This ppt explains in very brief the facts about GST implementation in India. The taxes which shall be subsumed within GST and the present taxes which shall remain out of GST ambit.
How will be the impact of GST on manufacturing industry?
“The government also realizes that becoming a manufacturing hub will need several strategic reforms to simplify manufacturing in India. One of the proposed reforms, in line with Make in India, is the implementation of the Goods and Services Tax (GST). “
The document discusses the proposed introduction of Goods and Services Tax (GST) in India, which would replace multiple indirect taxes with a single, comprehensive tax. Key points:
1. GST is proposed as a single, indirect tax on the supply of goods and services, with taxation levied at the place of consumption. It aims to remove cascading effects of taxes and create a unified national market.
2. GST will have two components - Central GST and State GST. Taxes will be applicable on all transactions of goods and services within a state. Inter-state transactions will be taxed by Integrated GST.
3. GST is expected to simplify and harmonize the
Basic Concept of Goods and Services Tax (CGST,SGST,IGST,Levy and Exemption)GST Law India
Find out the detailed explanation of the basic concept and overview of CGST, SGST, IGST under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
Framework of Goods and Service Tax Act in India sandesh mundra
Efforts are made to show the present structure of VAT, Service Tax and CST in brief. Present Constitutional framework is added along with constitutional amendment required to be made for introducing GST. GST's proposed structure, components, exemptions, rates of tax, exclusions, issue of composite supplies, legislative powers of central and state government, structure of GST council, scope of work of council and suggestions for implementation is added to give a concise picture.
An overview of Goods and Services tax in IndiaKushal Setty
The document provides an overview of the proposed Goods and Services Tax (GST) model in India. It discusses that GST will replace many existing indirect taxes and be composed of two levels - Central GST and State GST. It notes GST will provide a comprehensive tax credit offset across the supply chain. The document also outlines some of the key aspects of GST including taxable events, identification numbers, payment procedures, and proposed tax rates.
1. GST will subsume many existing indirect taxes into a single tax applicable throughout India, with the goal of reducing tax cascading and improving the ease of doing business.
2. Under GST, taxes will be levied as CGST by the central government, SGST by state governments on intra-state sales, and IGST on inter-state sales which will be divided between the central and purchasing states.
3. GST is expected to benefit the Indian economy by reducing tax evasion, providing more funds to underdeveloped states through consumption-based collection, and removing location bias to support smaller businesses.
How will be the impact of GST on manufacturing industry?
“The government also realizes that becoming a manufacturing hub will need several strategic reforms to simplify manufacturing in India. One of the proposed reforms, in line with Make in India, is the implementation of the Goods and Services Tax (GST). “
The document discusses the proposed introduction of Goods and Services Tax (GST) in India, which would replace multiple indirect taxes with a single, comprehensive tax. Key points:
1. GST is proposed as a single, indirect tax on the supply of goods and services, with taxation levied at the place of consumption. It aims to remove cascading effects of taxes and create a unified national market.
2. GST will have two components - Central GST and State GST. Taxes will be applicable on all transactions of goods and services within a state. Inter-state transactions will be taxed by Integrated GST.
3. GST is expected to simplify and harmonize the
Basic Concept of Goods and Services Tax (CGST,SGST,IGST,Levy and Exemption)GST Law India
Find out the detailed explanation of the basic concept and overview of CGST, SGST, IGST under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
Framework of Goods and Service Tax Act in India sandesh mundra
Efforts are made to show the present structure of VAT, Service Tax and CST in brief. Present Constitutional framework is added along with constitutional amendment required to be made for introducing GST. GST's proposed structure, components, exemptions, rates of tax, exclusions, issue of composite supplies, legislative powers of central and state government, structure of GST council, scope of work of council and suggestions for implementation is added to give a concise picture.
An overview of Goods and Services tax in IndiaKushal Setty
The document provides an overview of the proposed Goods and Services Tax (GST) model in India. It discusses that GST will replace many existing indirect taxes and be composed of two levels - Central GST and State GST. It notes GST will provide a comprehensive tax credit offset across the supply chain. The document also outlines some of the key aspects of GST including taxable events, identification numbers, payment procedures, and proposed tax rates.
1. GST will subsume many existing indirect taxes into a single tax applicable throughout India, with the goal of reducing tax cascading and improving the ease of doing business.
2. Under GST, taxes will be levied as CGST by the central government, SGST by state governments on intra-state sales, and IGST on inter-state sales which will be divided between the central and purchasing states.
