in this ppt or slide explain about the small- small things about GST. Its impact, benefits, types of taxes, till now how many country adopt this type of tax etc.
The document summarizes key aspects of Australia's indirect tax system including:
- The goods and services tax (GST) rate is 10% and applies to most goods and services, while some items like financial supplies and residential rent are input taxed and health and education are GST free.
- The GST registration threshold is AUD $75,000 in annual turnover including overseas suppliers, and $150,000 for charities.
- Other indirect taxes include payroll tax, land tax, stamp duty, fringe benefits tax, and customs duties on cigarettes, alcohol, luxury cars and fuel.
- Special tax concessions are available for research and development as well as technology investors.
The document discusses India's transition to a Goods and Services Tax (GST) system. It outlines the various taxes currently levied at the state and central levels, and how GST aims to simplify taxation by implementing a single, indirect tax on goods and services. The GST Council was established to make recommendations on tax rates, exemptions, and model GST laws. Key decisions include a 4-tier tax rate structure of 5%, 12%, 18%, and 28%, along with some exempted items and a cess on luxury goods. The GST is expected to benefit trade, industry and consumers by reducing costs and prices through removal of cascading taxes and a more unified market.
This document discusses various taxes in India and provides an overview of the Goods and Services Tax (GST). It states that currently, excise duty is levied by the central government on manufacturing, service tax is levied by the central government on services, VAT is levied by state governments, and CST is levied by state governments for inter-state sales. It then explains that GST is a comprehensive tax levied on the production and trading of goods as well as the provision of services, with the goal of eliminating cascading taxes and reducing tax evasion. Finally, it briefly discusses the expected impact of GST on various sectors such as telecom, banking, automobiles, media, pharmaceuticals, and real
The document discusses tax reforms proposed under the TRAIN (Tax Reform for Acceleration and Inclusion) program. It proposes lowering personal income tax for 83% of taxpayers by exempting those earning below 250,000 PHP and lowering rates for others. It also aims to simplify estate and donor taxes by imposing a single 6% tax rate. The VAT base will be expanded by limiting exemptions but protecting necessities, while the threshold is raised to 3 million PHP. Fuel and automobile excise taxes will be increased gradually, and a new tax on sugar-sweetened beverages is introduced to promote health.
The document summarizes key aspects of the Indian Union Budget for 2015. It discusses fiscal policies, tax policies, investment schemes, growth projections, and highlights for specific sectors like infrastructure and cooperative federalism between the central and state governments. The budget aims to balance financial constraints with increased capital spending on infrastructure through measures like raising the fiscal deficit target. It also outlines the government's plans and proposals for areas like the goods and services tax, healthcare deductions, and individual and corporate tax rates.
The document summarizes tax updates and proposals from the District of Columbia's Tax Revision Commission and Mayor Gray's FY2015 budget. Key points include proposed changes to business taxes like franchise rates and brackets, individual income tax brackets, eliminating some QHTC benefits, decreasing the sales tax rate, and increasing property tax relief benefits and eligibility.
The document analyzes the impact of cigarette excise rate increases in Rwanda from 2008 to 2016. It finds that increasing excise taxes led to a 17.4% reduction in cigarette consumption, meeting the health ministry's target. Price elasticity of demand for cigarettes was estimated to be between -0.474 to -0.532, indicating that a 1% price increase reduces consumption by 0.474 to 0.532%. Imported cigarettes had a more negative price elasticity than domestic cigarettes. The study recommends continuing excise tax increases to further reduce smoking, while also tightening anti-smuggling measures to prevent tax revenue losses.
The document summarizes key aspects of Australia's indirect tax system including:
- The goods and services tax (GST) rate is 10% and applies to most goods and services, while some items like financial supplies and residential rent are input taxed and health and education are GST free.
- The GST registration threshold is AUD $75,000 in annual turnover including overseas suppliers, and $150,000 for charities.
- Other indirect taxes include payroll tax, land tax, stamp duty, fringe benefits tax, and customs duties on cigarettes, alcohol, luxury cars and fuel.
- Special tax concessions are available for research and development as well as technology investors.
The document discusses India's transition to a Goods and Services Tax (GST) system. It outlines the various taxes currently levied at the state and central levels, and how GST aims to simplify taxation by implementing a single, indirect tax on goods and services. The GST Council was established to make recommendations on tax rates, exemptions, and model GST laws. Key decisions include a 4-tier tax rate structure of 5%, 12%, 18%, and 28%, along with some exempted items and a cess on luxury goods. The GST is expected to benefit trade, industry and consumers by reducing costs and prices through removal of cascading taxes and a more unified market.
