The document summarizes a webinar on concepts of GST presented by Mr. Tushar Ranjan Barik. It discusses key topics like the meaning of tax, types of taxes, direct vs indirect taxes, components of GST, and advantages of GST. The webinar aims to explain GST mechanisms, features, need for GST in India, and comparisons between pre-GST and post-GST regimes through illustrations. It also lists central and state levies subsumed under GST.
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.
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
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.
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
The debate over the implementation of Goods and Services Tax (GST) has been tiresomely long.
GST is a critical reform in spurring growth in the Indian economy.
When it is introduced, GST is expected to make the tax system simpler and will also help in increased compliance, boost tax revenues, reduce the tax outflow in the hands of the consumers and make exports competitive. The new government will hopefully set forth a roadmap for the implementation of GST soon.
Today’s lesson on GST attempts to simplify this concept for you.
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
Travail 4m General Sale Tax (GST) 2 Goods & Service Tax (GST) in India _ JenaChidananda Jena
Training material on Goods and Service Tax of India is designed keeping the Value Added Tax and General Sales Tax in the background. General tax reforms in major direct and indirect taxes of India are discussed as intruduction. Impact of direct taxation is analyzed with some original concepts and examples. Some of the concepts and most of the examples and computations demonstrated in VAT and GST section are also original of the author.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
Salient Features of GST,
GST Model,
Payment of Tax,
Benefit of GST,
Subsuming of Existing Taxes,
Tax Levy under GST,
Input Tax Credit (ITC),
Payment of Taxes
gst 2017 ppt,
goods and service tax,
A students presentation on the topic Indirect Taxes by students from College MCS Banting, Selangor, Malaysia for the subject International Business Law.
Singapore is known to have one of the lowest taxes globally.
Among the taxes levied by the city-state is the Goods and Services Tax (GST). This type of tax is paid when money is spent on goods and services including imports. A multi-stage tax, the GST is collected at all stages of the production and distribution chain.
The debate over the implementation of Goods and Services Tax (GST) has been tiresomely long.
GST is a critical reform in spurring growth in the Indian economy.
When it is introduced, GST is expected to make the tax system simpler and will also help in increased compliance, boost tax revenues, reduce the tax outflow in the hands of the consumers and make exports competitive. The new government will hopefully set forth a roadmap for the implementation of GST soon.
Today’s lesson on GST attempts to simplify this concept for you.
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
Travail 4m General Sale Tax (GST) 2 Goods & Service Tax (GST) in India _ JenaChidananda Jena
Training material on Goods and Service Tax of India is designed keeping the Value Added Tax and General Sales Tax in the background. General tax reforms in major direct and indirect taxes of India are discussed as intruduction. Impact of direct taxation is analyzed with some original concepts and examples. Some of the concepts and most of the examples and computations demonstrated in VAT and GST section are also original of the author.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
Salient Features of GST,
GST Model,
Payment of Tax,
Benefit of GST,
Subsuming of Existing Taxes,
Tax Levy under GST,
Input Tax Credit (ITC),
Payment of Taxes
gst 2017 ppt,
goods and service tax,
A students presentation on the topic Indirect Taxes by students from College MCS Banting, Selangor, Malaysia for the subject International Business Law.
Singapore is known to have one of the lowest taxes globally.
Among the taxes levied by the city-state is the Goods and Services Tax (GST). This type of tax is paid when money is spent on goods and services including imports. A multi-stage tax, the GST is collected at all stages of the production and distribution chain.
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how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell pi coins after successfully completing KYC
Concepts of GST
1. WEBINAR
ON
CONCEPTS OF GST (GOODS & SERVICE TAX)
Presented by-
Mr. Tushar Ranjan Barik
Asst. Professor of Commerce
NIIS Group of Institutions
2. Contents-
1. Tax
2. Types of Tax (Direct & Indirect Tax)
3. Incidence & Impact
4. Direct Tax Vs. Indirect Tax
5. Meaning of GST
6. GST Mechanism
7. Salient Features of GST
8. Need for GST In India
9. Comparison between Pre-GST & Post-GST Regime though Illustration
10. What are the Components of GST ?
11. Advantages of GST
3. MEANING OF TAX
Tax is a compulsory payment to be made by every resident of India. It is a
charge or burden laid upon persons or the property for the support of a
Government. Government decided the rates and the items on which tax will
be charged, like income tax, GST, etc
Tax can be defined in very simple words as the government’s revenue or source of income. The money
collected under the taxation system is put into use for the country’s development through several projects
and schemes.
The Indian Constitution authorizes the Central and the State Governments to levy taxes.
The Parliament passes laws to approve taxes collected by the Central Government. In the case of the State
Governments, the State Legislature holds this power.
By the State Government: Also, the local governing and civic bodies too have the right to levy certain taxes.
4. TYPES OF TAXES
On the basis of incidence and impact of tax, a tax can be either, ‘Direct Tax’ or ‘Indirect Tax’
Direct Taxes: The individuals directly pay these taxes to the respective governments. In
this case the both Incidence and Impact will fall in a single person, i.e. an assesse. The
most notable examples include Income tax, Capital gains tax, Corporate tax,
Wealth Tax and Securities transaction tax.
