The document discusses the financial impact of implementing GST for organizations. It identifies 11 key factors that will affect finances, including the removal of taxes like octroi and entry tax, availability of input tax credits for IGST and VAT, elimination of tax reversals for trading activities, and changes to tax treatment of processes like assembly. The financial impact will vary for each organization and they should assess each factor to minimize adverse impacts and restructure their business under GST.
After a decade of negotiations, hectic parleys, many climb down and heart burn, India is ready to bring in what has been touted as Independent India's most celebrated tax reform, the Goods and Services Tax.
The document provides an overview and analysis of India's Goods and Services Tax (GST) reform. Some key points:
1) GST is expected to be implemented in April 2017 and will replace many existing taxes with a single, nationwide indirect tax on the sale and manufacture of goods and services.
2) GST aims to create a unified Indian market, reduce costs for businesses and consumers, and broaden the tax base.
3) The tax is expected to have wide-ranging economic and sectoral impacts, lowering costs for many industries while modestly increasing prices for some consumers in the short-run.
4) Overall, GST is projected to boost India's GDP by streamlining taxation
This document discusses the implications of implementing the Goods and Services Tax (GST) for businesses in India. It notes that GST will replace existing indirect taxes and is aimed at eliminating tax cascading. However, it also acknowledges challenges in implementing GST given India's federal structure with both central and state governments collecting tax. The document analyzes how GST will impact various industries and business structures through changes to tax rates and credits across supply chains. It also examines issues around stock transfers, imports, and inter-state sales under the new GST framework.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
The document summarizes the impact of GST on the textile industry in India. Some key points:
- Under GST, taxes like excise duty, VAT, CST etc. will be subsumed and replaced by CGST, SGST and IGST which will remove cascading of taxes and improve input tax credit flow.
- Overall tax incidence on textiles is expected to increase slightly due to higher GST rates compared to previous taxes. This may impact product mix in the industry.
- Compliance burden is also expected to increase initially due to transition challenges but compliance overall will improve in the long run.
- Inter-state trade barriers will be removed, improving competition and organized
The document discusses the Goods and Service Tax (GST) that was implemented in India in 2017. It provides background on GST, describing it as an indirect tax reform that consolidated multiple taxes into a single tax applied to goods and services. The objectives, methodology, key features, and impacts of GST on the Indian economy are examined, along with the advantages it provides in reducing complexity and disadvantages around implementation challenges. In conclusion, the researcher supports GST as an important milestone for taxation in India that will help create a common market, though challenges remain in fully adapting the new system.
GST has been introduced in India to amalgamate multiple taxes into a single tax, mitigate cascading taxes, and make Indian goods more competitive globally. Previously, the constitution clearly demarcated fiscal powers between the central and state governments for levying various taxes on manufacture, sale, and services. GST empowers both the central and state governments to concurrently levy and collect GST, which replaces existing taxes like excise duty, sales tax, VAT, and introduces the Integrated GST for inter-state transactions. GST is implemented as CGST by central states and SGST by state governments. Taxpayers with under Rs. 20 lacs annual turnover are exempt, and those under Rs. 50 lacs can
Goods and Services Tax (GST) is an indirect tax applicable throughout India that replaced multiple cascading taxes imposed by central and state governments. GST aims to create a single, unified Indian market by levying the same tax rates and procedures across the country. It subsumes several indirect taxes into a single tax payable to the central and state governments. GST is a consumption-based tax collected on the final sale or consumption of goods and services in India.
After a decade of negotiations, hectic parleys, many climb down and heart burn, India is ready to bring in what has been touted as Independent India's most celebrated tax reform, the Goods and Services Tax.
The document provides an overview and analysis of India's Goods and Services Tax (GST) reform. Some key points:
1) GST is expected to be implemented in April 2017 and will replace many existing taxes with a single, nationwide indirect tax on the sale and manufacture of goods and services.
2) GST aims to create a unified Indian market, reduce costs for businesses and consumers, and broaden the tax base.
3) The tax is expected to have wide-ranging economic and sectoral impacts, lowering costs for many industries while modestly increasing prices for some consumers in the short-run.