This document discusses various taxes in India and provides an overview of the Goods and Services Tax (GST). It states that currently, excise duty is levied by the central government on manufacturing, service tax is levied by the central government on services, VAT is levied by state governments, and CST is levied by state governments for inter-state sales. It then explains that GST is a comprehensive tax levied on the production and trading of goods as well as the provision of services, with the goal of eliminating cascading taxes and reducing tax evasion. Finally, it briefly discusses the expected impact of GST on various sectors such as telecom, banking, automobiles, media, pharmaceuticals, and real
The document discusses tax reforms proposed under the TRAIN (Tax Reform for Acceleration and Inclusion) program. It proposes lowering personal income tax for 83% of taxpayers by exempting those earning below 250,000 PHP and lowering rates for others. It also aims to simplify estate and donor taxes by imposing a single 6% tax rate. The VAT base will be expanded by limiting exemptions but protecting necessities, while the threshold is raised to 3 million PHP. Fuel and automobile excise taxes will be increased gradually, and a new tax on sugar-sweetened beverages is introduced to promote health.
The document summarizes key aspects of the Indian Union Budget for 2015. It discusses fiscal policies, tax policies, investment schemes, growth projections, and highlights for specific sectors like infrastructure and cooperative federalism between the central and state governments. The budget aims to balance financial constraints with increased capital spending on infrastructure through measures like raising the fiscal deficit target. It also outlines the government's plans and proposals for areas like the goods and services tax, healthcare deductions, and individual and corporate tax rates.
The document summarizes tax updates and proposals from the District of Columbia's Tax Revision Commission and Mayor Gray's FY2015 budget. Key points include proposed changes to business taxes like franchise rates and brackets, individual income tax brackets, eliminating some QHTC benefits, decreasing the sales tax rate, and increasing property tax relief benefits and eligibility.
The document analyzes the impact of cigarette excise rate increases in Rwanda from 2008 to 2016. It finds that increasing excise taxes led to a 17.4% reduction in cigarette consumption, meeting the health ministry's target. Price elasticity of demand for cigarettes was estimated to be between -0.474 to -0.532, indicating that a 1% price increase reduces consumption by 0.474 to 0.532%. Imported cigarettes had a more negative price elasticity than domestic cigarettes. The study recommends continuing excise tax increases to further reduce smoking, while also tightening anti-smuggling measures to prevent tax revenue losses.
Samkelo Magongo is a 4th year student studying a B.Ed in Secondary Business Studies. The document defines VAT as a consumption tax added to the sales price of a product that represents a tax on the value added to a product throughout its production process. It lists the key objectives of VAT as increasing government revenue, avoiding cascading effects of taxes, transparency in tax systems, reducing tax evasion, and preventing distortion in trade. The advantages are that VAT is easier to manage than other indirect taxes and generates constant revenue as long as consumption exists. Disadvantages include VAT being expensive to implement and difficult to calculate value added at each stage. The document discusses why VAT increased in South Africa and may increase in Eswat
The document provides information about goods and service tax (GST) in India. It states that GST will subsume several central and state taxes. It discusses the history of GST in India and proposals to introduce it. Some key benefits of GST are listed as one tax, reduced prices, more tax revenue, and uniformity in taxation. Potential disadvantages and exclusions from GST are also outlined. The current status of the GST bill in India's parliament is explained. Factors to consider before implementing GST are listed.
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
The document discusses the implementation of the Goods and Service Tax (GST) in Malaysia which will replace the existing Sales Tax and Service Tax. Some key points:
- GST will be effective on April 1, 2015 at a rate of 6% to replace the current Sales Tax of 5% and Service Tax of 10%.
- GST is a single tax on goods and services that is modeled after the Value Added Tax (VAT) used in over 150 other countries.
- The goals of implementing GST include reducing the tax burden on consumers, making businesses more competitive, and enhancing tax compliance.
This document summarizes the UK government's plans to reduce income tax rates for 2013-14, including lowering the additional rate of income tax from 50% to 45%. It affects around 330,000 individuals with incomes over £150,000. The measures are aimed to improve competitiveness, encourage entrepreneurship and support economic growth. Reducing the additional tax rate will reduce government tax revenues by £50 million in 2013-14 but increase revenues by £900 million due to reduced tax avoidance.