3. GST is expected to benefit the Indian economy by reducing tax evasion, providing more funds to underdeveloped states through consumption-based collection, and removing location bias to support smaller businesses.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST subsumes multiple indirect taxes into a single tax applied at the national level. GST is composed of Central GST and State GST for intrastate commerce, and Integrated GST for interstate commerce. The document outlines the tax structures before and after GST, registration requirements, tax rates, and exemptions. It also notes some flaws in the GST model related to additional taxes paid by local dealers and service supplies within a state.
Opportunity in GST for Accountant & Chartered AccountantNikhil Malaiyya
In This Presentation we Will discuss Journal Entry require under GST. Also discuss Transition Provision Under GST. Existing Tax Structure & Proposed Tax Structure.
Appliacbility Issues & Solutions under GST by CA. VInay BhushanTAXPERT PROFESSIONALS
This document discusses various applicability issues and solutions for manufacturers, traders, job workers, works contractors, and service providers under the Goods and Services Tax (GST) regime in India.
It provides definitions and discusses the taxability of job workers, manufacturers, and works contractors. For job workers, it explains the transitional provisions that allow goods sent for job work before GST to be brought back within six months without tax if a declaration is filed. For manufacturers, it compares the excise and GST regimes.
The document also discusses composition schemes for manufacturers and service providers, input tax credit provisions, and transitional benefits for works contractors to carry forward excise credits in GST returns. Key differences between the present and
Accolet gst - understanding india gst - comprehensive presentation moduleDeepak Kumar Jain B
Comprehensive Understanding to Levy of India GST. It explains the law, the charge, valuation, time and place of supply, compliances under GST and transitional provisions - more on www.IndiaGST.com
This ppt was presented for a district level inter college paper presentation competition conducted by Sri Krishna College of Engineering and Technology. The event was conducted within three days of the announcement of the IMPLEMENTATION OF GST by THE GOVERNMENT OF INDIA.The topic is "Effect of GST on Various Sectors". The team comprises of myself, Mr.Ajay, Mr. Akhil Naga Surya, Mr.Prasanna. We won the first prize in the competition. We presented under the topic, "Effect of GST on Paint & Cement Sectors of Indian Economy".
This document provides an overview and guide to understanding the impacts of the proposed Goods and Services Tax (GST) regime in India on dealer management systems (DMS). It discusses key aspects of GST including the tax components of central GST, state GST, and integrated GST. It also summarizes the potential functional, IT systems, governance, and operational impacts of GST compliance on DMS. Specifically, it outlines considerations for areas like master data, business applications and interfaces, reporting, and test builds. The document estimates the development effort required for GST compliance at 15-20% and total effort including testing at 35-40%. It provides recommendations on establishing a project plan and governance structure to effectively measure progress and ensure
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
Understanding GST and its implications.Anirudh Daga
This document provides information on India's current and proposed indirect tax structures. The current system includes taxes levied by the central and state governments, while the proposed GST system would introduce CGST, SGST and IGST. Key features of GST include a dual-levy structure, seamless credit across states, and the replacement of multiple taxes with one. The document also outlines registration requirements, returns, and other operational details of the proposed GST system.
The document provides information about Goods and Service Tax (GST) in India. Some key points:
1. GST Network (GSTN) was incorporated in 2013 as a private company to function as a common IT infrastructure for GST-related filings and tax payments.
2. The proposed dual GST model in India includes CGST, SGST, and IGST which will be levied on intra-state and inter-state supplies respectively.
3. The Model GST law includes provisions related to registration of taxable persons, filing of returns, payment and collection of tax, and defines key terms like person, supply, goods, services etc.
The document provides an overview of the Goods and Services Tax (GST) in India. It discusses the existing indirect tax structure, the taxes that will be subsumed under GST, key features of GST including benefits, tax rates, and timelines for implementation. Important concepts under GST like supply, consideration, location of supplier and receiver, and time and place of supply are also summarized.
The document summarizes key aspects of the GST implications for the jewellery sector in India. It discusses issues like the coverage of goods under GST, job work, registration requirements, tax liability, exemptions if any for jewellery goods, implications of exchanges of old jewellery for new jewellery, and documentation requirements like tax invoices. It also provides brief explanations on small scale exemptions, composition scheme, and movement of goods between workshop and showroom under GST.
In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.
GST TRAINING ON VARIOUS CONCEPTS OF GSTGST Law India
This presentation enumerates the constitutional aspect of GST with amendments, GST levy on goods and services in inter-state and intra-state supply, what is supply, types of supply, the supply of goods or services, persons liable to pay tax under GST, taxable and distinct persons under GST and reverse charge mechanism under GST.
In this presentation, I tried to explain the term GST in brief.
