GST has replaced multiple taxes imposed on imports and exports in India with a single tax called IGST. Imports are now subject to IGST in addition to basic customs duty and other taxes, while exports are treated as zero-rated supplies where exporters can claim refunds of taxes paid. The document discusses the impact of GST on various sectors including manufacturing, logistics, e-commerce, pharma, telecom, textiles, real estate, agriculture, FMCG, freelancers and automobiles. Sectors generally benefit from eased compliance burden and transparency under GST.
The document discusses India's taxation system and the proposed Goods and Services Tax (GST). It describes the key features of direct and indirect taxes such as income tax, sales tax, and VAT. It then explains the proposed GST system, which will combine multiple indirect taxes into a single tax applicable to both goods and services. The GST is proposed as a dual GST with both central and state-level components. The complex structure and need for coordination between levels of government poses administrative challenges but is aimed at improving compliance and growth.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) implemented in India including:
1) It describes the features and fundamentals of GST including how it is a dual tax system levied by both central and state governments.
2) It outlines the registration process and requirements to register under GST.
3) It explains the various GST returns required to be filed including monthly, annual, and other periodic returns along with due dates.
4) It provides answers to common questions about GST such as who needs to register, what the tax rates are, and how GST benefits consumers.
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
This document outlines how imports and exports will be treated under the Goods and Services Tax (GST) implemented in India. It notes that imports of goods and services will be treated as inter-state supplies and Integrated GST (IGST) will be levied on imports. Exports will be treated as zero-rated supplies, allowing traders to export goods without paying IGST up front or claim a refund later. The new GST regime aims to follow the destination principle for taxation and provide full set-off on taxes paid during imports.
Basic Concept of Goods and Services Tax (CGST,SGST,IGST,Levy and Exemption)GST Law India
Find out the detailed explanation of the basic concept and overview of CGST, SGST, IGST under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the key features of GST, including that it will combine multiple taxes into a single tax on goods and services, provide full tax credits, and follow a multi-rate structure. The document also reviews the journey towards implementing GST in India and compares GST structures in other countries.
K. Vijaya Kumar, Asst. Commissioner of C.Excise, presents on the determination of value of goods and services under GST law. The key points are:
1. The determination of value is essential for calculating tax liability under GST law. Section 15 of the CGST Act outlines how to determine the transaction value, which is the price actually paid or payable.
2. The valuation rules provide various methods for determining value when the transaction value is not available, such as open market value, value of like goods/services, and cost plus 10% method.
3. Specific rules cover valuation of supplies between related parties, through agents, and supplies where consideration is not wholly monetary
The document discusses India's proposed Goods and Services Tax (GST). It provides an overview of India's economy and current tax structure, which includes direct taxes like income tax and indirect taxes like excise duties and VAT that are levied by both central and state governments. The current system suffers from issues like tax cascading, complexity, and tax evasion. GST is presented as a comprehensive indirect tax that will replace existing indirect taxes and be levied as CGST, SGST, and IGST depending on whether a good or service is transacted intra-state or inter-state. The GST is aimed to simplify taxation, reduce the compliance burden, increase tax collection, and create a common national market. While G
The document discusses India's taxation system and the proposed Goods and Services Tax (GST). It describes the key features of direct and indirect taxes such as income tax, sales tax, and VAT. It then explains the proposed GST system, which will combine multiple indirect taxes into a single tax applicable to both goods and services. The GST is proposed as a dual GST with both central and state-level components. The complex structure and need for coordination between levels of government poses administrative challenges but is aimed at improving compliance and growth.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) implemented in India including:
1) It describes the features and fundamentals of GST including how it is a dual tax system levied by both central and state governments.
2) It outlines the registration process and requirements to register under GST.
3) It explains the various GST returns required to be filed including monthly, annual, and other periodic returns along with due dates.
4) It provides answers to common questions about GST such as who needs to register, what the tax rates are, and how GST benefits consumers.
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
This document outlines how imports and exports will be treated under the Goods and Services Tax (GST) implemented in India. It notes that imports of goods and services will be treated as inter-state supplies and Integrated GST (IGST) will be levied on imports. Exports will be treated as zero-rated supplies, allowing traders to export goods without paying IGST up front or claim a refund later. The new GST regime aims to follow the destination principle for taxation and provide full set-off on taxes paid during imports.
Basic Concept of Goods and Services Tax (CGST,SGST,IGST,Levy and Exemption)GST Law India
Find out the detailed explanation of the basic concept and overview of CGST, SGST, IGST under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the key features of GST, including that it will combine multiple taxes into a single tax on goods and services, provide full tax credits, and follow a multi-rate structure. The document also reviews the journey towards implementing GST in India and compares GST structures in other countries.
K. Vijaya Kumar, Asst. Commissioner of C.Excise, presents on the determination of value of goods and services under GST law. The key points are:
1. The determination of value is essential for calculating tax liability under GST law. Section 15 of the CGST Act outlines how to determine the transaction value, which is the price actually paid or payable.
2. The valuation rules provide various methods for determining value when the transaction value is not available, such as open market value, value of like goods/services, and cost plus 10% method.