The budget document provides an overview and analysis of the key aspects of India's 2008 budget. It highlights reductions in GDP growth, NRI deposits, and exports. It outlines changes to tax slabs and rates for capital gains, agriculture loans, and various industries. The analysis notes the budget's focus on vote banks and questions who will pay for the large spending increases, as Rs. 26,000 is being spent every minute to hold parliamentary sessions to pass the budget.
Utah has a relatively low state and local tax burden compared to other states. The state relies on three major taxes - sales and use tax, individual income tax, and property tax - which each account for about one-third of total state and local tax revenues. While the sales tax rate has increased over time, the sales tax base has declined as a percentage of personal income and GDP due to economic and demographic changes. Utah's individual income tax uses a single-rate structure with a taxpayer credit to make it progressive. The state's corporate franchise and income tax generates a small and volatile source of revenue.
Closing in on GST rates - Dr Sanjiv AgarwalD Murali ☆
Closing in on GST rates - Dr Sanjiv Agarwal - Article published in Business Advisor, dated November 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document summarizes issues with Pakistan's taxation system and proposals for reform. It finds that Pakistan collects only 13% of GDP in taxes, the lowest among emerging economies. This limits funding for health, education, and other services. Major problems include extensive tax exemptions estimated to lose 3-4% of GDP annually, weak tax administration vulnerable to corruption, and a narrow tax base with only 2% of the workforce paying income tax. The document recommends phasing out exemptions, increasing autonomy and accountability of revenue agencies, and broadening the tax base through better enforcement and reducing the tax compliance burden. Reforms aim to increase tax collection to 15% of GDP by 2018 to improve services and economic stability.
The document summarizes key highlights from India's 2011-2012 budget related to indirect taxes, direct taxes, income tax rates and slabs, corporate tax rates, and deductions and exemptions. Some highlights include:
- Service tax remained at 10% and was expanded to new services. Penalties for delayed filing or payment were adjusted.
- Basic income tax exemption limits were increased for individuals and HUF. Rates remained 10-30% with adjustments for senior citizens.
- Corporate tax rate remained at 30% with adjustments to MAT, surcharge rates, and tax treatment of foreign dividends.
- Deductions were allowed for long-term infrastructure bonds and weighted deductions for scientific research were increased
The document summarizes key highlights from India's 2011-2012 budget related to indirect taxes, direct taxes, income tax rates and slabs, corporate tax rates, and deductions and exemptions. Some highlights include:
- Service tax remained at 10% and was expanded to new services. Penalties for delayed filing or payment were adjusted.
- Basic income tax exemption limits were increased for individuals and HUF. Rates remained 10-30% with adjustments for senior citizens.
- Corporate tax rate remained at 30% with adjustments to MAT, surcharge rates, and tax treatment of foreign dividends.
- Deductions were allowed for long-term infrastructure bonds and weighted deductions for scientific research were increased
The document summarizes tax amendments in Uganda's 2015/2016 budget. Key changes include increasing the VAT and presumptive tax thresholds, adjusting excise duty and environmental levy rates on various goods, and introducing advance tax requirements for transport operators. The amendments aim to increase tax revenue, formalize the large informal sector, and improve tax compliance and administration through measures like tax education campaigns.
Annual salary adjustment for the public office bearersSABC News
President Jacob Zuma has decided upon a below inflation increase of 4.4% for political office bearers nationally and in the provinces for 2015/16, the outgoing financial year, in line with the current economic climate.
A presentation of URA to the members of Uganda Coffee Federation and several other coffee stakeholders. The meeting was held in UCDA Board Room on Friday 26th-June-2015 a 03:00pm.
VAT is a tax on consumption that is charged on supplies at each stage of production and distribution. It is collected by businesses from customers and submitted to the tax authority, along with a return calculating the net VAT amount owed or refunded. The GCC plans to implement a standard 5% VAT across countries, applying the tax to imports and local supplies with exports being zero-rated and some sectors exempt. Businesses over a certain turnover must register and will charge VAT on supplies while deducting VAT on purchases. Cross-border transactions within the GCC will have specific rules regarding tax treatment.
The document summarizes key points from the 2015 Pork Management Conference, including an income and estate tax update, the impact of the Tax Increase Prevention Act of 2014 on businesses and individuals, and President Obama's proposed 2016 budget. It also discusses the focus on tax reform and notable pork industry tax items like capital gains treatment of breeding stock and cash basis accounting.