4) Overall, GST is projected to boost India's GDP by streamlining taxation
This document discusses the implications of implementing the Goods and Services Tax (GST) for businesses in India. It notes that GST will replace existing indirect taxes and is aimed at eliminating tax cascading. However, it also acknowledges challenges in implementing GST given India's federal structure with both central and state governments collecting tax. The document analyzes how GST will impact various industries and business structures through changes to tax rates and credits across supply chains. It also examines issues around stock transfers, imports, and inter-state sales under the new GST framework.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
The document summarizes the impact of GST on the textile industry in India. Some key points:
- Under GST, taxes like excise duty, VAT, CST etc. will be subsumed and replaced by CGST, SGST and IGST which will remove cascading of taxes and improve input tax credit flow.
- Overall tax incidence on textiles is expected to increase slightly due to higher GST rates compared to previous taxes. This may impact product mix in the industry.
- Compliance burden is also expected to increase initially due to transition challenges but compliance overall will improve in the long run.
- Inter-state trade barriers will be removed, improving competition and organized
The document discusses the Goods and Service Tax (GST) that was implemented in India in 2017. It provides background on GST, describing it as an indirect tax reform that consolidated multiple taxes into a single tax applied to goods and services. The objectives, methodology, key features, and impacts of GST on the Indian economy are examined, along with the advantages it provides in reducing complexity and disadvantages around implementation challenges. In conclusion, the researcher supports GST as an important milestone for taxation in India that will help create a common market, though challenges remain in fully adapting the new system.
GST has been introduced in India to amalgamate multiple taxes into a single tax, mitigate cascading taxes, and make Indian goods more competitive globally. Previously, the constitution clearly demarcated fiscal powers between the central and state governments for levying various taxes on manufacture, sale, and services. GST empowers both the central and state governments to concurrently levy and collect GST, which replaces existing taxes like excise duty, sales tax, VAT, and introduces the Integrated GST for inter-state transactions. GST is implemented as CGST by central states and SGST by state governments. Taxpayers with under Rs. 20 lacs annual turnover are exempt, and those under Rs. 50 lacs can
Goods and Services Tax (GST) is an indirect tax applicable throughout India that replaced multiple cascading taxes imposed by central and state governments. GST aims to create a single, unified Indian market by levying the same tax rates and procedures across the country. It subsumes several indirect taxes into a single tax payable to the central and state governments. GST is a consumption-based tax collected on the final sale or consumption of goods and services in India.
1. GST will subsume many existing indirect taxes into a single tax applicable throughout India, with the goal of reducing tax cascading and improving the ease of doing business.
2. Under GST, taxes will be levied as CGST by the central government, SGST by state governments on intra-state sales, and IGST on inter-state sales which will be divided between the central and purchasing states.
3. GST is expected to benefit the Indian economy by reducing tax evasion, providing more funds to underdeveloped states through consumption-based collection, and removing location bias to support smaller businesses.
Businesses need to register for GST by September 30, 2017. Stock on hand as of June 30, 2017 can be taxed under GST, with credit given for prior taxes paid. Invoices under GST must include seller and buyer details as well as tax rates and amounts. There will be five GST tax rates: 0%, 5%, 12%, 18%, and 28%. Small businesses with under Rs. 75 lakhs turnover can register for the composition scheme with simplified compliance.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses the history of GST in India, from initial discussions in 2000 to the passage of the constitutional amendment bill in 2016. It also outlines the present status, including the digital platform being developed. Key aspects of GST like the unique 15-digit identification number, registration process, tax rates of 5%, 12%, 18% and 28%, credit system, items covered and excluded, and challenges of implementation are summarized. The presentation aims to educate about GST recently introduced as a major tax reform in India.
The document provides an overview of the proposed GST framework in India, including:
- The origin and development of GST over time from 2006-2016.
- Key aspects of the proposed GST framework such as the types of taxes (CGST, SGST, IGST), the GST council and committees established, registration process, payment methods, and anticipated benefits.
- Details on the registration process including obtaining registration, approval process, surrender and cancellation of registration.
