This document provides an overview of goods and services tax (GST) in India. It defines GST and explains how it will combine multiple taxes into a single tax applied to goods and services. It also describes key aspects of GST such as how it will be administered, the registration process, taxable items, and compliance requirements. Preparations are needed at the central and state government levels as well as for taxpayers to ensure a smooth transition to this significant tax reform.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
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.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
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.
Impact of GST on entertainment industry and media sector Shashwat Tulsian
India's media and entertainment market which is the 5th largest in the world .GST will do more good than harm for the entertainment industry on the whole prots for multiplexes are likely to go up
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Impact of Goods and Services Tax (GST) to the Common Mantridentbull
The Goods and Services Tax (Amendment) Bill — officially known as, the Constitution (122nd Amendment) (GST) Bill, 2014 — is believed to be the biggest tax reform since independence. The Constitution Amendment Bill for Goods and Services Tax (GST) passed in the Rajya Sabha on 3 August 2016, which was approved by the Lok Sabha in May 2015.
GST in India - Impact Assessment & ImplementationNimish Goel
GST is proposed to be implemented in India from April 1, 2017 and it is important for companies to get an impact assessment done and understand the implications on their margins, cash flows, business processes and tax obligations. International Business Advisors (www.ibadvisors.co) is working with its clients to help transition to this new legislation.
4 Key impact area on gst implementation synergytas
GST Malaysia is coming for real. With 4 key impact areas on implementation. Join us for the action plan on GST conducted by Dr Choong Kwai Fatt. Visit website www.synegytas.com/gstkls2 for more information.
The debate over the implementation of Goods and Services Tax (GST) has been tiresomely long.
GST is a critical reform in spurring growth in the Indian economy.
When it is introduced, GST is expected to make the tax system simpler and will also help in increased compliance, boost tax revenues, reduce the tax outflow in the hands of the consumers and make exports competitive. The new government will hopefully set forth a roadmap for the implementation of GST soon.
Today’s lesson on GST attempts to simplify this concept for you.
A ‘flawless’ GST in the context of the federal structure which would optimize efficiency, equity and effectiveness. The ‘flawless’ GST is designed as a consumption type destination VAT based on invoice-credit method.The presentation in a nutshell describes the baseline of it.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION.
STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED .
If you go through this whole document very carefully, then it will helps you to understand the overall concept of GST, which is the new taxation system of India.
Goods and service act - A Basic OverviewJoy Waghela
A brief understanding about goods and service Tax.A basic understanding of the proposed Goods and service tax in india.
Explained in simple words and understanding
description on colors. colors describes each thing .. it also includes psychology of individual .. effect on individual and much more .. i vl b glad if u like ppt... i m following the ppt from one slideshare follower ..
todays biggest issue ... there are no youths in politics due to certain reasons but we v offen complain for that situation
todays lets overcome to that issue.. as being a part of it
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
2. A fee charged ("levied") by
a government on a product, income,
or activity.
If tax is levied directly on personal or
corporate income , then it is direct tax.
If tax is levied on the price of a good or
service, then it is called an indirect tax.
The purpose of taxation is
to finance government expenditure.
One of the most important uses of taxes is to
finance public goods and services, such as
street lighting and street cleaning.
3. Under sales tax, tax is levied on every sale made.
For example if a dealer (say A) sold goods to another
dealer (say B) he collects local sales tax from such
dealer which is normally included in his sale price . If
dealer B again sells goods to another dealer (say C)
he again collects tax on sales made by him . The tax
levied by dealer B shall be on his sale price i.e (his
purchase price + profit ). As his purchase price
already includes tax paid by him , sales tax includes
tax on tax already paid i.e. it is repetitive in nature.
Sales tax is retail only
4. Under VAT (value added tax) the tax is on
sales made by any dealer levied only on
value added at each selling point . so it is
not repetitive in nature.
Value-Added tax is a tax at every step of
the inventory process
Taxed at every step from manufacturer to
distributor to warehouse to retailer to
customer.
VAT is uniform; whereas sales tax differs from
state to state.
5. ‘G’ – Goods
‘S’ – Services
‘T’ – Tax
Goods and service tax is single tax rate
levied on manufacture , sale and
consumption of goods and service at
national level
6. The Goods and Service Tax (GST) is a Value
Added Tax (VAT) to be implemented
in India, from April 2016.
GST is comprehensive tax mechanism where in
all major indirect taxes are clubbed into one,
whether they are levied on services(service
tax) or goods(excise and vat).
Government had promised that GST will
reduce the compliance burdens at present.
One of the aims of introducing GST is to reduce
the cascading effects of taxes which is the
primary focus of VAT but vat system is not
comprehensive enough to do so.
7. VAT is value added tax (on products).
GST is Goods and Services Tax is like VAT
but applies to Services also (apart from
products).
In India, we have VAT and Service Tax.
Whereas in many countries you have
only GST that applies to both products
and services.
8. In 2000, the Vajpayee Government started discussion
on GST by setting up an empowered committee.
