Recommended
More Related Content
What's hot
What's hot (20)
Similar to Gst
Similar to Gst (20)
Recently uploaded
Recently uploaded (20)
Gst
- 2. GST (GOODS AND SERVICES TAX) • It an indirect tax throughout India to replace taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and Twenty Second Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by GST Council and its Chairman is Union Finance Minister of India - Arun Jaitley. Under GST, goods and services will be taxed at the following rates, 0%, 5%, 12%, 18%, 28%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. There will be additional cess on sin goods like cigarettes.
- 3. HISTORY • The reform process in indirect tax regime of India was started in 1986 by Vishwanath Pratap Singh by introduction of Modified Value Added Tax (MODVAT). • Goods and services tax (GST) will subsume various indirect taxes including central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. • Other levies which are currently applicable on inter-state transportation of goods are also likely to be done away with in GST regime.
- 5. GST • Transport services • Railways • Flights • Taxi services-Ola, Uber • Small restaurants(below 50 lakh turnover) • Bio gas plant • Wind mills 5% TAX (Services)
- 6. GST • Flavored sugar • Pasta • Cornflakes • Pastries and cakes • Preserved veggies • Jams and Sauces • Soups • Instant food mixes • Ice cream • Mineral water • LPG Stoves • Helmets • Tissues 18% TAX (Services)
- 7. GST • Printed circuits • Camera • Speakers • Monitors • Electronic Toys • Napkins • Envelopes • Note books • Steel products 18% TAX (Services)
- 8. GST • Ayurvedic meds. • Tooth powder • Agarbatti • Butter • Cheese ghee • Fruit juices • Namkeen • Dry fruits • Animal fat • Sausage • Frozen meat • Coloring books 12% TAX (Services)
- 9. GST • Chewing gum • Chocolate • Waffles • Wafers • Pan masala • Cold drinks • Paint • Shaving creams • Deodrants • After shave • Shampoo hair dye 28% TAX (Services)
- 10. GST • Sunscreen • Wallpaper • Tiles • Water heater • Dishwasher • Weighing machine • Washing machine • ATM • Vacuum cleaner • Shavers hair clippers • Automobiles • Motorcycles 28% TAX (Services)
- 11. EFFECTS • The tax rate under GST may be normal or zero rated for the time its charged. It has proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government has assured states of compensation for any revenue loss incurred by them from the date of GST for a period of five years.
- 12. LEGISLATION • A 21-members select committee was formed to look into the proposed GST law. State and Union Territory GST laws were passed by all the states and Union Territories of India except Jammu & Kashmir, paving the way for smooth rollout of the tax from 1 July 2017. There will be no GST on the sale and purchase of securities. That will continue to be governed by Securities Transaction Tax (STT).
- 13. GSTN • Goods and Services Tax Network (GSTN) is a nonprofit organization formed to create a platform for all the concerned parties. • The IT network will be developed by private firms which are being in tie up with the central government and will be having stakes accordingly. • The known authorized capital of GSTN is 10 crore (US$1.6 million) in which Central Government holds 24.5 percent of shares while the state government holds 24.5 percent and rest with private banking firms.