The document provides information about the Goods and Services Tax (GST) implemented in India in 2017. It discusses key aspects of GST such as how it subsumes many indirect taxes, its dual structure with CGST and SGST, applicable tax rates, and estimated impacts. Some key points include that GST is expected to reduce costs for businesses and consumers by mitigating the cascading effect of taxes, while increasing tax collection and transparency across the country.
describes that what is GST, why it is being implemented and what taxes will be replaced by GST. benefits of GST will be covered under this presentation
describes that what is GST, why it is being implemented and what taxes will be replaced by GST. benefits of GST will be covered under this presentation
GST (Goods and Service Tax) is going to transform the fundamentals of doing business in India in terms of speed, ease and competitiveness.
The present Government is leaving no stone unturned to make it a reality from 1st April’2016. In all probability, GST Bill is expected to be passed in the Budget session of 2015.
In this backdrop, we thought of compiling the basic tenets of GST and it’s present status.
Hope you will find it useful.
Share among your professional colleagues and friends to spread the awareness.
How GST implementation will have a impact on hospitality sector?Ramya K
Hospitality Industry in India, a big contributor to the country’s economic growth is on high growth. Definitely, gst implementation from July 1,2017 will have huge impact on the hospitality sector.
Presented By http://www.4dhotelbookingsoftware.com/
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.
GST (Goods and Service Tax) is going to transform the fundamentals of doing business in India in terms of speed, ease and competitiveness.
The present Government is leaving no stone unturned to make it a reality from 1st April’2016. In all probability, GST Bill is expected to be passed in the Budget session of 2015.
In this backdrop, we thought of compiling the basic tenets of GST and it’s present status.
Hope you will find it useful.
Share among your professional colleagues and friends to spread the awareness.
How GST implementation will have a impact on hospitality sector?Ramya K
Hospitality Industry in India, a big contributor to the country’s economic growth is on high growth. Definitely, gst implementation from July 1,2017 will have huge impact on the hospitality sector.
Presented By http://www.4dhotelbookingsoftware.com/
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.
A ‘flawless’ GST in the context of the federal structure which would optimize efficiency, equity and effectiveness. The ‘flawless’ GST is designed as a consumption type destination VAT based on invoice-credit method.The presentation in a nutshell describes the baseline of it.
Impact of Goods and Services Tax (GST) to the Common Mantridentbull
The Goods and Services Tax (Amendment) Bill — officially known as, the Constitution (122nd Amendment) (GST) Bill, 2014 — is believed to be the biggest tax reform since independence. The Constitution Amendment Bill for Goods and Services Tax (GST) passed in the Rajya Sabha on 3 August 2016, which was approved by the Lok Sabha in May 2015.
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.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
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This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
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Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
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at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
5. Grand pa
(Constitution of India)
Big brother
Central Govt.
unmarried
No children
29 younger
brothers
State Govt.
Married
Many children
People
7 younger
sisters
Union
Territories
Married but
dependent on
bigger brother
Many children
People
India
5
6. Strong
Maharashtra, Tamil Nadu,
Karnataka, Gujarat,
Haryana
Developed infrastructure
like roads, electricity,
water, skilled labour, port,
telecommunication…
Richer
Weak
North Eastern States,
Orissa, Himachal Pradesh,
Uttarakhand, Madhya
Pradesh
Could not develop
infrastructure due to
various reasons
Poorer
6
7. Goods Services Goods + Services
Sale Manufacture Provision Goods Services
VAT+/CST
SG
Excise ++
CG
ST +
CG
VAT +
SG
ST +
CG
People
Goods + Services
SGST + CGST
One Window
7
8. Direct tax :whose tax liability cannot be shift to
another person
Indirect tax : whose tax liability can be shift to other
person
3 important indirect tax
Central Excise : tax on production and manufacture of
goods
Sales tax : tax on distribution of goods
Service tax : tax on production and distribution of
goods
8
CEN VAT
SL VAT
11. 11
It is a tax on Goods & Services with
comprehensive & continuous Chain of Set off
benefit from producers to retailer point.
In other words, GST is an Indirect tax which is levy
on manufacture, sale & consumption of all goods
& services.
It substitute most of the indirect taxes like excise,
VAT, Service Tax, Entertainment Tax, Luxury Tax,
CVD as well as SAD.
It is based on the VAT principles .
Introduction/Concept of GST
12. 12
It is implemented from 1St April 2017.
It is expected to be levied only at a destination
level/Real Consumption Place not at a various
points.
Taxation power lies with both in the hands of CG as
well as SG also.
There will be no distinction between goods &
services.