3. Specific rules cover valuation of supplies between related parties, through agents, and supplies where consideration is not wholly monetary
The document discusses India's proposed Goods and Services Tax (GST). It provides an overview of India's economy and current tax structure, which includes direct taxes like income tax and indirect taxes like excise duties and VAT that are levied by both central and state governments. The current system suffers from issues like tax cascading, complexity, and tax evasion. GST is presented as a comprehensive indirect tax that will replace existing indirect taxes and be levied as CGST, SGST, and IGST depending on whether a good or service is transacted intra-state or inter-state. The GST is aimed to simplify taxation, reduce the compliance burden, increase tax collection, and create a common national market. While G
The document provides an overview of the Goods and Services Tax (GST) system in India. Some key points:
- GST is a consumption-based tax levied on the supply of goods and services. It comprises Central GST, State GST, and Integrated GST.
- Many existing taxes at the central and state level will be subsumed under GST including excise duty, VAT, service tax, etc.
- GST will have multiple tax slabs of 0%, 5%, 12%, 18%, 28% and a cess on luxury and 'sin' goods. Composition scheme available for small businesses.
- Input tax credit mechanism allows set-off of taxes paid
The document discusses the role of customs under the GST regime and procedures related to export. There are two options for export under GST - export under bond/LUT without IGST payment and claiming refund of unutilized credits, or export with payment of IGST and claiming refund of the tax paid. The document outlines the procedures for each option, including requirements for furnishing an LUT/bond, validation processes for IGST refunds, and changes to drawback rules and rates under the new regulations. It also covers self-sealing and electronic sealing procedures for exports.
The document discusses tax residency certificates (TRC) which are required to claim benefits under double taxation avoidance agreements (DTAA). It provides information on eligibility requirements for corporations and individuals to obtain a TRC from Dubai, including having a permanent establishment, trade license, or meeting residency criteria. An example case study is given of a Poland-based company obtaining a TRC for its Dubai subsidiary to avail tax treaty benefits between Poland and Dubai by working with Intuit Consultancy to ensure compliance and submit the proper application materials.
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
The document provides an overview of refund provisions under GST including situations where refunds may arise, legal provisions, refund procedures and time limits, refund scenarios, and basic features of the refund process. Key points include:
- Refunds can arise from excess payments, exports, deemed exports, provisional assessments, and other situations.
- The CGST and IGST Acts contain provisions regarding refund of tax, interest, and other amounts paid.
- The time limit to claim a refund is 2 years from the relevant date, and refunds must generally be sanctioned within 60 days.
- Various scenarios where refunds may be claimed are described, along with required documents and restrictions.
-
1. The document discusses various transitional provisions under the GST law regarding migration of existing taxpayers, availability of CENVAT/VAT credits, treatment of inputs in stock or semi-finished goods, and other tax-related matters during the transition period.
2. It provides details on the migration process for existing taxpayers, conditions for carrying forward CENVAT/VAT credits, availability of credits for inputs in stock, and timelines for availing credits on capital goods and inputs for manufacturers.
3. The treatment of various tax-related processes during the transition like refunds/appeals/assessments from previous laws, goods sent on approval basis, and TDS provisions are
This document defines and explains customs duties in India. It states that customs duty is a tax imposed on imports and exports to raise government revenue and protect domestic industries. There are different types of customs duties including basic customs duty, additional duty, education and secondary education cess, and special additional duty. The document provides examples of how each duty is calculated and applied to the assessable value of imported goods.
This document provides an overview of taxation in India. It discusses various direct and indirect taxes collected by the central and state governments. Direct taxes include personal income tax, corporate income tax, and capital gains tax. Indirect taxes previously included excise duty, service tax, customs duty, and central sales tax. Recent reforms like GST have subsumed many indirect taxes. The document also explains concepts like tax deductions, tax collected at source, minimum alternate tax, and taxes on gifts, inheritance, wealth, securities transactions, and more.
The document discusses India's import-export policy. It provides a brief history of India's exim policies from the pre-1990s to post-1990s. The key aspects covered include objectives of exim policy, export promotion measures like incentives and subsidies, import control regime, and a comparison of trade trends and balances between the two periods. India moved from a highly regulated import regime with focus on import substitution pre-1990s to a liberalized policy post-1990s with the aim of boosting exports and achieving a favorable balance of trade.
Reverse charge mechanism is a provision under GST where the liability to pay tax is on the recipient of the goods or services instead of the supplier. Normally the supplier pays the tax but under reverse charge the recipient pays the tax directly to the government. The document lists certain categories of goods and services where reverse charge applies such as import of services, services by advocate to business, services by director to company etc. It provides details on when reverse charge is applicable, what taxes to pay (CGST+SGST or IGST), time of supply and few points to note regarding reverse charge such as not using ITC and requirement of self-invoicing.
