Financial Planning
Maharashtra Board · Class 10 · Mathematics
Flashcards for Financial Planning — Maharashtra Board Class 10 Mathematics. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is GST and what does it stand for?
Answer
GST stands for Goods and Service Tax. It is a unified tax system implemented in India from July 1, 2017, following the principle of 'One nation, One tax, One market'. GST has subsumed various taxes li…
What are CGST and SGST? How are they calculated?
Answer
CGST is Central Goods and Service Tax paid to central government. SGST is State Goods and Service Tax paid to state government. Both have equal rates. For example, if GST rate is 18%, then CGST = 9% a…
What is GSTIN and what information does it contain?
Answer
GSTIN is Goods and Service Tax Identification Number with 15 alphanumeric characters. It is mandatory for dealers with annual turnover exceeding ₹20 lakhs. It includes the 10-digit PAN of the dealer a…
What are HSN and SAC codes?
Answer
HSN (Harmonized System of Nomenclature) codes are numerical codes for classifying goods. SAC (Service Accounting Code) are codes for classifying services. Both must be mentioned in tax invoices for GS…
List the five GST rate categories with examples.
Answer
0% - Essential items (food grains, milk, salt), 5% - Common items (tea, coffee, LPG), 12% - Consumer goods (butter, mobile phones), 18% - Most goods and services (computers, courier services), 28% - L…
Calculate: A shopkeeper sells goods worth ₹1000 with 18% GST. Find CGST, SGST, and total amount.
Answer
GST rate = 18%, so CGST = 9% and SGST = 9% CGST = 9% of ₹1000 = ₹90 SGST = 9% of ₹1000 = ₹90 Total GST = ₹180 Total amount = ₹1000 + ₹180 = ₹1180…
What is Input Tax Credit (ITC)? Write the formula.
Answer
ITC is the credit a trader gets for GST paid on purchases (Input tax) which can be deducted from GST collected on sales (Output tax). Formula: GST payable = Output tax - ITC…
What is the difference between B2B and B2C transactions?
Answer
B2B (Business to Business) - Trading between GSTIN holders who can claim ITC. B2C (Business to Consumer) - Trading between GSTIN holder and final consumer who cannot claim ITC. B2C is the last link in…
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