- An explanation of the various payment methods under GST particularly internet banking and over the counter payments.
Understanding GST and its implications.Anirudh Daga
This document provides information on India's current and proposed indirect tax structures. The current system includes taxes levied by the central and state governments, while the proposed GST system would introduce CGST, SGST and IGST. Key features of GST include a dual-levy structure, seamless credit across states, and the replacement of multiple taxes with one. The document also outlines registration requirements, returns, and other operational details of the proposed GST system.
The document provides an overview of the Goods and Services Tax (GST) system being implemented in India. It discusses the existing indirect tax system and its shortcomings, as well as the rationale for introducing GST. Key points include:
1) GST will replace multiple existing indirect taxes and be levied on the supply of goods and services.
2) It aims to create a common national market by removing economic distortions caused by the current tax system.
3) GST will be implemented as a dual model with taxation powers shared between the central and state governments.
about gst in india. all about one nation,one tax,what are he tax rates . hoew it is different from previous tax. why it is better,what are its benefits and disadvantages . what will be its impact in indian economy
specially for class 11 eco project i made this and good marks
helps in understanding gst
The document summarizes key aspects of the Goods and Services Tax (GST) implemented in India. It outlines the existing tax structure with various central and state taxes and the proposed unified GST structure. It then discusses the positive impacts of GST for consumers, such as removing cascading taxes, standardized tax rates, and potentially lower prices. However, it also notes potential negative impacts like higher costs of services initially and increased inflation. Overall, GST aims to simplify taxation but its effects will depend on execution and pass-through of benefits to consumers.
GST is a proposed system that will replace existing indirect taxes in India. It will be implemented as both central GST and state GST. Under GST, tax will be charged on value addition at each stage of production and distribution. Input tax credits can be claimed at each stage, eliminating cascading of taxes. For inter-state transactions, an integrated GST will apply. This will simplify and harmonize the indirect tax system in India while reducing costs for businesses through seamless credits.
This document provides an introduction and overview of the Goods and Services Tax (GST) implemented in India. It begins by explaining that GST consolidates several indirect taxes into a single tax applied to the supply of goods and services. It highlights that GST eliminates the cascading effect of taxation. The document then outlines some of the key features of GST, including that it is a consumption-based tax applied at the location where goods or services are consumed. It also describes some of the major taxes subsumed under GST and compares the previous tax regime to GST. Finally, it discusses important aspects of GST such as taxable events, tax rates, input tax credit, and the treatment of inter-state transactions
Handbook ppt on gst goods & service tax _ top gst expertsCA Milin Shah
GST is on the way from 1st July 2017, Be ready for the biggest change in tax world. Would like to get everything about GST in your hand? right now ? right away _just click on the link to get everything on GST in sweet & simple language.
Accolet gst - understanding india gst - comprehensive presentation moduleDeepak Kumar Jain B
Comprehensive Understanding to Levy of India GST. It explains the law, the charge, valuation, time and place of supply, compliances under GST and transitional provisions - more on www.IndiaGST.com
GST is a comprehensive indirect tax on the supply of goods and services that would replace multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. The introduction of GST would be a significant reform of indirect taxation in India and is expected to boost the country's economic growth.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST subsumes multiple indirect taxes into a single tax applied at the national level. GST is composed of Central GST and State GST for intrastate commerce, and Integrated GST for interstate commerce. The document outlines the tax structures before and after GST, registration requirements, tax rates, and exemptions. It also notes some flaws in the GST model related to additional taxes paid by local dealers and service supplies within a state.
In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.
How will be the impact of GST on manufacturing industry?
“The government also realizes that becoming a manufacturing hub will need several strategic reforms to simplify manufacturing in India. One of the proposed reforms, in line with Make in India, is the implementation of the Goods and Services Tax (GST). “
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.
This presentation is on GST (Goods and Services Tax), it is about the new taxation system implemented in India. I have tried to keep all information about GST India.
General knowledge on GST to understand the biggest tax reform in the Indian Economy.
Note: It's just a brief on GST and does not get into the intricacies. Thank you for viewing.