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
The document provides an overview of India's tax system. It discusses direct taxes such as income tax, wealth tax, capital gains tax, and corporate tax. It also discusses indirect taxes including service tax, customs duty, excise duty, sales tax, and security transaction tax. It notes that the tax system is complex with defects including limited direct taxation coverage, reliance on indirect taxes, inequitable nature, and uncertainty in tax rates. The document then introduces the proposed Goods and Services Tax (GST) as a comprehensive tax that will replace existing taxes and have benefits such as removing the cascading effect of taxes and providing a more uniform, transparent tax regime.
This document provides an overview of the tax deducted at source (TDS) provisions under the Goods and Services Tax (GST) law in India. It discusses who is liable to deduct TDS, the registration requirements, rates and thresholds for TDS, payment and return filing procedures, certificates to be issued, refunds, and comparisons with the previous TDS system under state VAT laws. The key aspects covered are registration under GST for TDS, the 1-2% rates for deduction, monthly payment and return filing timelines, and certificates to be provided to deductees.
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
IGST is levied on inter-state supply of goods and services to monitor inter-state trade and ensure SGST accrues to the consuming state. IGST rate is equal to CGST plus SGST rate and is collected by the central government on inter-state transactions. Export of goods or services are considered zero-rated supplies under IGST and the exporter can claim refund of IGST paid or supply under bond without paying tax and claim refund of unutilized ITC. Import of goods is subject to IGST in addition to customs duty, while import of services where supplier is outside India, recipient within India and place of supply is India are liable to IGST on reverse charge.
GST stands for Goods and Services Tax, which will be levied on the sale or purchase of goods and services. It will replace existing indirect taxes and create a single, national tax system to help drive economic growth. Implementing GST is an important reform that will simplify taxation, boost consumption, and have widespread impacts by streamlining India's tax structure and market. While it aims to reduce costs, some disadvantages include its complexity for individuals and lack of infrastructure.
Have recently taken a session on the topic "Place of supply of services -domestic transaction", section 12 of the IGST Act covering its detailed provision, rules, and illustrations. Sharing the presentation, hope you will find it useful. #GST #GSTIND #gstupdates #gstindia #gst #tax #law
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It explains that GST aims to simplify the tax system by consolidating multiple taxes into a single tax. It also discusses input tax credits, who is liable to pay GST, the taxes it replaces, the different GST slabs, items covered and excluded, and the benefits of GST such as increased transparency, easier inter-state trade, and accelerated economic growth. The document concludes by stating that GST was implemented in India on July 1, 2017.
If you go through this whole document very carefully, then it will helps you to understand the overall concept of GST, which is the new taxation system of India.
The document provides an overview of the Goods and Services Tax (GST) system in India. Some key points:
- GST is a consumption-based tax levied on the supply of goods and services. It comprises Central GST, State GST, and Integrated GST.
- Many existing taxes at the central and state level will be subsumed under GST including excise duty, VAT, service tax, etc.
- GST will have multiple tax slabs of 0%, 5%, 12%, 18%, 28% and a cess on luxury and 'sin' goods. Composition scheme available for small businesses.
- Input tax credit mechanism allows set-off of taxes paid
The document discusses the role of customs under the GST regime and procedures related to export. There are two options for export under GST - export under bond/LUT without IGST payment and claiming refund of unutilized credits, or export with payment of IGST and claiming refund of the tax paid. The document outlines the procedures for each option, including requirements for furnishing an LUT/bond, validation processes for IGST refunds, and changes to drawback rules and rates under the new regulations. It also covers self-sealing and electronic sealing procedures for exports.
The document discusses tax residency certificates (TRC) which are required to claim benefits under double taxation avoidance agreements (DTAA). It provides information on eligibility requirements for corporations and individuals to obtain a TRC from Dubai, including having a permanent establishment, trade license, or meeting residency criteria. An example case study is given of a Poland-based company obtaining a TRC for its Dubai subsidiary to avail tax treaty benefits between Poland and Dubai by working with Intuit Consultancy to ensure compliance and submit the proper application materials.
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
The document provides an overview of refund provisions under GST including situations where refunds may arise, legal provisions, refund procedures and time limits, refund scenarios, and basic features of the refund process. Key points include:
- Refunds can arise from excess payments, exports, deemed exports, provisional assessments, and other situations.
- The CGST and IGST Acts contain provisions regarding refund of tax, interest, and other amounts paid.
- The time limit to claim a refund is 2 years from the relevant date, and refunds must generally be sanctioned within 60 days.
- Various scenarios where refunds may be claimed are described, along with required documents and restrictions.
-
1. The document discusses various transitional provisions under the GST law regarding migration of existing taxpayers, availability of CENVAT/VAT credits, treatment of inputs in stock or semi-finished goods, and other tax-related matters during the transition period.
2. It provides details on the migration process for existing taxpayers, conditions for carrying forward CENVAT/VAT credits, availability of credits for inputs in stock, and timelines for availing credits on capital goods and inputs for manufacturers.
3. The treatment of various tax-related processes during the transition like refunds/appeals/assessments from previous laws, goods sent on approval basis, and TDS provisions are
This document defines and explains customs duties in India. It states that customs duty is a tax imposed on imports and exports to raise government revenue and protect domestic industries. There are different types of customs duties including basic customs duty, additional duty, education and secondary education cess, and special additional duty. The document provides examples of how each duty is calculated and applied to the assessable value of imported goods.