This document discusses the policy processes that preceded the implementation of an over-aged vehicle tax in Ghana. It analyzes the key actors involved in developing and passing the tax, including politicians, ministries, interest groups, and vehicle business groups. It also assesses whether the tax achieved its goals of generating revenue, reducing old vehicle imports, and lowering emissions and traffic fatalities. While revenue increased, the tax failed to meet its other objectives. More research is needed to fully evaluate the tax's environmental and safety impacts.
A tax is a compulsory payment made by taxpayers to the government without expectation of direct benefits. A good tax system is compulsory, has multiple dimensions like rates and collection methods, is convenient to administer, considers taxpayer attitudes, and changes gradually over time in response to economic shifts. It should also support national goals, generate sufficient revenue, and remain flexible.
The document is a survey being conducted by business administration students at the University of San Jose-Recoletos on Value-Added Tax (VAT) awareness among fellow financial management students. It contains a cover letter introducing the purpose of the survey and the survey questions themselves, which aim to determine the respondents' understanding of key concepts related to VAT such as what it is, who pays it, how it is calculated and collected, and the government agencies involved. The questions are divided into multiple choice sections on background, purpose, government regulations, and the collecting agency.
GST (Goods and Services Tax) is proposed as the biggest tax reform in India since independence. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with taxes to be levied concurrently by the central and state governments. It is expected to simplify and rationalize indirect tax structure in India and improve tax compliance. However, the complex federal structure in India poses challenges for the implementation of GST.
Power point presentation on gst[goods and service tax ]vishalgoyal1234
The document provides an overview of the Goods and Services Tax (GST) that is proposed to be implemented in India. It discusses that GST will replace existing indirect taxes and be levied as a single tax on the supply of goods and services. GST is expected to simplify and harmonize the indirect tax regime in India and reduce the cascading burden of taxes. The document also outlines some of the challenges around the implementation of GST in India, such as the complex federal structure requiring coordination between the central and state governments.
Samkelo Magongo is a 4th year student studying a B.Ed in Secondary Business Studies. The document defines VAT as a consumption tax added to the sales price of a product that represents a tax on the value added to a product throughout its production process. It lists the key objectives of VAT as increasing government revenue, avoiding cascading effects of taxes, transparency in tax systems, reducing tax evasion, and preventing distortion in trade. The advantages are that VAT is easier to manage than other indirect taxes and generates constant revenue as long as consumption exists. Disadvantages include VAT being expensive to implement and difficult to calculate value added at each stage. The document discusses why VAT increased in South Africa and may increase in Eswat
The document provides information about goods and service tax (GST) in India. It states that GST will subsume several central and state taxes. It discusses the history of GST in India and proposals to introduce it. Some key benefits of GST are listed as one tax, reduced prices, more tax revenue, and uniformity in taxation. Potential disadvantages and exclusions from GST are also outlined. The current status of the GST bill in India's parliament is explained. Factors to consider before implementing GST are listed.
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
The document discusses the implementation of the Goods and Service Tax (GST) in Malaysia which will replace the existing Sales Tax and Service Tax. Some key points:
- GST will be effective on April 1, 2015 at a rate of 6% to replace the current Sales Tax of 5% and Service Tax of 10%.
- GST is a single tax on goods and services that is modeled after the Value Added Tax (VAT) used in over 150 other countries.
- The goals of implementing GST include reducing the tax burden on consumers, making businesses more competitive, and enhancing tax compliance.
This document summarizes the UK government's plans to reduce income tax rates for 2013-14, including lowering the additional rate of income tax from 50% to 45%. It affects around 330,000 individuals with incomes over £150,000. The measures are aimed to improve competitiveness, encourage entrepreneurship and support economic growth. Reducing the additional tax rate will reduce government tax revenues by £50 million in 2013-14 but increase revenues by £900 million due to reduced tax avoidance.
The budget document provides an overview and analysis of the key aspects of India's 2008 budget. It highlights reductions in GDP growth, NRI deposits, and exports. It outlines changes to tax slabs and rates for capital gains, agriculture loans, and various industries. The analysis notes the budget's focus on vote banks and questions who will pay for the large spending increases, as Rs. 26,000 is being spent every minute to hold parliamentary sessions to pass the budget.