If you have any query related to it, please ask, comment and contact. Don't forget to share.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the history and need for GST, how GST works, its key features and effects on the Indian economy. It also outlines what items are taxed and exempted under GST and notes that multiple Indian states accepted GST between August 2016 to September 2016. The conclusion emphasizes that GST aims to create a unified market by replacing existing indirect taxes and collecting tax on final consumption within each jurisdiction.
GST stands for Goods and Services Tax, which will replace existing indirect taxes such as VAT, service tax, etc. GST is payable on the supply of goods or services and will be collected by the supplier from the customer. There are three types of GST - CGST, SGST, and IGST. CGST and SGST apply to intrastate supplies while IGST applies to interstate supplies. Registered businesses can claim a credit for GST paid on inputs against the GST charged on outputs, subject to certain conditions. The threshold for mandatory GST registration is an aggregate turnover of Rs. 20 lakhs annually, except in North Eastern states where it is Rs. 10 lakhs.
The document discusses key impacts of the Goods and Services Tax (GST) on India's manufacturing sector. It covers changes to input tax credit provisions including a broader scope and availability for capital goods. Reverse charge mechanisms are expanded to apply to purchases from unregistered dealers. Job work provisions have defined timelines for returning inputs and capital goods. Transitional provisions allow carry forward of credits from prior tax regimes and address goods in the supply chain as of July 1, 2017. The implementation of GST has the potential to revive manufacturing in India by simplifying taxes and ensuring seamless credit flow.
about gst in india. all about one nation,one tax,what are he tax rates . hoew it is different from previous tax. why it is better,what are its benefits and disadvantages . what will be its impact in indian economy
specially for class 11 eco project i made this and good marks
helps in understanding gst
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 supply of goods and services in India. It aims to overcome the cascading effect of taxes and provide seamless tax credits across the entire supply chain. The GST model proposed for India is a dual GST where both the central and state governments will simultaneously levy GST across the country.
GST overview presentation ca vichar manch 12-05-2017 vinod jainAnu Insan
The document discusses the passage of the key GST bills in India and provides details on the implementation of GST. It notes that four acts were passed - the Central GST Act, Integrated GST Act, Union Territory GST Act, and the Compensation Act. It also outlines some of the draft GST rules issued and states that the government aims to roll out GST on July 1st, 2017. Further, it describes aspects of the new GST framework such as the types of taxes subsumed, registration requirements, taxation of supplies, input tax credit mechanics, and definitions under the CGST Act.
This presentation takes one through the impact of budget 2014 on the direct tax provisions. Efforts have been made to simplify the amendments in the best way
Service tax on Works Contract (Post Negative List)sandesh mundra
This article briefly explains the basics of service tax on works contract after the negative list regime. Also covering some of the old disputed issues in the service tax regime. It also touches upon the basic aspects of Cenvat Credit moreso in an environment, where both taxable and exempt services are being rendered.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST subsumes multiple indirect taxes into a single tax applied at the national level. GST is composed of Central GST and State GST for intrastate commerce, and Integrated GST for interstate commerce. The document outlines the tax structures before and after GST, registration requirements, tax rates, and exemptions. It also notes some flaws in the GST model related to additional taxes paid by local dealers and service supplies within a state.
Opportunity in GST for Accountant & Chartered AccountantNikhil Malaiyya
In This Presentation we Will discuss Journal Entry require under GST. Also discuss Transition Provision Under GST. Existing Tax Structure & Proposed Tax Structure.
Appliacbility Issues & Solutions under GST by CA. VInay BhushanTAXPERT PROFESSIONALS
This document discusses various applicability issues and solutions for manufacturers, traders, job workers, works contractors, and service providers under the Goods and Services Tax (GST) regime in India.
It provides definitions and discusses the taxability of job workers, manufacturers, and works contractors. For job workers, it explains the transitional provisions that allow goods sent for job work before GST to be brought back within six months without tax if a declaration is filed. For manufacturers, it compares the excise and GST regimes.
The document also discusses composition schemes for manufacturers and service providers, input tax credit provisions, and transitional benefits for works contractors to carry forward excise credits in GST returns. Key differences between the present and
Accolet gst - understanding india gst - comprehensive presentation moduleDeepak Kumar Jain B
Comprehensive Understanding to Levy of India GST. It explains the law, the charge, valuation, time and place of supply, compliances under GST and transitional provisions - more on www.IndiaGST.com
This ppt was presented for a district level inter college paper presentation competition conducted by Sri Krishna College of Engineering and Technology. The event was conducted within three days of the announcement of the IMPLEMENTATION OF GST by THE GOVERNMENT OF INDIA.The topic is "Effect of GST on Various Sectors". The team comprises of myself, Mr.Ajay, Mr. Akhil Naga Surya, Mr.Prasanna. We won the first prize in the competition. We presented under the topic, "Effect of GST on Paint & Cement Sectors of Indian Economy".