1. GST will subsume many existing indirect taxes into a single tax applicable throughout India, with the goal of reducing tax cascading and improving the ease of doing business.
2. Under GST, taxes will be levied as CGST by the central government, SGST by state governments on intra-state sales, and IGST on inter-state sales which will be divided between the central and purchasing states.
3. GST is expected to benefit the Indian economy by reducing tax evasion, providing more funds to underdeveloped states through consumption-based collection, and removing location bias to support smaller businesses.
Businesses need to register for GST by September 30, 2017. Stock on hand as of June 30, 2017 can be taxed under GST, with credit given for prior taxes paid. Invoices under GST must include seller and buyer details as well as tax rates and amounts. There will be five GST tax rates: 0%, 5%, 12%, 18%, and 28%. Small businesses with under Rs. 75 lakhs turnover can register for the composition scheme with simplified compliance.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses the history of GST in India, from initial discussions in 2000 to the passage of the constitutional amendment bill in 2016. It also outlines the present status, including the digital platform being developed. Key aspects of GST like the unique 15-digit identification number, registration process, tax rates of 5%, 12%, 18% and 28%, credit system, items covered and excluded, and challenges of implementation are summarized. The presentation aims to educate about GST recently introduced as a major tax reform in India.
The document provides an overview of the proposed GST framework in India, including:
- The origin and development of GST over time from 2006-2016.
- Key aspects of the proposed GST framework such as the types of taxes (CGST, SGST, IGST), the GST council and committees established, registration process, payment methods, and anticipated benefits.
- Details on the registration process including obtaining registration, approval process, surrender and cancellation of registration.
- An explanation of the various payment methods under GST particularly internet banking and over the counter payments.
Understanding GST and its implications.Anirudh Daga
This document provides information on India's current and proposed indirect tax structures. The current system includes taxes levied by the central and state governments, while the proposed GST system would introduce CGST, SGST and IGST. Key features of GST include a dual-levy structure, seamless credit across states, and the replacement of multiple taxes with one. The document also outlines registration requirements, returns, and other operational details of the proposed GST system.
The document provides an overview of the Goods and Services Tax (GST) system being implemented in India. It discusses the existing indirect tax system and its shortcomings, as well as the rationale for introducing GST. Key points include:
1) GST will replace multiple existing indirect taxes and be levied on the supply of goods and services.
2) It aims to create a common national market by removing economic distortions caused by the current tax system.
3) GST will be implemented as a dual model with taxation powers shared between the central and state governments.
about gst in india. all about one nation,one tax,what are he tax rates . hoew it is different from previous tax. why it is better,what are its benefits and disadvantages . what will be its impact in indian economy
specially for class 11 eco project i made this and good marks
helps in understanding gst
The document summarizes key aspects of the Goods and Services Tax (GST) implemented in India. It outlines the existing tax structure with various central and state taxes and the proposed unified GST structure. It then discusses the positive impacts of GST for consumers, such as removing cascading taxes, standardized tax rates, and potentially lower prices. However, it also notes potential negative impacts like higher costs of services initially and increased inflation. Overall, GST aims to simplify taxation but its effects will depend on execution and pass-through of benefits to consumers.
GST is a proposed system that will replace existing indirect taxes in India. It will be implemented as both central GST and state GST. Under GST, tax will be charged on value addition at each stage of production and distribution. Input tax credits can be claimed at each stage, eliminating cascading of taxes. For inter-state transactions, an integrated GST will apply. This will simplify and harmonize the indirect tax system in India while reducing costs for businesses through seamless credits.
This document provides an introduction and overview of the Goods and Services Tax (GST) implemented in India. It begins by explaining that GST consolidates several indirect taxes into a single tax applied to the supply of goods and services. It highlights that GST eliminates the cascading effect of taxation. The document then outlines some of the key features of GST, including that it is a consumption-based tax applied at the location where goods or services are consumed. It also describes some of the major taxes subsumed under GST and compares the previous tax regime to GST. Finally, it discusses important aspects of GST such as taxable events, tax rates, input tax credit, and the treatment of inter-state transactions
Handbook ppt on gst goods & service tax _ top gst expertsCA Milin Shah
GST is on the way from 1st July 2017, Be ready for the biggest change in tax world. Would like to get everything about GST in your hand? right now ? right away _just click on the link to get everything on GST in sweet & simple language.