Utah has a relatively low state and local tax burden compared to other states. The state relies on three major taxes - sales and use tax, individual income tax, and property tax - which each account for about one-third of total state and local tax revenues. While the sales tax rate has increased over time, the sales tax base has declined as a percentage of personal income and GDP due to economic and demographic changes. Utah's individual income tax uses a single-rate structure with a taxpayer credit to make it progressive. The state's corporate franchise and income tax generates a small and volatile source of revenue.
Closing in on GST rates - Dr Sanjiv AgarwalD Murali ☆
Closing in on GST rates - Dr Sanjiv Agarwal - Article published in Business Advisor, dated November 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document summarizes issues with Pakistan's taxation system and proposals for reform. It finds that Pakistan collects only 13% of GDP in taxes, the lowest among emerging economies. This limits funding for health, education, and other services. Major problems include extensive tax exemptions estimated to lose 3-4% of GDP annually, weak tax administration vulnerable to corruption, and a narrow tax base with only 2% of the workforce paying income tax. The document recommends phasing out exemptions, increasing autonomy and accountability of revenue agencies, and broadening the tax base through better enforcement and reducing the tax compliance burden. Reforms aim to increase tax collection to 15% of GDP by 2018 to improve services and economic stability.
The document summarizes key highlights from India's 2011-2012 budget related to indirect taxes, direct taxes, income tax rates and slabs, corporate tax rates, and deductions and exemptions. Some highlights include:
- Service tax remained at 10% and was expanded to new services. Penalties for delayed filing or payment were adjusted.
- Basic income tax exemption limits were increased for individuals and HUF. Rates remained 10-30% with adjustments for senior citizens.
- Corporate tax rate remained at 30% with adjustments to MAT, surcharge rates, and tax treatment of foreign dividends.
- Deductions were allowed for long-term infrastructure bonds and weighted deductions for scientific research were increased
The document summarizes key highlights from India's 2011-2012 budget related to indirect taxes, direct taxes, income tax rates and slabs, corporate tax rates, and deductions and exemptions. Some highlights include:
- Service tax remained at 10% and was expanded to new services. Penalties for delayed filing or payment were adjusted.
- Basic income tax exemption limits were increased for individuals and HUF. Rates remained 10-30% with adjustments for senior citizens.
- Corporate tax rate remained at 30% with adjustments to MAT, surcharge rates, and tax treatment of foreign dividends.
- Deductions were allowed for long-term infrastructure bonds and weighted deductions for scientific research were increased
The document summarizes tax amendments in Uganda's 2015/2016 budget. Key changes include increasing the VAT and presumptive tax thresholds, adjusting excise duty and environmental levy rates on various goods, and introducing advance tax requirements for transport operators. The amendments aim to increase tax revenue, formalize the large informal sector, and improve tax compliance and administration through measures like tax education campaigns.
Annual salary adjustment for the public office bearersSABC News
President Jacob Zuma has decided upon a below inflation increase of 4.4% for political office bearers nationally and in the provinces for 2015/16, the outgoing financial year, in line with the current economic climate.
A presentation of URA to the members of Uganda Coffee Federation and several other coffee stakeholders. The meeting was held in UCDA Board Room on Friday 26th-June-2015 a 03:00pm.
VAT is a tax on consumption that is charged on supplies at each stage of production and distribution. It is collected by businesses from customers and submitted to the tax authority, along with a return calculating the net VAT amount owed or refunded. The GCC plans to implement a standard 5% VAT across countries, applying the tax to imports and local supplies with exports being zero-rated and some sectors exempt. Businesses over a certain turnover must register and will charge VAT on supplies while deducting VAT on purchases. Cross-border transactions within the GCC will have specific rules regarding tax treatment.
The document summarizes key points from the 2015 Pork Management Conference, including an income and estate tax update, the impact of the Tax Increase Prevention Act of 2014 on businesses and individuals, and President Obama's proposed 2016 budget. It also discusses the focus on tax reform and notable pork industry tax items like capital gains treatment of breeding stock and cash basis accounting.
This document discusses the policy processes that preceded the implementation of an over-aged vehicle tax in Ghana. It analyzes the key actors involved in developing and passing the tax, including politicians, ministries, interest groups, and vehicle business groups. It also assesses whether the tax achieved its goals of generating revenue, reducing old vehicle imports, and lowering emissions and traffic fatalities. While revenue increased, the tax failed to meet its other objectives. More research is needed to fully evaluate the tax's environmental and safety impacts.