This document provides an overview of taxation in India. It discusses various direct and indirect taxes collected by the central and state governments. Direct taxes include personal income tax, corporate income tax, and capital gains tax. Indirect taxes previously included excise duty, service tax, customs duty, and central sales tax. Recent reforms like GST have subsumed many indirect taxes. The document also explains concepts like tax deductions, tax collected at source, minimum alternate tax, and taxes on gifts, inheritance, wealth, securities transactions, and more.
The document discusses India's import-export policy. It provides a brief history of India's exim policies from the pre-1990s to post-1990s. The key aspects covered include objectives of exim policy, export promotion measures like incentives and subsidies, import control regime, and a comparison of trade trends and balances between the two periods. India moved from a highly regulated import regime with focus on import substitution pre-1990s to a liberalized policy post-1990s with the aim of boosting exports and achieving a favorable balance of trade.
Reverse charge mechanism is a provision under GST where the liability to pay tax is on the recipient of the goods or services instead of the supplier. Normally the supplier pays the tax but under reverse charge the recipient pays the tax directly to the government. The document lists certain categories of goods and services where reverse charge applies such as import of services, services by advocate to business, services by director to company etc. It provides details on when reverse charge is applicable, what taxes to pay (CGST+SGST or IGST), time of supply and few points to note regarding reverse charge such as not using ITC and requirement of self-invoicing.
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
The document provides an overview of India's tax system. It discusses direct taxes such as income tax, wealth tax, capital gains tax, and corporate tax. It also discusses indirect taxes including service tax, customs duty, excise duty, sales tax, and security transaction tax. It notes that the tax system is complex with defects including limited direct taxation coverage, reliance on indirect taxes, inequitable nature, and uncertainty in tax rates. The document then introduces the proposed Goods and Services Tax (GST) as a comprehensive tax that will replace existing taxes and have benefits such as removing the cascading effect of taxes and providing a more uniform, transparent tax regime.
This document provides an overview of the tax deducted at source (TDS) provisions under the Goods and Services Tax (GST) law in India. It discusses who is liable to deduct TDS, the registration requirements, rates and thresholds for TDS, payment and return filing procedures, certificates to be issued, refunds, and comparisons with the previous TDS system under state VAT laws. The key aspects covered are registration under GST for TDS, the 1-2% rates for deduction, monthly payment and return filing timelines, and certificates to be provided to deductees.
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
IGST is levied on inter-state supply of goods and services to monitor inter-state trade and ensure SGST accrues to the consuming state. IGST rate is equal to CGST plus SGST rate and is collected by the central government on inter-state transactions. Export of goods or services are considered zero-rated supplies under IGST and the exporter can claim refund of IGST paid or supply under bond without paying tax and claim refund of unutilized ITC. Import of goods is subject to IGST in addition to customs duty, while import of services where supplier is outside India, recipient within India and place of supply is India are liable to IGST on reverse charge.
GST stands for Goods and Services Tax, which will be levied on the sale or purchase of goods and services. It will replace existing indirect taxes and create a single, national tax system to help drive economic growth. Implementing GST is an important reform that will simplify taxation, boost consumption, and have widespread impacts by streamlining India's tax structure and market. While it aims to reduce costs, some disadvantages include its complexity for individuals and lack of infrastructure.
Have recently taken a session on the topic "Place of supply of services -domestic transaction", section 12 of the IGST Act covering its detailed provision, rules, and illustrations. Sharing the presentation, hope you will find it useful. #GST #GSTIND #gstupdates #gstindia #gst #tax #law
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It explains that GST aims to simplify the tax system by consolidating multiple taxes into a single tax. It also discusses input tax credits, who is liable to pay GST, the taxes it replaces, the different GST slabs, items covered and excluded, and the benefits of GST such as increased transparency, easier inter-state trade, and accelerated economic growth. The document concludes by stating that GST was implemented in India on July 1, 2017.
If you go through this whole document very carefully, then it will helps you to understand the overall concept of GST, which is the new taxation system of India.
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAVCONSULTANTAS
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the problems with India's previous indirect tax structure, introduces the concept and key features of GST, and outlines the registration process, tax rates, returns, and overall benefits of GST such as removing barriers between states and reducing the cascading effect of taxes.
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAjayVhavle1
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the problems with India's previous indirect tax structure, introduces the concept and key features of GST, and outlines the registration process, tax rates, returns, and overall benefits of GST such as removing barriers between states and reducing the cascading effect of taxes.
A V CONSULTANTS Top Tax Consulting and best Financial Services in HyderabadAVCONSULTANTAS
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the problems with India's previous indirect tax structure, introduces the concept and key features of GST, and outlines the registration process, tax rates, returns, and overall benefits of GST such as removing barriers between states and reducing the cascading effect of taxes.
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAVCONSULTANTAS
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the problems with India's previous indirect tax structure, introduces the concept and key features of GST, and outlines the registration process, tax rates, returns, and overall benefits of GST such as removing barriers between states and reducing the cascading effect of taxes.