This document provides an overview and guide to understanding the impacts of the proposed Goods and Services Tax (GST) regime in India on dealer management systems (DMS). It discusses key aspects of GST including the tax components of central GST, state GST, and integrated GST. It also summarizes the potential functional, IT systems, governance, and operational impacts of GST compliance on DMS. Specifically, it outlines considerations for areas like master data, business applications and interfaces, reporting, and test builds. The document estimates the development effort required for GST compliance at 15-20% and total effort including testing at 35-40%. It provides recommendations on establishing a project plan and governance structure to effectively measure progress and ensure
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
Understanding GST and its implications.Anirudh Daga
This document provides information on India's current and proposed indirect tax structures. The current system includes taxes levied by the central and state governments, while the proposed GST system would introduce CGST, SGST and IGST. Key features of GST include a dual-levy structure, seamless credit across states, and the replacement of multiple taxes with one. The document also outlines registration requirements, returns, and other operational details of the proposed GST system.
The document provides information about Goods and Service Tax (GST) in India. Some key points:
1. GST Network (GSTN) was incorporated in 2013 as a private company to function as a common IT infrastructure for GST-related filings and tax payments.
2. The proposed dual GST model in India includes CGST, SGST, and IGST which will be levied on intra-state and inter-state supplies respectively.
3. The Model GST law includes provisions related to registration of taxable persons, filing of returns, payment and collection of tax, and defines key terms like person, supply, goods, services etc.
The document provides an overview of the Goods and Services Tax (GST) in India. It discusses the existing indirect tax structure, the taxes that will be subsumed under GST, key features of GST including benefits, tax rates, and timelines for implementation. Important concepts under GST like supply, consideration, location of supplier and receiver, and time and place of supply are also summarized.
The document summarizes key aspects of the GST implications for the jewellery sector in India. It discusses issues like the coverage of goods under GST, job work, registration requirements, tax liability, exemptions if any for jewellery goods, implications of exchanges of old jewellery for new jewellery, and documentation requirements like tax invoices. It also provides brief explanations on small scale exemptions, composition scheme, and movement of goods between workshop and showroom under GST.
In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.
GST TRAINING ON VARIOUS CONCEPTS OF GSTGST Law India
This presentation enumerates the constitutional aspect of GST with amendments, GST levy on goods and services in inter-state and intra-state supply, what is supply, types of supply, the supply of goods or services, persons liable to pay tax under GST, taxable and distinct persons under GST and reverse charge mechanism under GST.
In this presentation, I tried to explain the term GST in brief.
If you have any query related to it, please ask, comment and contact. Don't forget to share.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the history and need for GST, how GST works, its key features and effects on the Indian economy. It also outlines what items are taxed and exempted under GST and notes that multiple Indian states accepted GST between August 2016 to September 2016. The conclusion emphasizes that GST aims to create a unified market by replacing existing indirect taxes and collecting tax on final consumption within each jurisdiction.
GST stands for Goods and Services Tax, which will replace existing indirect taxes such as VAT, service tax, etc. GST is payable on the supply of goods or services and will be collected by the supplier from the customer. There are three types of GST - CGST, SGST, and IGST. CGST and SGST apply to intrastate supplies while IGST applies to interstate supplies. Registered businesses can claim a credit for GST paid on inputs against the GST charged on outputs, subject to certain conditions. The threshold for mandatory GST registration is an aggregate turnover of Rs. 20 lakhs annually, except in North Eastern states where it is Rs. 10 lakhs.
The document discusses key impacts of the Goods and Services Tax (GST) on India's manufacturing sector. It covers changes to input tax credit provisions including a broader scope and availability for capital goods. Reverse charge mechanisms are expanded to apply to purchases from unregistered dealers. Job work provisions have defined timelines for returning inputs and capital goods. Transitional provisions allow carry forward of credits from prior tax regimes and address goods in the supply chain as of July 1, 2017. The implementation of GST has the potential to revive manufacturing in India by simplifying taxes and ensuring seamless credit flow.
about gst in india. all about one nation,one tax,what are he tax rates . hoew it is different from previous tax. why it is better,what are its benefits and disadvantages . what will be its impact in indian economy
specially for class 11 eco project i made this and good marks
helps in understanding gst
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 supply of goods and services in India. It aims to overcome the cascading effect of taxes and provide seamless tax credits across the entire supply chain. The GST model proposed for India is a dual GST where both the central and state governments will simultaneously levy GST across the country.
