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Exercise 7.8 class 8 solution-Introduction
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Exercise 7.8 class 8 solution- Financial awareness
Financial awareness refers to an individual’s or a community’s understanding of financial matters, including personal finance, economics, and broader financial systems. It encompasses knowledge and awareness of financial concepts, products, and practices that can help people make informed decisions about their financial well-being. Financial awareness is essential for managing money, planning for the future, and achieving financial security. Here are some key aspects of financial awareness:
Mr.pritpal dinner for his family. After having dinner, his younger daughter tavleen, a student of 8th class, anxiously asked her father that why had he paid more money than the actual amount of food. Then Mr. pritpal told her that we had to pay some taxes to the government which is used for developing roads, infrastructure and educational institutions for us. There are mainly two types of taxes – Direct Tax (levied on Income i.e. Income Tax, Wealth Tax)and Indirect Tax (levied on items other than income).
tavleen was curious to know about these in detail. Mr. pritpal informed her that previously, we were mainly dealing with various indirect taxes such as Excise, VAT and Sales Tax, which are different forms of consumer tax. However, the ways and form in which they were levied on consumer, differed. Presently, many of these taxes have been merged into a single tax called as GST.
Exercise 7.8 class 8 solution – GST( Goods and Services Tax)
GST (Goods & Services Tax)- GST came into effect from 1 July, 2017 through the 101th amendment in the constitution of India by Government of India. GST, or Goods and Services Tax, is a value-added tax levied on the supply of goods and services in many countries around the world. It is designed to replace and streamline multiple indirect taxes, such as sales tax and excise duty, into a single, unified tax system. GST is a consumption tax, meaning it is ultimately paid by the end consumer.
After explaining about GST, Mr. Pritpal showed her the restaurant bill in which 5% GST was imposed on food ordered for dinner. Thereafter, Tavleen was quite happy to learn new information.
Exercise 7.8 class 8 solution- exercise preview
Our Exercise 7.8 Preview is designed to give you a taste of what’s in store. You’ll find a selection of math problems and questions that challenge your analytical and problem-solving skills. It’s a glimpse into the wonderful world of math exercises that will not only sharpen your mathematical prowess but also help you build the confidence you need to excel in your Class 8 studies.
These exercises are carefully curated to cover a range of mathematical concepts, from basic to more advanced topics. Whether you’re preparing for an upcoming exam, aiming for a deeper understanding of math, or just love a good mathematical challenge, this preview is the perfect starting point.
Exercise 7.8 class 8 solution- solution pdf
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So, get ready to unlock the world of mathematics and explore Exercise 7.8 class 8 solutions that will help you not only in your exams but also in building a strong foundation for future mathematical adventures. Click, download, and excel in math! Your math journey is about to get a whole lot easier.7.8