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Presented by:-
Mukeskumar S. Prajapati
Prerna Institute of Commerce,Amt
Introduction
GST: Internationally
GST in different Counties
GST Authorities
Taxation Power of Centre
Taxation Power of State
Drawbacks of Current System
Tax not be Included in GST
Benefits of GST
Indicative GST Rates
Item not Under GST
Expensive & cheaper
How will GST work ?
Conclusion
References
“1 NATION TAX MARKET”
GST: Internationally:-
•Approximately 160 countries have adopted so far,
France was the First Country to adopt it in 1954,
Sr. no. Region No. of Countries Tax Rates(range)
1. ASEAN 7 7-12%
2. ASIA 19 5-20%
3. EUROPE 53 5-27%
4. OCEANIA 7 5-15%
5. AFRICA 44 5-40%
6. SOUTH AMERICA 11 10-22%
7. CARIBBEAN,CENTRAL&NO
RTH AMERICA
19 5-17.5%
Highest rates are in Hungry (27%) and Gambia (40%)
Malaysia has proposed 6%
GST in different Country:-
GST, Authorities:-
 CGST – To be administered by
Central Government
 SGST – To be administered by VAT
Department
 IGST – Inter State Transaction to
administered by a Common
Centralized Authority
Drawbacks of Current System:-
 Confusion and Mistrust
 Complex and lacking in Stability
 Hidden Tax on Export, No State tax on
Imports.
 High transaction Costs.
Narrow base
Taxation Power of Centre:-
1. Income tax:- On Income, other than
agriculture income
2. Excise Duty:- On goods manufactured or
produced in India
3. Custom Duty:- On Imports and Exports
4. Service tax:- On specified Service
5. Rates of stamp Duty:- On specified
instrument
6. Central Sales tax:- On inter sale of goods
Taxation Power of States:-
1. VAT/sales tax:- On purchase or sales of goods
other than newspaper within a state
2. Excise Duty:- On alcoholic liquor for human
consumption
3. Rates of Stamp Duty:- on other 10 specified
instrument
4. Tax :- On agriculture income
5. Toll Tax
6. Entry tax or Octroi
Tax not be included in GST:-
Central Taxes:-
Specific Cess
Excise duty on tobacco product
State taxes:-
Item Containing alcohol
Entertainment tax
Entry Tax for local bodies
Electricity duty
Benefits of GST:-
 Reducing Cost
 Tax Revenue
 Increase Export
 Tax Evasion
 Under Develop
 Increase GDP
Indicative GST Rates:-
• Exempted Product:-
Food Grains, Bread, Salt, Milk,
Vegetable, Meat, Fish
• Goods at lower Rate:-
Tea, Milk powder, coffee beans,
toy, beedi, Bicycles
• Govt. aided public health and Education
Exempted.
Features of GST:-
How will GST work ?
Transaction Current System GST System
Cost of Raw material 100 100
Tax 10 10
Value added by Manufacture 20 20
Tax payable by Manufacturer 2(CENVE:20*10%) 2(GST:20*10%)
Retailer’s cost 132 132
Retailer’s Margin 20 20
Total Cost 152 152
Final Price Paid inclusive of all
taxes
167.2 154
Total Tax 27.2 14
Expensive & Cheaper:-
Conclusion:-
Reference:-
•www.wikipedia.com
•www.taxguru.com
•www.loksabha.in
•www.facebook.com
•News channel: Zee news, CNBC, Zee
business, money control
•News papers: business standard,
Times of India, The Indian Express
Any ?

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Goods & service tax

  • 1. Presented by:- Mukeskumar S. Prajapati Prerna Institute of Commerce,Amt
  • 2. Introduction GST: Internationally GST in different Counties GST Authorities Taxation Power of Centre Taxation Power of State Drawbacks of Current System Tax not be Included in GST Benefits of GST Indicative GST Rates Item not Under GST Expensive & cheaper How will GST work ? Conclusion References
  • 3. “1 NATION TAX MARKET”
  • 4. GST: Internationally:- •Approximately 160 countries have adopted so far, France was the First Country to adopt it in 1954, Sr. no. Region No. of Countries Tax Rates(range) 1. ASEAN 7 7-12% 2. ASIA 19 5-20% 3. EUROPE 53 5-27% 4. OCEANIA 7 5-15% 5. AFRICA 44 5-40% 6. SOUTH AMERICA 11 10-22% 7. CARIBBEAN,CENTRAL&NO RTH AMERICA 19 5-17.5% Highest rates are in Hungry (27%) and Gambia (40%) Malaysia has proposed 6%
  • 5. GST in different Country:-
  • 6. GST, Authorities:-  CGST – To be administered by Central Government  SGST – To be administered by VAT Department  IGST – Inter State Transaction to administered by a Common Centralized Authority
  • 7. Drawbacks of Current System:-  Confusion and Mistrust  Complex and lacking in Stability  Hidden Tax on Export, No State tax on Imports.  High transaction Costs. Narrow base
  • 8. Taxation Power of Centre:- 1. Income tax:- On Income, other than agriculture income 2. Excise Duty:- On goods manufactured or produced in India 3. Custom Duty:- On Imports and Exports 4. Service tax:- On specified Service 5. Rates of stamp Duty:- On specified instrument 6. Central Sales tax:- On inter sale of goods
  • 9. Taxation Power of States:- 1. VAT/sales tax:- On purchase or sales of goods other than newspaper within a state 2. Excise Duty:- On alcoholic liquor for human consumption 3. Rates of Stamp Duty:- on other 10 specified instrument 4. Tax :- On agriculture income 5. Toll Tax 6. Entry tax or Octroi
  • 10. Tax not be included in GST:- Central Taxes:- Specific Cess Excise duty on tobacco product State taxes:- Item Containing alcohol Entertainment tax Entry Tax for local bodies Electricity duty
  • 11. Benefits of GST:-  Reducing Cost  Tax Revenue  Increase Export  Tax Evasion  Under Develop  Increase GDP
  • 12. Indicative GST Rates:- • Exempted Product:- Food Grains, Bread, Salt, Milk, Vegetable, Meat, Fish • Goods at lower Rate:- Tea, Milk powder, coffee beans, toy, beedi, Bicycles • Govt. aided public health and Education Exempted.
  • 14. How will GST work ? Transaction Current System GST System Cost of Raw material 100 100 Tax 10 10 Value added by Manufacture 20 20 Tax payable by Manufacturer 2(CENVE:20*10%) 2(GST:20*10%) Retailer’s cost 132 132 Retailer’s Margin 20 20 Total Cost 152 152 Final Price Paid inclusive of all taxes 167.2 154 Total Tax 27.2 14
  • 17. Reference:- •www.wikipedia.com •www.taxguru.com •www.loksabha.in •www.facebook.com •News channel: Zee news, CNBC, Zee business, money control •News papers: business standard, Times of India, The Indian Express
  • 18. Any ?