GST overview presentation ca vichar manch 12-05-2017 vinod jainAnu Insan
The document discusses the passage of the key GST bills in India and provides details on the implementation of GST. It notes that four acts were passed - the Central GST Act, Integrated GST Act, Union Territory GST Act, and the Compensation Act. It also outlines some of the draft GST rules issued and states that the government aims to roll out GST on July 1st, 2017. Further, it describes aspects of the new GST framework such as the types of taxes subsumed, registration requirements, taxation of supplies, input tax credit mechanics, and definitions under the CGST Act.
This presentation takes one through the impact of budget 2014 on the direct tax provisions. Efforts have been made to simplify the amendments in the best way
Service tax on Works Contract (Post Negative List)sandesh mundra
This article briefly explains the basics of service tax on works contract after the negative list regime. Also covering some of the old disputed issues in the service tax regime. It also touches upon the basic aspects of Cenvat Credit moreso in an environment, where both taxable and exempt services are being rendered.
This document summarizes a Supreme Court judgement regarding the classification of contracts for the supply and installation of elevators as either works contracts or sales contracts.
The majority view of the Supreme Court bench overruled a previous judgement that had classified such contracts as sales. The majority held that contracts for the supply and installation of elevators should be treated as works contracts, not sales, as they satisfy the characteristics of works contracts under the Constitution.
A minority view dissented, stating that the installation work in such contracts was insignificant and it was akin to incidental work like installing a fan, therefore it should be considered a sale. However, the majority view held that once a contract meets the characteristics of a works contract, additional obligations
This presentation discusses the intricacies involved and the modifications in the taxation of works contract in various VAT Regimes. It highlights the critical issues to be asked when a project company enters into any state for its operations.
This presentations discusses the finer aspects of how VAT was being levied on Works contract. And the controversies related to the judgement of Gannon Dunkerly, options available for deductions under VAT for composite contracts
Impact & Implications of GST on Real Estate & Construction Sectorsandesh mundra
The document discusses key aspects of the proposed Goods and Services Tax (GST) law in India and its impact on the construction sector. It provides definitions for important terms under GST such as works contract, composite supply, supply, input tax credit. It notes some issues with the current definitions regarding classification of goods and services. It also summarizes the proposed GST treatment for works contracts, valuation methods, exemptions, input tax credit provisions and the reverse charge mechanism. The roadmap for implementing GST by April 2017 is outlined along with parallel activities required.
Service tax on works contract (Pre-Negative List)sandesh mundra
This ppt gives a glimpse of service tax payment in india as applicable to works contractors before the negative list. This is very relevant to builders and developers. Service Tax posers and illustrations were also covered by the speaker during the presentation.
Corporate Governance through Consolidationsandesh mundra
This file explains the concept of consolidation in a very detailed manner. Highlighting the importance of consolidation through automated means so that the organisation is able to take the right decisions on time rather than spend a lot of time preparing CFS.
This presentation was taken for CA attending the GMCS 14 Day batch. The presentation takes the students through some of the finer aspects of professional's life.
This GAAP takes the viewer through the differences between Indian GAAP and IFRS under to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
Through this presentation we intend to introduce our new software on preparation of Consolidated Financial Statements. This web based software automates all the processes involved in consolidation like Goodwill / Minority / Proportionate Consolidation / Equity Impact Entries / Line By Line presentation. We also intend to cover all the GAAP's through this.
The document discusses various topics related to information technology in India including:
1. Anil and Saif had to redo dubbing for the movie "Race" after a hard disk crash erased the original dubbing.
2. The US defence department has banned Google from filming details of its military bases.
3. The government plans to upgrade hospitals and develop software for better access to medical information and connectivity between universities.
4. The document focuses on the increasing role of technology in media, education, and various industries like banking.
The document discusses several questions or cases related to consolidation of financial statements under IAS 27. It addresses questions about whether consolidated financial statements are required when subsidiaries are sold during the year or when a parent company has over 100 subsidiaries. It also discusses cases involving joint control of subsidiaries, situations where a parent owns over 50% voting power but does not intend to control the subsidiary, indirect ownership of a subsidiary, and how to treat intermediary subsidiaries that each own a portion of another subsidiary. Additional topics covered include goodwill calculation when control restrictions are later removed, whether consolidation is required if a company is fully funded but does not own equity, and definitions related to consolidated financial statements.
Internal auditing involves independently and objectively evaluating an organization's operations to improve efficiency and effectiveness. It assesses risk management, controls, and governance processes to help the organization achieve its objectives. Internal auditing adds value by bringing a systematic approach to evaluate and improve these processes. The document then provides examples of how internal audit evaluates areas like operational expenses, investments, and revenue leakage at a cable TV company. It examines processes for purchasing, stores management, and controls over expenses, capital expenditures, and revenue streams.