Indirect Taxes: These taxes are not directly paid to the governments but are collected by
the intermediaries who sell or arrange products and services. In this case, the Incidence
and impact of taxes will fall on two different persons. GST (Goods and Service Tax),
Service tax, sales tax, octroi, customs duty, value-added tax, and excise duty,
customs duty, are some of the top examples.
5. INCIDENCE & IMPACT OF TAXES
Incidence of Tax: Incidence of Tax means the first burden of tax.
Incidence of tax falls on a person on whom the tax levied for the first time.
Incidence of tax can be shifted to another person.
Impact of Tax: Impact of tax means the ultimate/final burden of tax.
Impact of tax falls on the person who ultimately bears the burden of tax,
i.e. the Consumer.
6. DIRECT TAX VS. INDIRECT TAX
Particulars Direct Tax Indirect Tax
Meaning Direct Taxes are the taxes in which the incidence and
impact falls on the same person/assessee
Indirect Taxes are such type of taxes where incidence and
impact fall on two different persons.
Nature of tax Direct Tax is progressive in nature. Indirect Taxes are regressive in nature.
Taxable Event Taxable Income / Taxable Wealth of the Assessees. Purchase / Sale / Manufacture of goods and /or rendering of
services.
Levy & Collection Levied and collected from the Assessee. Levied & collected from the consumer but paid / deposited
to the Exchequer by the Assessee / Dealer.
Shifting of Burden Tax Burden is directly borne by the Assessee. Hence, the
burden cannot be shifted.
Tax burden is shifted to the subsequent / ultimate user.
Tax Collection Tax is collected after the income for a year is earned or
valuation of assets is determined on the valuation date.
At the time of sale or purchases or rendering of services.
Tax Evasion Comparatively more because of presence of
Unorganised sector.
Comparatively less because of presence of organised sector.
Administered by Direct Tax is administered by Central Board of Direct
Taxes (CBDT)
Indirect Tax is administered by Central Board of Indirect Tax &
Customs (CBIC). It is formerly known as Central Board of
Excise & Customs(CBEC).
7. MEANING OF GOODS & SERVICE TAX(GST)
1.Meaning:
a) “GST is an Indirect Tax charged on supply of Goods, or, Services or both except on supply of the Alcoholic
Liquor for Human Consumption” [Article 366(12A)].
b) It is implemented from 01.07.2017.
c) It extends to whole of India including Jammu and Kashmir.
2.Value added Tax: It is a Value Added Tax levied on Manufacture, Sale and Consumption of Goods and
Services. Only Value addition will be taxed and burden of tax is to be borne by the final consumers.
3.Set-off of taxes: The Supplier at each stage is permitted to avail credit of GST paid on purchase of Goods
and/services which can be set-off against the taxes paid on supply of Goods and Services made by him.
4.Accrual of Tax: The Tax would accrue to the taxing authority which has jurisdiction over the Place of
Consumption, which is also termed as Place of Supply. Hence, GST is a ‘Destination based consumption tax.’
8. GST MECHANISM
Manufacturer:
Price- 100
GST @ 10% 10 (Output GST)
Total 110
Government
GST from Manufacturer +10
GST from Whole Seller + 2
GST from Retailer + 2
Total GST Collected 14
Wholesaler
Purchase Price Price- 110
Price- 100 + 10 ( Input GST)
+ (Profit + Exp. )@ 20% : 20
Total 120
+ GST @ 10% 12 ( Output GST)
Total S.P. including GST 132 (P.P for Retailer)
GST Payable from W.S
(12-10 =2 )
Retailer:
Purchase Price Price- 132
Price- 120 + 12 ( Input GST)
+ (Profit + Exp. )@ 20% : 24
Total 144
+ GST @ 10% 14 ( Output GST)
Total S.P. including GST 158 (P.P for Consumer)
GST Payable from R.
(14-12 =2 )
Consumer will pay ( Price = 144 + GST= 14 )
9. The following are the salient features of the GST- Goods and Service Tax;
1. Indirect Tax: GST is an indirect tax, charged on supply of supply of goods or services or
both, except supply of Alcoholic Liquor for human consumption.
2. Value Added Tax: It is a Value Added Tax levied on manufacture, Sale and Consumption
of Goods & Services. Only Value addition will be taxed and burden of tax is to be borne by
the final Consumption.
3. Destination Based Consumption Tax: The tax would accrue to the taxing authority which
has jurisdiction over the Place of Consumption which is also termed as Place of Supply.
That means, the tax burden will arise on the head of ultimate consumer. Hence GST is a
Destination Based Consumption Tax.
SALIENT FEATURES OF GST
10. 4. Dual GST Model: GST is working in a Dual GST Model. That means, it is
charging by both the Central and State Govt.
5. Registration: Every supplier of goods and/or services is required to
obtained Registration in the State/ UT from where he makes taxable supply, if
his turnover exceeds Rs. 20 Lakhs during the financial year.