A tax is a compulsory payment made by taxpayers to the government without expectation of direct benefits. A good tax system is compulsory, has multiple dimensions like rates and collection methods, is convenient to administer, considers taxpayer attitudes, and changes gradually over time in response to economic shifts. It should also support national goals, generate sufficient revenue, and remain flexible.
The document is a survey being conducted by business administration students at the University of San Jose-Recoletos on Value-Added Tax (VAT) awareness among fellow financial management students. It contains a cover letter introducing the purpose of the survey and the survey questions themselves, which aim to determine the respondents' understanding of key concepts related to VAT such as what it is, who pays it, how it is calculated and collected, and the government agencies involved. The questions are divided into multiple choice sections on background, purpose, government regulations, and the collecting agency.
GST (Goods and Services Tax) is proposed as the biggest tax reform in India since independence. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with taxes to be levied concurrently by the central and state governments. It is expected to simplify and rationalize indirect tax structure in India and improve tax compliance. However, the complex federal structure in India poses challenges for the implementation of GST.
Power point presentation on gst[goods and service tax ]vishalgoyal1234
The document provides an overview of the Goods and Services Tax (GST) that is proposed to be implemented in India. It discusses that GST will replace existing indirect taxes and be levied as a single tax on the supply of goods and services. GST is expected to simplify and harmonize the indirect tax regime in India and reduce the cascading burden of taxes. The document also outlines some of the challenges around the implementation of GST in India, such as the complex federal structure requiring coordination between the central and state governments.
GST including council meetings (9N0v2016 update)Sanjeet Chhikara
The document provides details about the Goods and Services Tax (GST) system implemented in India in 2017. It discusses the taxation powers that previously vested with states and the central government. It then outlines the key indirect taxes that were subsumed under GST. The document also summarizes the journey of GST in India from its initial proposal in 2000s to its implementation in 2017 after overcoming various political and legislative challenges. Finally, it briefly discusses the objectives of GST and its impact on the Indian economy.
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.
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.
Brief Introduction of India's Biggest Tax Reform GST[GOODS & SERVICE TAX]. Its impact on Indian economy , Its Benefit, Limitations and its Current Scenario in Other Countries
This document discusses India's proposed Goods and Services Tax (GST) reform. It provides background on GST, describing it as the biggest tax reform in India since independence. It will combine multiple taxes into a single tax applied to goods and services, aimed at reducing complexity and improving compliance. However, implementing GST across all states will be challenging due to the need to coordinate between the central and state governments.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST integrates multiple indirect taxes into a single tax applied to the manufacture, sale, and use of goods and services. GST is levied on value addition at each transaction stage. The document outlines the issues with the previous indirect tax system, benefits of GST, taxes subsumed under GST, GST rates, and key aspects of GST implementation including the GST Council, GST Network, and e-way bill system.
This document provides an overview of Goods and Services Tax (GST) in India, including its structure and likely impact on agriculture. It discusses that GST is a comprehensive indirect tax replacing existing indirect taxes. The key features include nationwide applicability, dual GST system with CGST, SGST and IGST, and input tax credit. GST rates will range from 0-28% with lower rates for essential items and highest for luxury goods. Agriculture is largely exempted from GST, but dairy products will see varying GST rates from 0-18%. The National Agricultural Market platform aims to promote transparent online trading of farm commodities exempt from GST and mandi taxes.
The document discusses Goods and Services Tax (GST) in India. It provides an overview of the current taxation system and its drawbacks. It describes the proposal for GST, which would combine multiple taxes into a single tax applied to goods and services. Key points include a dual GST model at the central and state levels, common tax base and forms, and input tax credits to reduce cascading effects. Concerns from traders are also summarized.
This document provides an overview of indirect taxes in India. It discusses key concepts like VAT and GST. Some main points:
1. It defines indirect taxes like excise duty, customs duty, sales tax, and service tax. It also explains the difference between direct and indirect taxes.
2. VAT is described as a multi-point tax system with tax credits that prevents cascading. GST is proposed to integrate more indirect taxes at central and state levels.
3. The document outlines the proposed GST model with CGST, SGST and IGST components and discusses features like dual administration and restricted cross-utilization of tax credits.