This presentation takes you through the impact of Technology on Audit Environment. There are lot of slides from Tally which is an eye opener in the sense, that how a cheap software like Tally can be effectively used for Audit purposes like planning, documentation, query management. There is also some sharing on what is seen in SAP Environment.
Prepared by CA Sandesh Mundra - An exhaustive presentation on Consolidation of Accounts covering the Standards - AS 21, AS23 and AS 27 with indepth analysis of the finer aspects involved.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses what GST is, the need for GST to replace existing indirect taxes, how GST will work, including features like a dual GST model with Central and State components, taxable events, registration requirements, subsuming of existing taxes, rates, exemptions, inter-state transactions and more. It also covers the latest updates on GST implementation and emerging issues regarding transitioning to the new tax system. The conclusion emphasizes that GST aims to simplify indirect taxation by shifting the tax burden to final consumption from production and trade.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India, including the current state of indirect taxes, how GST will work, and Oracle's approach and roadmap. It discusses the key concepts of GST, including how it will replace existing taxes and function as a single, destination-based tax across India. The document also outlines some of the opportunities for Oracle in areas like GST roadmaps, advisory services, developing custom reporting/settlement solutions, and building capabilities around GST processes and configuration.
1. The document provides an overview of key aspects of the Goods and Services Tax (GST) regime in India such as the basic GST model, taxes subsumed under GST, timelines for implementation, meaning of supply, time and place of supply, valuation of supply, and impact on key areas like imports, job works, stock transfers etc. compared to the current indirect tax regime.
2. It outlines the proposed dual GST structure of Central GST and State GST, applicable rates, and input tax credit mechanics. Transition roadmap, registration requirements, return filing, and refund process under GST are also summarized.
3. Key scenarios involving local and inter-state supplies to related
GST is a comprehensive indirect tax on the supply of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. The key features are:
- It has two components - central GST (CGST) and state GST (SGST) which are levied on a common tax base.
- Taxpayers need to submit periodic returns to both central and state tax authorities. Cross utilization of input tax credit between CGST and SGST is generally not allowed.
- Different countries have adopted various models of GST including Australian, Canadian, Kelkar-Shah, and Bagchi-Poddar models. India has adopted a dual GST model with separate but
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.
The document discusses Goods and Services Tax (GST) which is proposed to replace current indirect tax system in India. It provides an overview of the key features of GST including that it will be a dual GST with Central and State components, that certain goods and services will be exempted, and that there will be thresholds and composition schemes for small businesses. It also outlines the challenges and benefits for trade, industry and consumers during the transition to GST.
- GST is scheduled to be implemented in India from July 1, 2017 after a long history of discussion and legislation. It will merge multiple indirect taxes into a single tax applied to goods and services.
- Under GST, taxes will be levied as CGST, SGST, and IGST depending on whether a transaction occurs within a state or between states. Businesses will be able to claim input tax credit which will reduce the overall tax burden.
- The GST Council has been established as the decision making body consisting of central and state government representatives to determine tax rates and policies under GST. Registration and return filing will be largely electronic and simplified under GST.
The document provides an overview of Goods and Services Tax (GST) procedures and rules in India. It discusses key aspects of GST including the 122nd constitutional amendment that introduced GST, the Goods and Services Tax Council, the GST Network system, taxes subsumed under GST, registration procedures, filing of returns, payment methods, and benefits of GST such as creating a unified market, reducing compliance costs, and lowering final prices. In summary, the document outlines the legislative and administrative framework for implementing GST in India with the goal of simplifying and harmonizing indirect taxes.
This document provides an overview of the Goods and Service Tax (GST) proposed to be implemented in India. It defines key terms like CGST, SGST, and IGST which will be the central, state, and integrated taxes applied to goods and services. It explains that GST is a destination-based consumption tax where the full amount of taxes is paid to the destination state. Exporting is zero-rated under GST. The document also outlines benefits of GST for government, businesses, and consumers through simplification and harmonization of indirect taxes.
This document discusses key aspects of the Goods and Services Tax (GST) in India, including:
- GST is a single, destination-based tax levied on the supply of goods and services. It subsumes several taxes into a single tax.
- GST is levied as Central GST (CGST), State GST (SGST), Integrated GST (IGST), and Union Territory GST (UTGST) depending on the nature of the supply.
- There are four GST tax slabs of 0%, 5%, 12%, and 18% for goods and 5% and 18% for services. Composition scheme is available for small businesses with turnover less than Rs
Basic overview on GST- Goods & Service Tax IndiaArpit Verma
I. Introduction.
Introduction of Goods & Service Tax (GST) in India required an amendment in the Constitution to bring concurrent powers to both the Central & State Government so that both the Government could make law & impose GST on transaction of supply of Goods and Services. For this, The Constitutional (One Hundred and Twenty Second Amendment) Bill, 2014 introducing GST received the assent of the President on 8th September, 2016 and the same has been notified as the Constitution (101st Amendment) Act, 2016.