After Introduction of GST, all the traders including
manufacturer will be paying both the type of taxes
(CGST & SGST). (Administered by one authority)
13. GST leads to immense scope, Opportunities as
well as some challenges also.
Centre is empowered to levy GST on Goods &
Services upon the Production stage, while State
have the power to tax on sale of goods.
India is proposing to implement dual GST.
GST law would emphasize on voluntary
compliance .
It is a comprehensive levy and envisages tax
collection on both goods and services at the same
rate.
13
14. 14
It subsumes a large no. of central & state taxes
into a single tax.
It is also expected that GST will mitigate the
cascading effect of taxes.
In the mean time, it also helps in terms of
uniformity like in case of chargeability, definition of
taxable services or person, measure of levy, basis
of classification etc.
15. 15
Existing Tax structure in India
Existing
Tax Structure
Direct Tax
Income
Tax
Wealth
Tax
Indirect
Tax
Central
Tax
Excise
Service
Tax
Custom
State Tax
VAT
Entry Tax,
luxury tax,
Lottery
Tax, etc.
16. 16
Proposed Tax structure in India
Proposed
Tax Structure
Direct Tax
Income
Tax
Wealth Tax
Indirect Tax
= GST
(Except
customs)
Intra- state
CGST
(Central)
SGST
(State)
Inter State
IGST
(Central)
17. 17
Model/Components of GST
CGST
(Central GST)
• Replace central Excise
Duty & service Tax.
• Cover Sale transaction
• Administered by CG
• Further it is expected
that the duty and tax
paid on closing stock
would be available as
credit.
• Levied on all intra-state
sale/supplies of goods
or services.
SGST
(State GST)
• Replace State Vat, Entry
Tax, Entertainment Tax,
& Luxury Tax.
• Cover taxing of Services
• Administered by SG
• Rate can be a bit higher
than CGST rate .
• It is expected that the
duty and tax paid on
closing stock would be
available as credit.
• Levied on all intra-state
sale/supplies of goods
or services.
IGST
(Inter-State
GST)
• Levied on all inter –
state supplies of goods
or services which are
sold or transferred.
• Applicable to imports of
goods or services.
• Expected to be equal to
CGST as well as SGST.
• It is expected that the
duty and tax paid on
closing stock would be
available as credit.
19. 19
Benefits under GST
Single taxation point.
Uniform tax rate
Common market.
Reduces Transaction cost.
Eliminates the cascading effect of taxes.
Reduces corruption.
Transparency.
Increasing the tax base & raising
compliance.
20. 20
Simplified tax laws.
Increase in exports & employments.
GDP Growth – it is estimated to grow from o.9
to 1.5 percent in the coming three years
International competitiveness Go Up by about
5%.
Increased FDI
Growth in overall Revenues.
Prevention of unhealthy competition among
states.
Reduction in purchase price.
21. 21
Applicability & Rate under GST Regime
GST on Exports would be zero rated, but on the other hand in “import”
IGST will be levied.
GST does not apply on Alcohol & petroleum products.
But in the mean time tobacco products should be in the frame of GST.
In fact, Gov. Can levy extra % of tax apart from GST .
Basic threshold limit for Goods & Services shall be RS. 20 Lakh & for
North east Region (NER) Rs. 10.00 Lakh.
Full exemption is applicable on basic necessities goods like Flour,
rice, pulses, textiles, buildings, education & healthcare etc.
Gross Turnover of Goods up to Rs. 1.50 cr may be assigned
exclusively to the states.
Gross Turnover of Services more than Rs. 1.50 cr may be assigned
exclusively to the center.
Assess can have an option to pay tax as per composition scheme or
may join the GST law whose turnover is up to Rs. 1.50 cr.
But, those assess whose turnover is and above Rs. 1.50 Cr will need
to be within the framework of GST.
22. 22
A four-tier structure for Goods and Services Tax (GST)
comprising a lower rate of 6 per cent, two standard rates
of 12 per cent and 18 per cent, and a higher rate of 26
per cent with an additional cess for luxury and demerit
goods were proposed
GST rate on Gold Bullion/Jewelry might be 4%
Around 70 per cent of the taxable base is proposed to
be taxed at either 18 per cent, 12 per cent or 6 per cent,
with more than 50 per cent of the items to be taxed at 12
per cent or 18 per cent. Ultra-luxury items like high-end
cars and demerit goods like tobacco, cigarettes, pan
masala and aerated drinks, comprising about 25 per
cent of the taxable base, would attract an additional
cess over and above the higher rate of 26 per cent.
23. 23
Impact of GST
The total impact of the proposed rate structure on
Consumer Price Index (CPI)-based inflation rate will be (-)
0.06 per cent.
