The Goods and Service Tax (GST) - the comprehensive indirect tax system introduced last year - has found its way into the new Class X textbooks of Maharashtra.
GST figures in the part 1 mathematics (Class X) book brought out by the Maharashtra State Bureau of Textbook Production and Curriculum Research, Pune.
In a chapter on financial planning, the topic of GST has been dealt with extensively, which includes some examples of calculation and slabs.
The topics covered are GST – introduction, GST – tax invoice, GST – computation and ITC and shares, mutual funds and SIP.
The chapter includes details on how all taxes that existed before - like excise duty, customs duty, VAT, entertainment tax, central sales Tax, service tax and octroi - have subsumed under GST.
The chapter also explains how GST has two components - CGST and SGST
CGST is Central GST which is to be paid to the Central government, whereas state GGST is to be paid to the state government.
It also provides an explanation about GSTIN, ie Goods and Service Tax Identification Number.
The book also explain the five slabs – 0 % (zero-rated), 5 % (low-rated), 12 % (standard-rated I slab), 18 % (standard-rated II slab) and 28 % (highly-rated) – along with examples, i e, goods and services, that are covered in these slabs.