The Draft Model GST Law was placed on Public portal by Government of India on 14th June, 2016 inviting various comments and suggestions and once again Government placed Revised Model GST Law on 25th November, 2016 with the clear intention of implementing GST by April, 2017 which is applicable to whole of India including Jammu & Kashmir.
VI. Conclusion
The Country is eagerly waiting for roll-out of GST but this is a mammoth task before the government that is to be achieved within the target date of April, 2017. Task towards implementation of GST will take our country into a new tax regime and shall also result in generating more employment opportunities and also help all the business sectors to grow.
The document discusses Goods and Services Tax (GST) in India. It provides details on:
1. GST is a consumption-based tax that will replace existing indirect taxes in India.
2. Under GST, there will be two components - Central GST (CGST) and State GST (SGST). An Integrated GST (IGST) will be applicable on inter-state transactions.
3. GST is expected to simplify tax structure, reduce compliance costs, expand tax base and increase tax revenues through improved compliance. However, certain items like alcohol, petrol and real estate will be outside GST's purview.
this ppt is essentially helpful for beginners for a better understanding of the gst and also many legal and constitutional framework has been added so that u can also overview the law related matters in it.
The document discusses the proposed Goods and Services Tax (GST) model for India. It provides context on the current indirect tax system and its challenges. A dual GST model is proposed where tax would be levied concurrently by the central and state governments. The central GST and state GST would replace existing taxes levied on goods and services. An integrated GST would apply to inter-state transactions and is expected to be an aggregate of the central and state portions. The model aims to simplify taxation and reduce compliance costs through a unified system.
GST is a comprehensive indirect tax on the supply of goods and services throughout India that will replace existing taxes levied on goods and services by the central and state governments. It is expected to simplify and harmonize the indirect tax regime in India and provide a more efficient system of tax administration. Key benefits of GST include a wider tax base through elimination of cascading of taxes, simplification and rationalization of tax rates and structures, and improved compliance. The proposed GST model in India will follow a dual GST model with taxation powers shared between the central and state governments.
The document discusses Goods and Services Tax (GST) in India. It defines GST and explains its key components. It discusses the need for GST to replace existing indirect tax structures. It outlines the justification for GST at central and state levels. It describes the proposed dual GST model and some salient features of GST including chargeability, taxable events, persons, rates, and registration. It also discusses subsuming of existing taxes, exemptions, treatment of exports and imports, and inter-state transactions under GST.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. GST is proposed as a dual GST model where both the central and state government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
This document contains financial statements and additional notes related to income, expenses, input tax credit, and sales for a business. It includes a balance sheet, input tax credit ledger, and profit and loss statement for the period of April 2017 to March 2018. The additional notes provide clarifications on revenue and expense amounts, import of services, credit notes, discounts, sales booking and billing dates, annual return details, blocked and reversed input tax credits, and taxable rates.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
In this presentation, the concept of Affordable Housing is discussed from various angles such as income tax and GST. The PPT also analyses various components of Affordable housing scheme. It also takes into consideration various practical scenarios which are discussed in the form of case studies. The affordability as per public lending institution has also been covered. The presentation also covers various policies and programmes undertaken by the government for promotion of the same.Lastly, it also covers the impact of anti profiteering under the scheme.
After introduction of RERA, West Bengal has come up with its own legislation West Bengal Housing Industry Regulatory Act, 2017. There are various critical issues in this emerging law which can be addressed with the help of decisions and orders of numerous states.
The document discusses various notices issued by the GST department for non-compliance and how they can be handled. It mentions notices for differences in GSTR 1 and 2A, ITC claims, default in returns, and anti-profiteering issues. It advises that notices can be challenged on technical or jurisdictional grounds or by requesting more time. The document also discusses the need for businesses to have proper tax governance and ERP systems to avoid issues with the tax authorities. It provides guidance on handling summons and show cause notices issued under GST.
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An attempt to summarize the crucial aspects of maintaining records under GST is made. Apart from this, the presentation includes all types of audits proposed under GST regime. The system of return filling that the Group of Ministers are finalising together with GSTN officials and stakeholders is also included in the presentation. It also includes issues that may arise during filling of annual return and reconciliation statement.
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We have listed down several issues faced by Real estate and construction sector. A long list of issues are included separately for builders and works contractor for transition and post GST period.
Presentation contains cases and judgements delivered by courts pre-GST regime. A brief summary of all caselaws is made and an attempt is made to provide a bird's eye view of litigations arising in GST.