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAVCONSULTANTAS
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the problems with India's previous indirect tax structure, introduces the concept and key features of GST, and outlines the registration process and common questions around GST compliance requirements. The summary covers the essential benefits of GST in removing barriers between states and simplifying the tax system through a unified indirect tax.
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAVCONSULTANTAS
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the problems with India's previous indirect tax structure, introduces the concept and key features of GST, and outlines the registration process and common questions around GST compliance requirements. The summary covers the essential benefits of GST in removing barriers between states and simplifying the tax system through a unified indirect tax.
A V CONSULTANTS Top Tax Consulting and best Financial Services in HyderabadAVCONSULTANTAS
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the problems with India's previous indirect tax structure, introduces the concept and key features of GST, and outlines the registration process, tax rates, returns, and overall benefits of GST such as removing barriers between states and reducing the cascading effect of taxes.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
The document provides an overview of the Indian economy, the current indirect tax structure in India and its problems, and introduces the concept of GST as a solution. It describes key features of GST including the tax components of CGST, SGST and IGST. It also covers fundamentals of GST including the subsuming of existing taxes, supply chain mechanics, FAQs on GST, and the registration procedure.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/gst-interview-questions-and-answers
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/gst-interview-questions-and-answers
Goods and Services Tax (GST) is a major tax reform in India that aims to unify indirect taxes into a single tax. GST passed in the Lok Sabha in May 2015 and aims to make India a unified market. It replaces existing taxes such as VAT, service tax, and other duties. GST has a dual model with Central GST and State GST applied to all goods and services. It follows a destination-based principle where taxes are levied at the destination of consumption. The GST rate structure has lower and standard rates applied to goods and services. Threshold limits and compensation mechanisms were delayed due to disagreements but were eventually resolved.
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more information, visit us at:-
https://medium.com/@OnlineAccountingCourses/top-20-gst-interview-questions-and-answers-in-2023-753f0430a16e
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more information, visit us at:-
https://medium.com/@OnlineAccountingCourses/top-20-gst-interview-questions-and-answers-in-2023-753f0430a16e
The document summarizes key aspects of GST as it relates to imports in India. It states that all imports into India, whether goods or services, are treated as inter-state supplies subject to Integrated GST. IGST on imported goods is levied under the Customs Act, while IGST on imported services is levied under the IGST Act. The importer of goods or services is responsible for paying the applicable IGST and customs duties. Input tax credit for IGST paid on imports can be utilized by the importer against their GST obligations.
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This document discusses various ways to align text and numbers within cells in Microsoft Excel, including using the ribbon, keyboard shortcuts, and the Format Cells dialog box. It provides details on how to horizontally and vertically align text to the top, middle, bottom, left, right, or center of a cell. It also describes how to change text orientation, indentation, justification, and distribution. The Format Cells dialog box allows additional alignment options like filling a cell with text, centering text across selections, and changing text direction from left-to-right to right-to-left.
This document provides an overview of the key features and functions of Microsoft Word 2013. It describes the main sections of the Word interface, including the ribbon, tabs, groups, commands, rulers, zoom controls, views, and backstage view. It also explains how to get started with Word 2013 and open, save, and close documents.
This document provides an overview of the Microsoft Word application. It covers topics such as creating and opening documents, mouse and keyboard operations, navigating the Word interface including the ribbon and quick access toolbar, and formatting text and paragraphs. The document also discusses templates in Word and how they allow preconfigured settings to be applied to new documents for consistency.
1) Business income is computed by adjusting the net profit as shown in the profit and loss account by adding back inadmissible expenses and deducting allowable expenses not accounted in the profit and loss account and income not taxable under the head 'profits and gains from business or profession'.
2) Several examples are given showing the computation of business income by making the prescribed additions and deductions like salary, interest, donations, depreciation, income from other heads etc.
3) House property income is also computed by deducting standard deduction and interest on home loan from annual rent received in case of let out and self-occupied properties respectively.
Forms of organisation non-corporate enterprisespremarhea
This document summarizes different forms of business organization in India. It discusses sole proprietorships, partnership firms, and joint Hindu family firms. Some key points covered are:
- Sole proprietorships are owned and managed by one person who has unlimited liability. They are easy to form but have limited capital and managerial ability.
- Partnership firms require an agreement between partners to share profits and have features like implied agency and unlimited liability of partners. They allow for larger capital but can lack stability.
- Joint Hindu family firms are formed by operation of law between members of a Hindu undivided family. They provide continuity but can have restricted membership and lack of incentive or stability.
The document provides examples of computing taxable professional income for different professionals - a doctor, chartered accountant, lawyer, and medical practitioner. It shows how to calculate professional receipts and allowable professional expenses to determine the net professional gain or income based on the accounting system and other details provided. The computations deduct expenses like rent, salary, depreciation allowances, and other costs from the total receipts to arrive at the taxable professional income.
The document provides examples of computing professional income for different professionals including doctors, chartered accountants, lawyers, and medical practitioners. It shows how to calculate professional receipts and deduct allowable professional expenses to determine the taxable professional gain. Expenses include rent, salaries, depreciation, cost of medicines/supplies, and more. The net professional income is calculated by deducting total expenses from total receipts.