Accolet gst - understanding india gst - comprehensive presentation moduleDeepak Kumar Jain B
Comprehensive Understanding to Levy of India GST. It explains the law, the charge, valuation, time and place of supply, compliances under GST and transitional provisions - more on www.IndiaGST.com
GST is a comprehensive indirect tax on the supply of goods and services that would replace multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. The introduction of GST would be a significant reform of indirect taxation in India and is expected to boost the country's economic growth.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST subsumes multiple indirect taxes into a single tax applied at the national level. GST is composed of Central GST and State GST for intrastate commerce, and Integrated GST for interstate commerce. The document outlines the tax structures before and after GST, registration requirements, tax rates, and exemptions. It also notes some flaws in the GST model related to additional taxes paid by local dealers and service supplies within a state.
In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.
How will be the impact of GST on manufacturing industry?
“The government also realizes that becoming a manufacturing hub will need several strategic reforms to simplify manufacturing in India. One of the proposed reforms, in line with Make in India, is the implementation of the Goods and Services Tax (GST). “
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.
This presentation is on GST (Goods and Services Tax), it is about the new taxation system implemented in India. I have tried to keep all information about GST India.
General knowledge on GST to understand the biggest tax reform in the Indian Economy.
Note: It's just a brief on GST and does not get into the intricacies. Thank you for viewing.
The document provides an overview of the proposed Goods and Services Tax (GST) in India, including:
1) GST will combine multiple indirect taxes into a single tax, aiming to reduce complexity and inefficiencies. It will be levied as Central GST, State GST, and Integrated GST on inter-state sales.
2) Under GST, tax will be collected at the destination of goods and services rather than origin. Credits for taxes paid on inputs and capital goods will be available across states.
3) Implementation will require changes to contracts, purchase/work orders, IT/EDP systems, and awareness/training within organizations. Works contracts and other provisions may also
In this file you will find a detailed notes on Goods and Services Tax.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Concept note of Goods & Service Tax (GST) in IndiaANAND GAWADE
The document provides an overview of the proposed Goods and Services Tax (GST) in India. Some key points:
- GST aims to simplify and harmonize India's indirect tax system by subsuming multiple taxes into a single tax applied to the supply of goods and services.
- It will be a dual GST with the Center and States concurrently levying taxes on every supply. Credits from taxes paid at earlier stages can be used to offset taxes on later stages.
- GST is expected to reduce costs, increase tax compliance, and foster a common Indian market to boost economic growth.
- A GST Council will be created to make recommendations on tax rates and ensure cooperation between the
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST and explains that it is a comprehensive tax on the manufacture, sale, and consumption of goods and services. It also describes how GST will operate across states, the registration process, tax rates, items that may or may not be included, and benefits and challenges of implementing GST in India.
This document provides an overview of the Goods and Services Tax (GST) implemented in India, including:
1. It outlines the history and challenges of India's previous indirect tax structure that led to the implementation of GST. This includes issues like cascading taxes and lack of uniformity across states.
2. It summarizes international models of GST and how it has been implemented in over 140 countries globally with common principles like being destination-based and allowing input tax credits.
3. It describes the objectives and key aspects of GST in India like subsuming multiple taxes into a single tax, creating a unified market, and being a consumption-based tax levied at each stage of supply.
This document analyzes the impact of India's proposed Direct Tax Code on money markets. It presents a mathematical model to estimate changes in money supply under the new code. The model considers 4 levels of impact: 1) increased tax compliance from lower compliance costs, 2) higher disposable income from lower tax rates, 3) potential changes in savings patterns due to tax treatment of withdrawals, and 4) effects of equalizing short- and long-term capital gains tax rates. The analysis aims to estimate changes in money supply factors like tax revenue, disposable income, savings rates, and the money multiplier.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. GST is proposed as a dual GST model where both the central and state government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the Central and State governments. GST is proposed as a dual GST model where both the Central and State government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. GST is proposed as a dual GST model where both the central and state government concurrently levy GST on a common tax base. GST will be levied at every stage of supply of goods and services based on the input tax credit method. This will ensure a seamless transfer of input tax credit between the central GST and state GST.
