Excise & Customs)
Besides these rates, find on which goods are the GST rates levied between 0 and 5 ?
Note : - The rates and types of GST are as prescribed by the
government at the time of writing this chapter. GST rates are subject
to change. Electricity, petrol, diesel etc are not under purview of GST.
85
Activity I : Make a list of ten things you need in your daily life. Find the GST
rates with the help of GST rate chart given here, News papers or books, internet,
or the bills of purchases. Verify these rates with the list prepared by your friends.
Goods Rate of GST Goods Rate of GST
1. Sketch book
2. Compass-box
3. - - - - -
4. - - - - -
5. - - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
6. - - - --
7.- - - - -
8. - - - - -
9. - - - - -
10. - - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Activity II : Make a list of ten services and their GST rates as per actvity
I. (e.g. Railway and ST bus booking services etc.) You can also collect
service bills and complete the given information
Services Rate of GST Services Rate of GST
1.Railway booking
2.Courier Services
3.- - - --
4.- - - - -
5.- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
6. - - - --
7.- - - - -
8. - - - - -
9. - - - - -
10. - - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Activity III : Complete the given table by writing remaining SAC and HSN
codes with rates and add some more items in the list.
Services SAC GST rate Goods HSN GST rate
Railway transport
services
996511 -- Dulux paint 3208 28%
Airways services
(economy)
996411 -- Ball bearing 84821011 28%
Currency exchange
services
997157 -- Speedometer 8714 28%
Brokerage services 997152 -- Potatoes 0701 0%
Taxi services 996423 -- -- -- --
Five-star Hotel services 9963 -- -- -- --
-- -- -- -- -- --
Activity IV : Prepare a chart of Goods and Services as in activity III with
codes and GST rates. Stick or draw the pictures of Goods and services to
enhance your activity.
Note : Rates on goods and services, SAC and HSN codes are only for
information, no need to remember them.
Project : Collect various Goods and Service tax invoices. Study these invoices
with reference to GST and discuss with your classmates.
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FAQs on Textbook: Financial Planning - Mathematics Class 10 (Maharashtra SSC Board)
| 1. What is financial planning, and why is it important for students? |  |
Ans.Financial planning is the process of creating a strategy for managing financial resources to achieve specific goals. For students, it is essential as it helps them understand budgeting, saving, and investing, which are crucial skills for financial independence. By learning financial planning, students can make informed decisions about their money, plan for future expenses, and avoid debt.
| 2. What are the key components of a financial plan? | |
Ans.A financial plan typically includes several key components: setting financial goals, analyzing current financial status, creating a budget, planning for savings and investments, managing debt, and preparing for emergencies. Each of these components plays a vital role in ensuring that individuals can meet their short-term and long-term financial objectives.
| 3. How can students create a budget effectively? | |
Ans.Students can create an effective budget by following these steps: first, determine their income sources, including allowances, part-time jobs, or gifts. Second, list all monthly expenses, such as tuition, books, and personal expenses. Next, categorize these expenses as fixed or variable. Finally, track spending and adjust the budget as needed to ensure that expenses do not exceed income, allowing for savings or investment.
| 4. What are some common financial mistakes students should avoid? | |
Ans.Common financial mistakes that students should avoid include overspending on non-essential items, not tracking expenses, accumulating credit card debt, neglecting to save for emergencies, and failing to plan for future financial obligations, such as student loans or tuition fees. Being aware of these pitfalls can help students maintain better control over their finances.
| 5. How can financial literacy benefit students in their future careers? | |
Ans.Financial literacy can significantly benefit students in their future careers by equipping them with the knowledge to make sound financial decisions. Understanding concepts like budgeting, investing, and financial management can lead to better job performance, increased financial stability, and the ability to negotiate salaries and benefits effectively. Moreover, financial literacy fosters entrepreneurship skills, enabling students to manage their businesses successfully if they choose that path.
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