Under the proposed GST rate structure, the inflation
impact on constituents of CPI such as health services, fuel
and lighting and clothing is estimated to be 0.56 per cent,
0.05 per cent and 0.23 per cent, respectively, while for
transport it is estimated at (-) 0.65 per cent, education at (-)
0.08 per cent and housing at (-) 0.09 per cent. Total
revenue collection under the proposed GST structure is
estimated at Rs 8.72 lakh crore (based on 2015-16
estimates).
25. 25
Others Areas of GST
As far as registration decision is concerned, a supplier of Goods & services
would be made when GST is payable.
Then the supplier would have to necessarily register & he would have no
other option.
The Place of supply would determine first as to whether the transaction is
in India or Outside India. If it is outside India it would not be liable to GST.
The main point in GST is the Point of supply of Goods.
Under the GST structure , the tax would be collected by the states where
the goods or services are consumed .
Hence there should be heavy losses for the producer states & so the
center would be required to compensate them for their revenue losses.
Petroleum products, Alcohols/Liquor , Stamp/Custom duty,
Consumption & Sale of Electricity etc. are not covered under the
GST purview.
26. 26
If a company is having four branches in four different states, then all the
four branches will be considered as Taxable Person.
Importer have to register under both CGST & SGST as well.
GST paid by exporter on the procurement of Goods & services will be
refunded later on if paid.
Each taxpayer would be allotted a PAN linked taxpayer identification
number with a total of 13/15 digits.
This would bring the GST PAN-linked system in line with the prevailing
PAN-based system for Income tax facilitating data exchange and
taxpayer compliance.
The taxpayer would need to submit periodical returns to both the central
& state GST authorities.
27. 27
Key Amendments in GST Bill
Dropping 1% Additional on Inter-State Supply of
Goods.
Full Compensation to States upto 5 Years.
Apportionment of IGST i.e. ( States also shares IGST
amt along with centre)
IGST term to be replaced with GST on supplies in
the course of inter-state trade or commerce.
29. 29
Sector wise impact of GST
After implementation of GST, it seems that there is going to
be a positive impact on various Industry.
Some Glimpse of GST Impact of various Industry :
Automobiles Industry
Rate of Tax is expected b/w 20-22% as compared to 30-
47% in current scenario.
Drive overall demand & reduce cost for end user by about
10%.
Transportation time & overall cost will be reduced.
Cost of Logistics will be curtailed by almost 30-40%.
Key beneficiaries : Maruti Suzuki, Hero MotoCorp, Bajaj
Auto, Eicher Motors, Ashok Leyland
30. 30
Consumer Durables
Reduction of the Price gap between organized & unorganized sector.
Warehouse/logistics costs will be curtailed.
Improve the operational profitability by almost 300-400 bps.
Key beneficiaries: Havells, Voltas, Blue Star, Bajaj Electricals, Hitachi
Logistics
Boost demand for high tonnage trucks.
Overall reduction in transportation costs.
Improving growth opportunities for the organized players.
Facilitate seamless inter-state flow of Goods.
Key beneficiaries : VRL Logistics, GATI Ltd, Blue Dart, Snowman Logistics
Cement
Tax rate expected to decline to 18-20% as compared to 27-32%.
Able to save their logistics costs/transportation costs.
Key beneficiaries : ACC, Ultratech, JK Cement, Shree Cement
31. 31
Banking & Financial services
Under GST , effective tax rate is expected to increase to 18-20% as 14% earlier.
Moderate increase in the cost of financial services like loan processing fees,
debit/credit charges, insurance premium etc.
IT
Tax Rate is expected to increase to 18-20%.
Litigation around taxability of canned software will probably end under GST
Regime.
Textile /Garments
May be negatively impacted in case the output tax rate is high.
No clarity whether a lower rate will continue in the proposed Tax regime.
No clarity about the duty drawback benefits.
Key Players : Arvind, Raymond, Page Industries
Media
Tax rate of around 18-20% as compared to 20-21%.
Post GST, we expect concessional rate in news & Print sector.
Key beneficiary : Dish TV
33. 33
Flaws of the GST Model
Major flaws of this model is that the local dealers have to pay CGST
in addition to SGST.
Because of no differentiation between “goods & services” , services
supply within the state would attract SGST at each stage in the
supply chain ,but in the mean time Assesse have to pay CGST also.
The issue which still needs to be resolved are the revenue sharing
between States & center & a framework for exemption , threshold
limit as well as composition scheme.
Introduction of GST model could affect negatively (than positively)
to few Industries/sectors.
Under the GST Model , the state should face heavy losses in terms
of tax collection but they also get compensated on the other hand by
the states.
In fact some states are of the view that there should not be any time
–frame for compensation scheme.