Introduction /Concepts of GST
Existing & Proposed Tax Structure in India
Model/Components of GST
Benefits under GST
Applicability & Rate in GST Regime
Impact of GST
GST Set off Chain & its methodology
Functioning of GST
Others Areas of GST
Key Amendments in Bill
Sector Wise Impacts
Flaws of the GST Model
Conclusion.
1. GST is a single, unified indirect tax levied on the supply of goods and services that replaces multiple taxes levied by the central and state governments. It is a destination-based tax collected by the government of the consumption state.
2. The previous indirect tax regime in India had many limitations like cascading of taxes, lack of set-off benefits across tax types and between central and state taxes. GST addresses these issues and aims to make India a common market by subsiding barriers to inter-state trade.
3. By integrating taxes and enabling seamless tax credits, GST is expected to reduce the overall tax burden on goods and services, increase compliance and make Indian exports globally competitive resulting in
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST as a comprehensive tax on the manufacture, sale, and consumption of goods and services at the national level. It discusses the need for GST to replace existing multiple tax structures and simplify taxation. The document outlines the key features of GST, including that it will have dual components of Central GST and State GST, and covers topics such as taxable events, persons, rates, and subsuming of existing taxes. It provides the latest updates regarding proposals for an optional GST and other recommendations from a parliamentary panel.
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 discusses the proposed introduction of Goods and Services Tax (GST) in India, which would replace multiple indirect taxes with a single, comprehensive tax. Key points:
1. GST is proposed as a single, indirect tax on the supply of goods and services, with taxation levied at the place of consumption. It aims to remove cascading effects of taxes and create a unified national market.
2. GST will have two components - Central GST and State GST. Taxes will be applicable on all transactions of goods and services within a state. Inter-state transactions will be taxed by Integrated GST.
3. GST is expected to simplify and harmonize the
An overview of Goods and Services tax in IndiaKushal Setty
The document provides an overview of the proposed Goods and Services Tax (GST) model in India. It discusses that GST will replace many existing indirect taxes and be composed of two levels - Central GST and State GST. It notes GST will provide a comprehensive tax credit offset across the supply chain. The document also outlines some of the key aspects of GST including taxable events, identification numbers, payment procedures, and proposed tax rates.
An article on Role of Company Secretaries in GST Era was published in Souvenir of 43rd National Convention of Institute of Company Secretaries of India. Article was contributed by Team : Lex Bolster Global LLP.
The chapter consists of Computation of Tax Liability and Payment of Tax; Interest on Delayed Payment of Tax; Refund of Tax; Tax Deduction at Source (TDS); Collection of Tax at Source (TCS); Computation of Interest on Delayed Payment of Tax. Composition scheme, eligible tax payers, turn over limit in case of composition scheme. Eligibility for composition scheme, person not eligible to opt composition scheme, conditions for availing composition scheme, advantages and disadvantages of composition scheme, computation of tax liability, Interest on delayed payment of tax,
Refund of Tax: Usually when the GST paid is more than the GST liability a situation of claiming GST refund arises. Under GST the process of claiming a refund is standardized to avoid confusion. The process is online and time limits have also been set for the same.
When can the refund be claimed?
There are many cases where refund can be claimed. Here are some of them – Excess payment of tax is made due to mistake or omission.
Dealer Exports (including deemed export) goods/services under claim of rebate or Refund
ITC accumulation due to output being tax exempt or nil-rated
Refund of tax paid on purchases made by Embassies or UN bodies
Tax Refund for International Tourists
Finalization of provisional assessment
How to calculate GST refund?
Let’s take a simple case of excess tax payment made. Mr. B’s GST liability for the month of September is Rs 50000. But due to mistake, Mr. B made a GST payment of Rs 5 lakh. Now Mr. B has made an excess GST payment of Rs 4.5 lakh which can be claimed as a refund by him. The time limit for claiming the refund is 2 years from the date of payment.