4. Key central and state taxes proposed to be
GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading of taxes and creating a unified market. However, its complex design involving both center and states coordinating poses administrative challenges. Overall, GST has the potential to simplify taxation and boost growth if its implementation addresses all stakeholders' concerns.
gstppt-160315173425.pdf for use of taxesGouravRana24
GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading taxes, providing seamless tax credits and improving ease of doing business. However, there are also challenges in its implementation like the complex federal structure requiring coordination between the center and states and developing robust IT infrastructure. Overall, GST aims to simplify indirect taxation in India.
The document provides an overview of the Goods and Services Tax (GST) in India, including:
- The design and main features of the GST law, which unified multiple indirect taxes into a single tax regime.
- The administration of GST through the GST Network and IT system, as well as the role of the GST Council and Central Board of Excise and Customs.
- The benefits of GST for businesses and consumers through simplification, reduction in compliance costs and cascading of taxes, and the creation of a national market.
1. Goods and Services Tax (GST) is a proposed system of indirect taxation that will replace multiple taxes levied on goods and services by both central and state governments with a single tax.
2. GST will be levied as Central GST (CGST) by the Centre and State GST (SGST) by states on all goods and services, except for alcohol for human consumption.
3. GST is expected to be implemented in India in 2017 and will simplify and harmonize the indirect tax regime in the country and reduce the overall tax burden on goods.
This document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history and objectives of GST, how it replaces previous indirect tax frameworks, applicable tax rates for goods and services, the registration process, and comparisons of taxes before and after GST. The impact on consumers is also addressed, noting some items may see reduced prices while the overall effect on monthly expenses depends on spending habits. Some challenges remain in fully implementing the new indirect tax system across India.
This document provides an overview of the Goods and Services Tax (GST) system that was introduced in India in 2017. It was described as the biggest tax reform since India's independence. The summary explains that GST is a comprehensive indirect tax on the manufacture, sale and consumption of goods and services throughout India. It subsumes several central and state taxes into one tax. The document outlines the proposed GST tax structure and rates, and compares the previous fragmented tax system to the proposed unified GST system, highlighting advantages like reduced costs and uniform taxation across states.
The document discusses India's proposed Goods and Services Tax (GST). It provides an overview of India's economy and current tax structure, which includes direct taxes like income tax and indirect taxes like excise duties and VAT that are levied by both central and state governments. The current system suffers from issues like tax cascading, complexity, and tax evasion. GST is presented as a comprehensive indirect tax that will replace existing indirect taxes and be levied as CGST, SGST, and IGST depending on whether a good or service is transacted intra-state or inter-state. The GST is aimed to simplify taxation, reduce the compliance burden, increase tax collection, and create a common national market. While G
GST (Goods and Services Tax) is a comprehensive indirect tax that will combine multiple taxes and levies into a single tax to be applied at every stage of sale or purchase of goods and services. It aims to create a unified national market, reduce the cascading burden of taxes, and improve compliance. The tax is proposed to be dual, with the center and states concurrently levying it on a common tax base. There are still some issues being discussed such as the GST rate, tax sharing between states and center, and treatment of inter-state transactions.
Similar to Goods & services tax (Transforming India from political Union to Economic Union) (20)
China has experienced rapid economic growth over the past few decades. It has moved from a closed and largely rural economy to becoming the world's second largest economy and a global manufacturing powerhouse. However, this growth has also led to rising inequality, environmental degradation, and other societal challenges.
In this ppt is explain about the Impact of Demonetisation on digital Economy, and its benefits, drawbacks, etc. and its impact after demonetisation and before demonetisation in rural areas
in this ppt is explain about the Demonetisation history, and its impact on the Indian economy and others sectors. and till now how many countries did demonetisation
The document outlines developments in India after independence, including improvements in education, agriculture, services, and technology. It notes increasing literacy and the establishment of institutions like IIM and IIT in education. In agriculture, it highlights new infrastructure, sustainable water management, exports, and contribution to GDP. The service sector saw growth in telecommunications, transportation, banking and its economic contribution. Social media and technology brought television, social networks, and video calling. The conclusion calls for self-development to develop the country.
Best Web Designing Courses- Classes in Pune | Web Designing Training in pune ...Mukeshkumar Prajapati
Enroll for web designing courses in best institute. It is the Best Web Designing Courses- Classes in Pune | Web Designing Training in pune .Web designing course by pune training institute provides best knowledge of all aspects of web designing. Our web designing course includes basic to advance level and to get the placement in good MNC company."
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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
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%
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