The document defines business and profession and provides examples of computation of business income under various scenarios. It discusses adding inadmissible expenses and deducting allowable expenses not debited in arriving at business income. It also provides an example of computation of house property income where there is a let out property and self-occupied property with a loss.
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This document summarizes different forms of business organization in India. It discusses sole proprietorships, partnership firms, and joint Hindu family firms. Some key points covered are:
- Sole proprietorships are owned and controlled by one person who has unlimited liability. They are easy to form but have limited capital and managerial ability.
- Partnership firms require an agreement between partners to share profits and have implied agency and unlimited liability unless otherwise agreed. They allow for larger capital but can lack stability.
- Joint Hindu family firms are formed by operation of Hindu law between co-parceners of a family. They provide continuity but can lack incentive and stability if mismanaged by the head of the family.
This document provides an overview of the nature of business. It defines business as an organization that obtains resources like funds, labor, and equipment to provide goods or services to customers in exchange for money. The document outlines key characteristics of business like the sale of goods/services, continuity, and profit motive. It also discusses the components/systems of business including personnel, finance, marketing, and production functions. The primary objective of modern business is stated as making a profit, with secondary objectives like creating customers, innovating new products, providing value, employment, and fair returns. Principles of organization, essentials of success, qualities of successful businessmen, and business ethics are also summarized.
1. Mr. Prashant went to Germany for a diploma course from August 2020 to February 2021. As he was out of India for more than 182 days, his residential status for FY 2020-2021 is non-resident.
2. An individual was in India for 185 days in FY 2020-2021, 15 days in 2019-2020, and 26 days in 2018-2019. As the stay in India was less than 182 days in the last 2 years, the residential status for AY 2021-2022 is non-resident.
3. Mr. Rohan, a foreign national, has been in India for more than 120 days in 5 of the last 6 years. Therefore, his residential
1. The document discusses the residential status of individuals, HUFs, AOPs, and firms under the Indian Income Tax Act. It provides examples and solutions for determining residential status based on the number of days spent in India and the location from which business affairs are controlled.
2. Residential status is determined based on satisfying conditions for being a resident under section 6(1) or by being ordinarily resident as defined in section 6(6).
3. Location of control and management is the determining factor for residential status of HUFs, AOPs and firms, regardless of the residential status of members.
The document discusses the residential status rules for individuals, HUFs, firms, AOPs, and companies in India for income tax purposes. For individuals, residential status depends on the number of days spent in India in the relevant fiscal year or previous years. A HUF's residential status is based on the residential status of the Karta. For firms, AOPs, and other persons, residential status is determined by where their control and management is located. All Indian companies are considered residents, while foreign companies may be resident or non-resident depending on where their control and management is located.
- The document discusses the tax treatment of various incomes for individuals with resident, not ordinary resident, and non-resident tax statuses in India. It provides examples of incomes from different sources and whether they would be taxable under each residential status.
- Tables are presented showing the taxable income for three individuals - Mr. X, Mr. Devilal, and Mr. Deepak - under each residential status. The types of incomes included business income, agriculture, salary, house property, capital gains, and more.
- Whether an income is taxable depends on factors like where it was earned, where it was received, and whether a business or property is controlled from India. In general, more income sources are taxable
The document discusses the scope of total income based on a taxpayer's residential status in India as a resident and ordinarily resident, resident but not ordinarily resident, or non-resident. It outlines the different types of income that are taxable or not taxable in India for each residential status, based on factors such as where the income was earned and received, and whether it relates to a business or profession in or outside of India. The three main considerations for determining the scope of total income and tax incidence are the taxpayer's residential status, place of accrual or receipt of income, and the time at which income had accrued or was received.
This document provides an overview of basic income tax concepts in India. It defines key terms like assessee, previous year, assessment year, and heads of income. It explains the different types of taxes in India including direct and indirect taxes. It also outlines the criteria for determining an individual's residential status for income tax purposes as normal resident, resident but not ordinarily resident, or non-resident. Specific examples are provided to illustrate how to determine an individual's residential status based on their period of stay in India.
This document provides an introduction to income tax in India. It discusses why taxes are paid, what the government does with tax revenue such as healthcare, education, national defense, and welfare programs. It defines key aspects of Indian taxation including that it is compulsory, imposed by the government, and not a voluntary donation. The major sources of tax revenue are income, wealth, sales, and expenditures related to service, production, imports and exports. The constitution outlines which levels of government can tax which areas. The history of income tax in India is also briefly discussed.
The document discusses customs duty in India. It provides definitions and explanations of key terms:
1) Customs duty refers to taxes imposed on goods transported across international borders. Duties are determined based on factors like where goods were acquired or manufactured.
2) There are different types of customs duties including basic customs duty, additional customs duty, protective duty, and anti-dumping duty. Drawback allows refunds of import duties paid on goods that are later exported.