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2. Introduction
Every organization is very eager to know the impact on his business on account of levy of
GST. The impact can be divided into two parts namely:
1. Financial
2. Procedural
Financial Impact of GSTThe financial impact arises on account of subsuming of tax into
GST and the availability of credit on some of the taxes which was not available earlier. The
credit of Octroi, Entry Tax, Luxury Tax was not available. All these taxes will subsume in
GST.
3. The factors which will have bearing on financial impact, are:
1. Saving arising from non-payment of Octroi, Entry Tax, Luxury Tax, etc.
The local bodies like Gram Panchayat, Municipal Corporation, Municipal Committee, etc.
normally enact the law for levy of octroi duty/local body tax for goods entering in the specified area.
Many States have abolished octroi/local body tax and imposed entry tax.
These taxes increase the cost of bringing the materials inside the specified area. The said
octroi payment made on goods is not available as a credit also. The indirect effect of such levy is that:
(a) Most of the godowns are constructed outside octroi limit
(b) The vehicles have to wait at Octroi Naka for hours together for payment of octroi.
The octroi will be abolished from the appointed date i.e from 01/04/2017. Therefore, the cost of
procuring the material will reduce. It will heavily benefit the transporters, as the turn-around of
vehicles will considerably increase, as vehicles will not have to wait at Naka.
4. The factors which will have bearing on financial impact, are:
2. Non-Availability of Credit of Central Sales Tax (CST) and Availability of Credit on IGST
The Central Sales Tax is levied under the CST Act, when the movement of goods in
pursuance of a contract is Inter-State. The CST is a cost to the Company as the credit of CST is not
available. The indirect impact of the levy of CST was:
(a) Every State have created a check post at the border;
(b) The Companies have opened depots in each State. Sometimes distance between the two depots
are hardly 25-30 kilometres. For example, there are many Companies who have depots in Delhi,
Faridabad (Haryana) and Ghaziabad (UP);
These depots are opened basically to save CST. The CST now will be abolished and every Inter-State
transfer of goods will attract IGST. The credit of IGST will be available. Therefore, there may not be
the need for so many depots and also appointment of clearing & forwarding agents, etc. The
Company may have to think of re-organizing the depots.
5. The factors which will have bearing on financial impact, are:
3. Non-Reversal of Credit Under Rule 6 of the Cenvat Credit Rules, 2004 on Trading
Activities
As per the definition of exempted service given in Rule 2(e) of the Cenvat Credit Rules, 2004, the
trading is considered as an exempted service. Therefore, Rule 6 of the Cenvat Credit Rules, 2004
provides for formula for quantifying the amount of reversal of credit availed on inputs and input
services to the extent attributable to trading activities.
The trading activities will now attract GST. The Company will have to pay GST on the value of goods
sold. Therefore, there will be no reversal of credit on inputs and input services attributable to trading
activities.
6. The factors which will have bearing on financial impact, are:
4. Carrying Out Process Which does not Amount to Manufacture
There are many companies who carry out the process which does not amount to the process
of manufacture as per section 2(f) of the Central Excise Act, 1944. Therefore, they do not pay excise
duty on the products cleared by them.
Many companies carry out the process of assembly/knitting at the depot. Since this process
does not amount to the process of manufacture, no duty is payable on the value increased due to
assembly/knitting process. The incidence of GST is on supply. Therefore, even if the process does not
amount to the process of manufacture, the GST will be payable on enhanced value. Thus, on value
addition made on depot due to carrying out any process, the GST will be payable. Many companies
may not be able to pass on the credit, as they supply the goods to companies engaged in
transmission of electricity.
If there is no GST payable on transmission of electricity, then the credit on GST paid on inputs
and input services to such companies will not be available.
7. The factors which will have bearing on financial impact, are:
5. Payment of Tax on Margin of Wholesalers and Retailers
The wholesalers and retailer’s resell the goods. They are paying VAT leviable by the State
Government on the value at which goods are sold. The VAT Act does not permit the credit of service
tax paid on input service.The tax on input service is payable to Central Government and is levied as
per the provisions contained in Chapter V of the Finance Act, 1994. The supply of input services will
now attract GST. The wholesalers and retailers will now be entitled to the credit of GST paid and
therefore they will be benefited to this extent. The wholesaler and retailer will have to pay GST on
margin also.