Presentation is prepared with the object of simplifying the interpretation issues and providing guidelines to read the rate schedules. Methods and mechanism of claiming tax free exports is also explained.
Goods and Service Tax in India is one of the biggest tax reform in Indirect Tax Regime. It is a destination bases tax levied on supply of Goods and Services. It includes impact of GST on several sectors. It also includes development of GST by way of notifications, circulars, press releases and other other compliances under GST.
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Goods & services tax(gst)
1. Goods & Services Tax(GST) • Indicated roll-out date is April 1, 2011 1
2. The Gist of Proposed GST: Taxes to be subsumed Central Levies State Levies • Value added tax • Excise duty • Entertainment tax • Additional excise duties • Luxury tax • Excise duty under Medicinal and • Tax on lottery, betting & gambling Toiletries Preparation Act • Entry tax • Service tax • Additional and special additional • Surcharges and cesses customs duties • Surcharges and cesses Central GST State GST 2 info@consultconstruction.com www.consultconstruction.com
3. What prompted the GST? •Several indirect taxes at Central and State level • Tax on tax in current Central Excise and State VAT mechanism •No harmony in rates of VAT on similar commodities from one State to another •CENVAT credit & VAT input tax set-off not comprehensive due to restrictive provisions • Break in credit chain in inter-State transactions • Multiple taxes leading to complexity in compliance 3 info@consultconstruction.com www.consultconstruction.com
6. Valuation - Classification • Rules for taking and utilisation of credit for CGST and SGST would be aligned, but no cross utilisation of credit between these two taxes info@consultconstruction.com www.consultconstruction.com 4
7. The Gist of GST: Scope and coverage • CGST and SGST would be applicable on all transactions of goods and except: - Exempted goods and services -Transactions which are below the prescribed threshold - Goods outside the purview of GST: Goods Treatment under GST Products containing Outside the purview of GST, State Government to alcohol levy taxes as at present Central Government to levy excise duty on tobacco Tobacco Products products over and above GST Outside the purview of GST, will be subject to sales Petroleum Products tax / value added tax Levied by State Governemnt and to cess, excise duty by Central Government 5 info@consultconstruction.com www.consultconstruction.com
8. The Gist of GST: Rates and thresholds • Two-tier rate structure for both CGST and SGST - Standard rate for most goods and services - Lower rate for essential commodities and precious metals • Threshold limits: Threshold limits for : Tax Goods Services CGST Rs. 150 Lakh Yet to be decided SGST Rs. 10 Lakh Rs. 10 Lakh • Composition scheme with floor rate of 0.5% to be available for taxpayers having annual turnover below Rs. 50 Lakh 6 info@consultconstruction.com www.consultconstruction.com
9.
10. The Gist of GST: Inter-State transactions • Inter-State sale of goods and services will be taxed under the innovative Integrated GST (IGST) model • IGST model would work as follows: - The Central Government would levy IGST at the rate of CGST + SGST on all inter-State sale transactions - To pay this IGST, the inter-State seller may use credit of CGST, SGST and IGST on his inputs - The inter-State purchaser may use the credit of the IGST paid on his purchases to discharge the output tax liability on his taxable supply of goods or services 8
11. GST: Real Estate Sector • GST Applicable for all constructed property instead of stamp duty • Credit available for all inputs including taxes paid on land. 9 • GST would be applicable on rental income from immovable property. No Credit available for all tax paid on construction / acquisition of property. However set off available for GST paid on maintenance related inputs.
12. The Gist of GST: Exports and imports • Exports would be zero-rated • Exports to processing zones of SEZ will also be zero rated - No benefit would be allowed for the sales from SEZ to Domestic Tariff Area • Imports of goods and services would be subject to CGST and SGST based on destination principle: - SGST revenue will accrue to the State where the imported goods and services are consumed - Both CGST and SGST paid on import of goods and services will be available as credit 10
13. Impact on businesses: Decision matrices • Product Pricing needs to reflect GST efficiency • Stock level to be maintained as on transition date • Timing of acquisition of assets • Review impact on existing contracts • Focus on core activities vs. backward / forward integration • Ascertain change in documentation and processes • Identify changes to ERP system to be GST compliant • Assess need to re-engineer tax management function 11
14. New dual GST: Transition matters • Treatment of unutilised tax credit balance as on transition date • Tax credit on capital goods where only partial tax credit taken in pre-GST regime • Treatment of tax already paid on goods lying in stock as on the transition date • Sales return of goods sold in pre-GST period • Taxation of contracts and services spread overpre-GST & post-GST period • ‘Change-in-law’ provisions in existing and new contracts 12 info@consultconstruction.com www.consultconstruction.com