3) Sections 74-76 of the Customs Act cover duty drawback, allowing refunds of duties paid on imported goods that are re-exported, and on imported materials used to manufacture exported goods.
The document discusses various methods of financing for businesses. It describes capital structure as the combination of debt and equity used to finance a company's assets. It then discusses three main methods of financing - equity financing, debt financing, and lease financing. Equity financing involves selling ownership stakes, debt financing involves taking loans that must be repaid with interest, and lease financing allows using assets without ownership through rental agreements.
Capital budgeting involves planning expenditures for long-term assets that provide returns over several years. It is an important process that requires evaluating projects carefully due to their large size, long-term implications, and irreversible nature. Key aspects of capital budgeting include identifying and evaluating investment proposals, determining which provide the highest expected rates of return, and preparing a capital expenditure budget. Various techniques can be used to evaluate projects, including payback period, accounting rate of return, net present value, internal rate of return, and risk-adjusted methods that account for uncertainty in projected cash flows.
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Impact of GST on import & export
1. Impact of GST on Imports and Exports in India
In the pre-GST regime, the imports of goods and services were subject to multiple state and
federal levies such as customs duty, countervailing duty (equivalent to excise duty), and
special additional duty (equivalent to value added tax). The single integrated goods and
services tax (IGST) under the GST has replaced all these taxes.
The import of certain goods, however, continue to attract basic customs duty, education cess,
and other protective taxes, such as the anti-dumping duty and safe-guard duty, in addition to
the IGST.
Meaning of Import and Export of Goods under GST
Sub-Section 5 of section 2 of IGST Act, 2017 defines – “Export of Goods”, with its
grammatical variations and cognate expressions, means taking out of India to a place outside
India.
Sub-Section 10 of section 2 of IGST Act, 2017 defines – “import of the goods” with its
grammatical variations and cognate expressions, means bringing goods into India from a
place outside India.
Meaning of Import and Export of Services under GST
“Import of Services” as defined under sub-section 11 of section of IGST Act, 2017 means the
supply of any service, when –
The place of supply of service is in India
The supplier of service is located outside India;
The recipient of service is located in India; and
Supplies which do not form part of export of goods or services
Where the place of supply of service is within India but to a person located outside India.
For an instance – a property located in Delhi rented out to a person residing in New York;
agent residing in India and providing service to a person in Dubai exporting goods to China.
Where the consideration for the supply of services is received in Indian currency or in such
a currency other than convertible currency. For an instance, supply of service (consultancy
service) by a consulting firm in India to an entity outside India, where the payment made by
Indian branch of overseas entity is in Indian rupees.
Supply of services to the foreign branch would not be covered as export of services due to
specific exclusion as “export of service”. This could involve reversing the input credits as
such supply of service would be considered as non-taxable and not as zero-rated.
The definition of import of service given under GST also excludes services imported from a
foreign branch.
Deemed Exports under GST
Indian suppliers of services and manufacturers of goods have to quote in competition with
foreign suppliers of goods and services. Such Bids evaluation is done without considering the
2. customs duty. Since such supply of goods and services are financed for specific projects
(projects financed) with the free foreign exchange, these supplies are considered as ‘deemed
exports’.
Similarly, supplies made to Export Oriented Units also known as EOUs and services do not
leave the country. Suppliers get their payment in Indian currency and not in foreign
exchange.
“Deemed exports” generally refer to those transactions under which supply of goods do not
leave the country, and payment for such supplies is received in Indian Rupees shall be treated
as ‘deemed exports’, provided that goods are manufactured or produced in India.
Treatment of Exports under GST
As per the provisions contained under IGST law, export of goods or services or both are to be
regarded as “zero-rated supplies” and a person being a registered taxable person exporting
such goods or services or both shall be allowed to claim the refund of the GST paid under one
of the following two options:
Export of goods or services or both under bond or letter of undertaking (LUT) without
paying any Integrated Tax and can claim the refund of unutilized input credit.
Export of goods and service or both on the payment of Integrated Tax and the exporter can
claim the refund of the GST paid on such goods and services so exported. The above-
mentioned refunds will be subject to certain rules, procedures, and safeguards as may be
prescribed.
Integrated Goods and Services Tax
Imports under GST are treated as inter-state supply. Since GST is a destination-based tax,
Integrated Goods and Services Tax (IGST) is levied in the state where the imported goods are
consumed and imported services are received.
IGST can be paid using input tax credit of central goods and services tax (CGST), state goods
and services tax (SGST), and IGST. The input tax credit is the credit that dealers can avail for
taxes paid on their purchases, at the time of paying final tax on their sales.
In the case of CGST and SGST, no cross utilization of input tax credit is allowed. This means
that input tax credit of CGST can only be utilized for CGST and IGST, and an input tax
credit of SGST can only be utilized to pay for SGST and IGST.
Import of services under GST
Under GST, the import of service is taxable if –
The supplier of service is located outside India;
The recipient of service is located in India;
The place of supply of service is in India; and,
The supplier of service and the recipient of service are not merely establishments of a distinct
person.
3. Tax returns
An importer is required to file monthly tax returns under GST. Under the previous law, the
importer was required to file returns under state tax law for the purchase of goods (import of
goods) and under central tax laws for claiming countervailing duties. While filing monthly
returns, importers must declare the goods imported in table-5 of the GSTR-2 form, and
services imported in table-6 of the GSTR-2 form.
Exemptions
Previously, the transportation of goods by aircraft and inbound shipment was not liable to
service tax. Under GST, there is no such exemption.
Impact on exports
Under GST, exports are treated as ‘zero-rated supplies’. That is, supplies on which the GST
rate is fixed as zero. If GST is paid at any point of supply against exports from India, a trader
may either export without the payment of IGST under bond or letter of undertaking or may
pay the IGST and claim a refund later.
In both cases, an exporter must provide details of the GST invoices in the shipping bill. The
invoice must contain the following details:
Name, address, and GSTIN of the supplier;
Name and address of the recipient;
Invoice number and date;
HSN code of the goods along with description;
Total value and quantity of goods, and,
The signature of the supplier.
To claim the refund of IGST, the exporter can file the details of the tax paid, GST invoice,
and shipping bill in table 6A in the form GSTR-1 of the relevant month.
Impact of GST on Manufacturers, Distributor,
and Retailers
GST is a boost competitiveness and performance in India’s manufacturing sector.
Declining exports and high infrastructure spending are just some of the concerns of this
sector. Multiple indirect taxes had also increased the administrative costs for
manufacturers and distributors and with GST in place, the compliance burden has eased
and this sector will grow more strongly.
But due to GST business which was not under the tax bracket previously will now have to
register. This will lead to lesser tax evasion.
4. Impact of GST on Service Providers
As of March 2014, there were 12, 76,861 service tax assessees in the country out of which
only the top 50 paid more than 50% of the tax collected nationwide. Most of the tax
burden is borne by domains such as IT services, telecommunication services, the
Insurance industry, business support services, Banking and Financial services, etc. These
pan-India businesses already work in a unified market and will see compliance burden
becoming lesser. But they will have to separately register every place of business in each
state.
Sector-wise Impact Analysis
Logistics
In a vast country like India, the logistics sector forms the backbone of the economy. We
can fairly assume that a well organized and mature logistics industry has the potential to
leapfrog the “Make In India” initiative of the Government of India to its desired position.
E-commerce
The e-commerce sector in India has been growing by leaps and bounds. In many ways,
GST will help the e-com sector’s continued growth but the long-term effects will
be particularly interesting because the GST law specifically proposes a Tax Collection at
Source (TCS) mechanism, which e-com companies are not too happy with. The current
rate of TCS is at 1%.
Pharma
On the whole, GST is benefiting the pharma and healthcare industries. It will create a level
playing field for generic drug makers, boost medical tourism and simplify the tax
structure. If there is any concern whatsoever, then it relates to the pricing structure (as per
latest news). The pharma sector is hoping for a tax respite as it will make affordable
healthcare easier to access by all.
Telecommunications
In the telecom sector, prices will come down after GST. Manufacturers will save on costs
through efficient management of inventory and by consolidating their warehouses.
Handset manufacturers will find it easier to sell their equipment as GST has negated the
need to set up state-specific entities, and transfer stocks. The will also save up on logistics
costs.
Textile
5. The Indian textile industry provides employment to a large number of skilled and
unskilled workers in the country. It contributes about 10% of the total annual export, and
this value is likely to increase under GST. GST would affect the cotton value chain of the
textile industry which is chosen by most small medium enterprises as it previously
attracted zero central excise duty (under optional route).
Real Estate
The real estate sector is one of the most pivotal sectors of the Indian economy, playing an
important role in employment generation in India. The impact of GST on the real estate
sector cannot be fully assessed as it largely depends on the tax rates. However, the sector
will see substantial benefits from GST implementation, as it has brought to the industry
much-required transparency and accountability.
Agriculture
The agricultural sector is the largest contributing sector the overall Indian GDP. It covers
around 16% of Indian GDP. One of the major issues faced by the agricultural sector is the
transportation of agri-products across state lines all over India. GST will resolve the issue
of transportation.
FMCG
The FMCG sector is experiencing significant savings in logistics and distribution costs as
the GST has eliminated the need for multiple sales depots.
Freelancers
Freelancing in India is still a nascent industry and the rules and regulations for this chaotic
industry are still up in the air. But with GST, it will become much easier for freelancers to
file their taxes as they can easily do it online. They are taxed as service providers, and the
new tax structure has brought about coherence and accountability in this sector.
Automobiles
The automobile industry in India is a vast business producing a large number of cars
annually, fueled mostly by the huge population of the country. Under the previous tax
system, there were several taxes applicable to this sector like excise, VAT, sales tax, road
tax, motor vehicle tax, registration duty which will be subsumed by GST.
Startups
With increased limits for registration, a DIY compliance model, tax credit on purchases,
and a free flow of goods and services, the GST regime truly augurs well for the
Indian startup scene. Previously, many Indian states had different VAT laws which were
6. confusing for companies that have a pan-India presence, especially the e-com sector. All
of this has changed under GST.