6. Refund of Accumulated Credit on Account of Inverted Duty Structure
In many cases, the duty payable on the finished goods is less than the credit available to the
manufacturer. For example, the duty payable on pharmaceutical products is 6% whereas the inputs
like bulk drugs, packing materials, etc. attract duty @ 12.5%. Thus credit availed on inputs remains
accumulated with the manufacturer of the pharmaceutical products. The credit cannot be used as
credit on inputs and input service is higher than duty paid on finished goods. The Section 38(2) of the
GST Act specifically provide for refund of such un-utilized credit of duty. This will definitely reduce the
cost of production of such products.
8. The factors which will have bearing on financial impact, are:
7. Credit of VAT Paid on Inputs Available to Service Provider
The current rate of tax payable on services provided is fifteen per cent. In many cases like
construction, abatements have been granted for determining the taxable value. The tax is payable on
abated value. The VAT is also payable on some of the inputs. Currently the credit on VAT paid is not
available to the service provider. Under the GST the credit of SGST paid will be available to the service
provider. Therefore, the service provider shall ensure that the invoices are obtained for procurement
of inputs and such invoice indicated the VAT element separately.
9. The factors which will have bearing on financial impact, are:
8. Non-Levy of Entertainment Tax
The entertainment tax is levied by the State Government on various entertainment events including
exhibition of films in theatres. In some of the States the rate of entertainment tax is as high as 40%. In
GST the rate of tax is bound to come down and may be in the range of 18% to 20%. This will
substantially benefit the entertainment industry.
10. The factors which will have bearing on financial impact, are:
8. Non-Levy of Entertainment Tax
The entertainment tax is levied by the State Government on various entertainment events including
exhibition of films in theatres. In some of the States the rate of entertainment tax is as high as 40%. In
GST the rate of tax is bound to come down and may be in the range of 18% to 20%. This will
substantially benefit the entertainment industry.
11. The factors which will have bearing on financial impact, are:
9. Tax on Profit by Wholesalers and Retailers
The wholesalers and retailers make profit on resale of goods. They pay VAT on the sale price of
the goods. They do not pay excise duty on the value addition that is profit on sale of goods made by
them, as the process carried out by them does not amount to the process of manufacture. In GST the
incidence of tax will be on supply of goods. Therefore, GST will be payable of sales price of goods.
They will also be entitled to the credit of GST paid on the inward supplies. The record keeping by
them will have to be substantially modified in order to capture the availability of credit.
10. Increase in Rate for Service Sectors
Currently service tax of 15% including Swachh Bharat Cess (SBC) and Krishi Kalyan Cess (KKC) is
levied. The expected rate in the GST may be 18%. Therefore, the incidence of tax for the person
rendering services are likely to increase. The exact increase in the incidence of tax will be known only
after the rates are notified. As against this, the service provider will also get the credit of VAT paid on
the inputs as mentioned in para 19.8.
12. The factors which will have bearing on financial impact, are:
11. Pruning of Exemption List
Currently the notifications have been issued under the Central Excise Act, 1944 and service tax
exempting various goods and services from payment of duty/tax. Similarly, the exemptions have been
granted to the various products from payment of VAT. There have been lot of discussion on pruning
of the exemption list. Now there will be uniform exemption under CGST and SGST. Thus only one
exemption list, exempting both from CGST and SGST will be issued.
As per the various statements of the Ministry of Finance, the list will be heavily reduced. If any
exemption is removed, the incidence of tax on the said goods will increase the price of the goods.
Conclusion
The impact of the above factors on each of the organizations will vary. It is up to the
organization to determine the impact of each of the factors on their finance and re-
arrange the business in order to ensure that the adverse impact is minimized.
13. Contact us
21, Rukmani St Kamatchi Puram,
West Mambalam Chennai,
Tamil Nadu 600033
+91 9840277503, +91 9840356270
info@vramaratnam.com