An announcementwas made by Palaniappan
Chidambaram, the Union Finance Minister, during
the central budget of 2007–2008 that it would be
introduced from April 1, 2010.
After this announcement, the Empowered
Committee of State Finance Ministers decided to set
up a Joint Working Group on May 10, 2007, with the
Adviser to the Union Finance Minister and the
Member-Secretary of Empowered Committee as co-
convenors and the concerned Joint Secretaries of
the Department of Revenue of Union Finance Ministry
and all Finance Secretaries of the states as its
members.
9. Introduction of a GST to replace the
existing multiple tax structures of Centre and
State taxes is not only desirable but
imperative in the emerging economic
environment.
Separate taxation of goods and services
often requires splitting of transaction values
into value of goods and services for taxation,
which leads to greater complexities,
administration and compliances costs.
10. Integration of various taxes into a GST
system would make it possible to give full
credit for inputs taxes collected.
GST, being a destination-based
consumption tax based on VAT principle,
would also greatly help in removing
economic distortions and will help in
development of a common national
market.
11. The dual GST model proposed by the Empowered
Committee and accepted by the Centre will
have dual system for imposing the tax. GST shall
have two components i.e.
(i) Central GST
(ii) State GST
Central Excise duty, additional excise duty,
services tax and additional duty of customs
(equivalent to excise), state VAT entertainment
tax, taxes on lotteries, betting and gambling
and entry tax (not levied by local bodies)would
be subsumed within GST
12. It would be applicable to all transactions of goods and
service.
It to be paid to the accounts of the Centre and the States
separately.
The rules for taking and utilization of credit for the Central GST
and the State GST would be aligned.
Cross utilization of ITC between the Central
GST and the State GST would not be allowed except in the
case of inter-State supply of goods.
The taxpayer would need to submit common format for
periodical returns, to both the Central and to the concerned
State GST authorities.
Each taxpayer would be allotted a PAN-linked taxpayer
identification number with a total of 13/15 digits.
13. It will cover all types of person carrying on business
activities, i.e. manufacturer, job-worker, trader, importer,
exporter, all types of service providers, etc.
If a company is having four branches in four different
states, all the four branches will be considered as TP
under each jurisdiction of SGs.
All the dealers/ business entities will have to pay both
the types of taxes on all the transactions.
A dealer must get registered under CGST as it will make
him entitle to claim ITC of CGST thereby attracting
buyers under B2B transactions.
Importers have to register under both CGST and SGST as
well.
14. Levies on petroleum products
Levies on alcoholic products
Taxes on lottery and betting
Basic customs duty and safeguard duties on
import of goods into India
Entry taxes levied by municipalities or panchayats
Entertainment and Luxury taxes
Electricity duties/ taxes
Stamp duties on immovable properties
Taxes on vehicles
15. GST on export would be zero rated
Both CGST and SGST will be levied on import of
goods and services into the country. The
incidence of tax will follow the destination
principle and the tax revenue in case of SGST
will accrue to the State where the imported
goods and services are consumed. Full and
complete set-off will be available on the GST
paid on import on goods and services.
16. The existing CST will be discontinued.
Instead, a new statute known as IGST will
come into place. It will empower the GC to
levy and collect the tax on the inter-state
transfer of the GS.
The scope of IGST Model is that Centre
would levy IGST which would be CGST plus
SGST on all inter-State transactions of
taxable goods and services with
appropriate provision for consignment or
stock transfer of goods and services.
17. The inter-State seller will pay IGST on value
addition after adjusting available credit of
IGST, CGST, and SGST on his purchases. The
Exporting State will transfer to the Centre
the credit of SGST used in payment of IGST.
The Importing dealer will claim credit of IGST
while discharging his output tax liability in his
own State.
18. The Centre will transfer to the importing
State the credit of IGST used in payment
of SGST. The relevant information will also
be submitted to the Central Agency
which will act as a clearing house
mechanism, verify the claims and inform
the respective governments to transfer
the funds.
19. Under GST registration, it is likely to be linked
with the existing PAN.
The new business identification number was
likely to be the 10-digit alphanumeric PAN,
in addition to two digits for state code and
one or two check numbers for disallowing
fake numbers. The total number of digits in
the new number was likely to be 13-14.
20. In an invoice based VAT system, the issue
of invoices in the proper form is an essential
part of the procedure for imposing and
enforcing the VAT.
An invoice is also required by the tax
authorities to audit the collection of VAT.
21. What is required is –
› The law should require a supplier making a
taxable supply to another taxable person to
provide a VAT invoice with that supply or the
payment for it.
› The VAT invoice should be standardised
across all states so as to contain a minimum
of information about the supply being
invoiced.
22. What preparations are required at the level of CG and SG
for implementing GST?
Whether the Government machinery is in place for such a
mammoth change?
Whether the tax-payers are ready for such a change?
What impact it can have on the revenue of the
government?
How can the burden of tax, in general, fall under the GST?
In what respect, it will affect the manufacturers, traders and
ultimate consumers?
How will GST benefit the small entrepreneurs and small
traders?
Which type of administrative work will be involved in
complying with the GST requirements?