SALIENT FEATURES OF GST
11. NEED FOR GST IN INDIA
During Earlier Indirect Tax Regime, so many deficiencies are there. Due to those deficiencies, the whole Indirect
taxation structure was very much critical. In order to simplify the indirect tax system and keeping in view ‘ one
country - one tax’ , GST has been introduced. Before any discussion about the needs of GST, you must clear about the
Deficiencies in the Earlier Indirect structure are as follows;
Deficiencies in the Earlier Indirect Tax Regime:
No Set-off: Certain taxes levied by State Government were not allowed as set off for payment of other taxes being
levied by them. Example: When Goods are manufactured and sold, both Excise Duty (CENVAT) and State VAT
were levied. Though CENVAT and State Level VAT are essentially Value Added Taxes, Set-off of one against the
credit of another was not possible as CENVAT was a Central Government Levy and State VAT was a State
Government Levy.
Variety of Taxes and Rates: The Variety of Value Added Tax Laws in the country with disparate tax rates and
dissimilar tax practices in different States, Union Territories and Central Level divides the country into
separate economic Spheres. Total 17 indirect taxes has been subsumed with GST. These are as follows:-
12. NEED FOR GST IN INDIA
Central Taxes (Levied by Central Government)
Txes Tax Laws Taxable Event
Central Excise Duty Central Excise Act,1944 Manufacture/Production
Duties of Excise (Medical and Toilet Preparation) Central Excise Act,1944 Manufacture/Production
Additional Duties of Excise (Goods of Special Importance) Central Excise Act,1944 Manufacture/Production
Additional Duties of Excise (Textile & Textile Products) Central Excise Act,1944 Manufacture/Production
Additional Duties of Customs (commonly known as CVD) Customs Act, 1962 Import
Special Additional Duty of Customs Customs Act, 1962 Import
Service Tax Finance Act, 1994 Provision of Services
Central Sales Tax Central sales Tax Act, 1956 Inter State Sale
Surcharge & Cesses so far as relate to supply of goods &
services
Any of the above tax law, as applicable Any of the above Taxable Event, as specified in
the law.
State Taxes (Levied by Sate Government)
Txes Tax Laws Taxable Event
Sate VAT VAT Act. (State wise) Intra-state Sale
Luxury Tax State Luxury Act Services provided by Clubs, Hotels, etc
Entry Tax State wise entry tax act. Inter-state transfer of Goods
Entertainment Tax Entertainment Tax Act Commercial Entertainment
Taxes on Advertisement Advertisement Tax Act Advertisement Contract
Purchase Tax VAT Act Purchase of Specified goods
Taxes on lotteries, Batting and Gambling Different state acts Lottery, Batting and Gambling
Surcharge & Cesses so far as relate to supply of goods & services Any of the above tax law, as applicable Any of the above Taxable Event, as specified in
the law.
List the Central and State levies during Pre-GST regime was subsumed in GST in India:
13. Cascading Effect: In the earlier tax regime, there was Cascading effect of taxes on account of- (i) Levy of Non-Vatable
CST, and (ii) Inclusion of CENVAT in the value for Imposing VAT.
High Compliance Cost: The creation of tariff and non-tariff barriers such as octroi, entry tax, check posts, etc.
hindered the free flow of trade throughout the country. Besides that, the large number of taxes created high compliance
cost for the tax payers in the form of number of Returns, Payments, etc.
Others:
(a) Non-inclusion of several local levies in the State VAT such as Luxury Tax, Entertainment Tax, etc
(b) No CENVAT after manufacturing Stage.
(c) Non-Integration of VAT & Service Tax
We can understand the above limitations through the following Illustrations of Comparison between PRE-GST and POST-GST Regime.
NEED FOR GST IN INDIA
14. Illustrated with an example of supply chain, consisting Manufacturer, Wholesaler, Retailer and Customer, showing
the impact with and without GST:-
Suppose, manufacturer, started production for one item (say, one Dress), he had all the necessary things to
manufacture dress. Now, Manufacturer must be having certain people known as wholesalers and further
wholesalers will have retailers, so that item reaches to the end users (customers).
Following shown, the cost of saving by customer on one item after implementing GST:-
COMPARISION BETWEEN PRE-GST AND POST GST REGIME WITH ILLUSTRATION
15. What are the components of GST?
There are three taxes applicable under this system: CGST, SGST & IGST.
CGST (Central GST): It is the tax collected by the Central Government on an intra-state sale (e.g., a transaction
happening within Maharashtra)
SGST (State GST): It is the tax collected by the state government on an intra-state sale (e.g., a transaction
happening within Maharashtra)
IGST (Integrated GST) : It is a tax collected by the Central Government for an inter-state sale (e.g., Maharashtra
to Tamil Nadu)
Transaction New Regime Old Regime Revenue Distribution
Sale within the State
(Intra-Sate Sale)
CGST + SGST VAT + Central Excise/Service tax Revenue will be shared equally between the Centre and the
State
Sale to another State
(Inter- Sate Sale)
IGST Central Sales Tax + Excise/Service Tax There will only be one type of tax (central) in case of inter-
state sales. The Centre will then share the IGST revenue
based on the destination of goods.
In most cases, the tax structure under the Post-GST regime are as follows: