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Gst ppt
- 1. PRESENTATION ON GST Presented By : Akanksha Dravatkar
- 2. Content:- ๏ถ Meaning and Definition. ๏ถ Types of GST ๏ถ Benefits of GST ๏ถ Items not considered under GST ๏ถ GST Returns ๏ถ Types of Returns ๏ถ GSTR-9
- 3. ๏ถ Meaning and Definition โข Meaning:- Launched on 1st July 2017. GST is an indirect tax which is imposed on the supply of goods and services. โข Definition:- U/S 366(12A) Goods and Services Tax means, โ any tax on supply of goods, or services or both except taxes on the supply of the alcoholic liquor for human consumptionโ.
- 4. ๏ถ TYPES OF GST TAXES GST STATE CGST SGST INTER- STATE IGST
- 5. ๏ถ TAXES MERGED UNDER GST
- 6. ๏ถ BENEFITS OF GST โข Removes cascading effect โข Employment opportunities โข Boon to MSMEโS โข Uniform tax structure โข Technological advancement
- 7. ๏ถ ITEMS NOT CONSIDERED UNDER GST
- 8. ๏ถ GST RETURN โข GSTR-9 is the consolidated information previously furnished in the monthly or quarterly returns. โข Under GST, a registered dealer has to file GST returns that include: 1. Purchases 2. Sales 3. Output GST (On sales) 4. Input tax credit (GST paid on purchases).
- 9. ๏ถ TYPES OF FORMS FORMS Explanation Due Date GSTR-1 Return of outward supplies 10th of each month GSTR-2 Return of inward supplies 15th of each month GSTR-3 Monthly GST Return 20th of each month GSTR-4 Quarterly return for composition supplier 18th of quarter ending month GSTR-5 Monthly return for non-resident taxpayers 20th of each month GSTR-6 Monthly Return for Input Service Distributors 13th of each month GSTR-7 Monthly return for tax deductors 10th of each month GSTR-8 Monthly return for e-commerce operator 10th of each month GSTR-9 Annual Returns 31st December
- 10. ๏ถ GSTR-9 โข Who are suppose to file:- 1. Every registered person/company except, a) Taxpayers opting Composition Scheme b) Casual taxpayer c) Input service distributors d) Non resident tax payers e) Person Paying TDS
- 11. ๏ถ TYPES OF GST RETURNS GSTR-9 GSTR-9A GSTR-9B GSTR-9C Annual Returns
Editor's Notes
- Before we knew that the Indian Tax Structure consisted of direct and indirect taxes. Direct : income tax, profession tax. Wealth tax etc. Indirect : Levied on good and services such as sales, excise duty, customs, service tax, VAT etc. SALES TAX = on sale of any goods( paid by dealer) EXCISE DUTY = indirect tax on goods manufactured in india CUSTOMS DUTY = import taxes on goods ( rates depend upon goods classification) SERVICE TAX = tax on services rendered VAT = tax on various stages of supply and production and sales of movable goods in India. GST was launched on 1st July 2017 by govt of India. Supply = sales, transfer, exchange, rental, license etc. The idea was generated back in 2000 by then Prime minister ATAL BIHARI VAJPAYEE who introduced it in India and set up a committee to design the gst model for India.
- STATE/U.T = cgst+sgst INTER STATE = igst
- ADE= additional duty of excise ( on goods of spcl importance) SURCHARGE = above 50 lacs of income CESS = additional tax for creating funds eg/- education cess 4% CVT = capital value tax SAD = spcl additional duty i.e. refund on goods if tax was paid during sales.
- Cascading effect = tax on tax, taxes paid on every stage of manufacturing, thus by removing it money is saved. Employment opportunity = as cost is cut down in taxes thus given opportunity to increase manpower and also ppl having specialized knowledge in gst are employed in companies. MSMEโS = because filling only 1 tax and the benefit of quarterly filing for companies having turnover less than 1.5 cr has made it easier for msme. One tax, one nation. Gst is software oriented.
- GSTR-9 = details of all the purchases and sales made during a financial year along with the taxes paid.
- GSTR-1: details abt invoices , cr /dr notes, revised invoices issued in relation to outward sipplies, made during tax period. There are of b2b or b2c nature. GSTR-2 : returns for outward supplies filed by supplier (receiver) is required for to match his receipts with details of us. GSTR-3 : this is automatically generated return, based on information furnished through gstr-1 and gstr-2. it shows the tax liability. GSTR-4 : composition scheme = not having turnover above 1.5 cr, supplies within state, only manufactures goods, deale.rs, restaurants can opt for it, quarterly returns are filed. GSTR-5 : foreign traders who have come for trading of g/s and do not have any business establishment, they sell in local markets. GSTR-6 : for a big company, who has branches in various cities, services used by its branches, it receives invoices and distributes tax to its branches by ISD invoices GSTR-7 : TDS (pt of generating income) GSTR-8 : detailes furnished by e-commerce operators to its suppliers in PART C OF 2A. GSTR-9 : annual returns.
- Casual taxpayer = a person who occasionally supplies taxable g/s in territory where he/she doesnโt have a fixed place of business.
- The consensus through which the govt has arrived with states for amending the constitution to implement GST is a major break through for Indiaโs progress. This alone has the potential to make India more competitive and attractive for investments. โ NARENDRA MODI.