GST (Goods and Services Tax) is a comprehensive indirect tax that will replace existing indirect taxes and integrate taxes at the Central and State levels. It is proposed to be implemented in India in 2016. GST is based on the idea of providing set-off benefits from taxes paid at earlier stages of production, allowing only the value addition at each stage to be taxed. This will eliminate cascading of taxes and reduce the overall tax burden. The key benefits of GST include reducing business compliance costs, boosting export competitiveness, and lowering prices for consumers.
This document provides an overview of Goods and Service Tax (GST) in India. It discusses the history of GST in India from 2000 to 2017 when it was implemented. It describes key features of GST such as applying a dual GST model concurrently by the central and state governments, categorizing goods and services into five tax slabs, and exempting certain items like petroleum from GST. The goals of GST are to replace existing indirect taxes and harmonize tax rates and structures across the country.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) implemented in India including:
1) It describes the features and fundamentals of GST including how it is a dual tax system levied by both central and state governments.
2) It outlines the registration process and requirements to register under GST.
3) It explains the various GST returns required to be filed including monthly, annual, and other periodic returns along with due dates.
4) It provides answers to common questions about GST such as who needs to register, what the tax rates are, and how GST benefits consumers.
Goods and Services Tax (GST) is an indirect tax mechanism in India that combines multiple indirect taxes into one. It is a value-added tax to be implemented nationwide in April 2017. The aims of GST include reducing the cascading effects of taxes and making the tax system more comprehensive. GST consists of Central GST, State GST, and Inter-State GST. It is claimed to provide advantages like a unified market, reduced production costs, and lower prices over the present tax system. Certain goods like alcohol, petroleum products and tobacco are excluded from GST.
This document is a study on the impact of value-added tax (VAT) on consumable goods, with a special focus on restaurants. It includes an introduction to India's tax system and history of VAT. Various states implemented VAT at different times between 2003-2008. The study aims to analyze how VAT affects consumer consumption patterns and whether it benefits or burdens the common person. It seeks to understand the factors influencing eating decisions and perceptions of VAT charges. The research methodology involves collecting primary data through questionnaires and analyzing it to provide suggestions.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
This document provides an overview of the existing taxation system in India and how it will be replaced by the Goods and Services Tax (GST). It discusses the different direct and indirect taxes currently imposed in India, including income tax, wealth tax, capital gains tax, sales tax, service tax, value added tax, customs duty, and octroi. The implementation of GST aims to simplify this complex system by integrating various central and state taxes into a single tax applicable to both goods and services. GST is expected to reduce the overall tax burden, increase tax collection and compliance, and help develop a common national market.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
This presentation plan covers the key aspects of the proposed Goods and Services Tax (GST) regime in India. It begins with an overview of the existing indirect tax structure and its limitations. It then discusses the main benefits of GST such as simplification and harmonization of indirect taxes. The presentation goes on to explain the key features of GST including the dual GST model, registration requirements, input tax credit provisions, invoice rules, payment of tax, and return filing process. It also touches on other aspects like valuation, e-way bill system, reverse charge mechanism and composition scheme. Specific issues related to textile traders are also mentioned. Overall, the document provides a comprehensive overview of the major elements of the proposed G
This document provides an overview of Goods and Service Tax (GST) in India. It discusses the history of GST in India from 2000 to 2017 when it was implemented. It describes key features of GST such as applying a dual GST model concurrently by the central and state governments, categorizing goods and services into five tax slabs, and exempting certain items like petroleum from GST. The goals of GST are to replace existing indirect taxes and harmonize tax rates and structures across the country.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) implemented in India including:
1) It describes the features and fundamentals of GST including how it is a dual tax system levied by both central and state governments.
2) It outlines the registration process and requirements to register under GST.
3) It explains the various GST returns required to be filed including monthly, annual, and other periodic returns along with due dates.
4) It provides answers to common questions about GST such as who needs to register, what the tax rates are, and how GST benefits consumers.
Goods and Services Tax (GST) is an indirect tax mechanism in India that combines multiple indirect taxes into one. It is a value-added tax to be implemented nationwide in April 2017. The aims of GST include reducing the cascading effects of taxes and making the tax system more comprehensive. GST consists of Central GST, State GST, and Inter-State GST. It is claimed to provide advantages like a unified market, reduced production costs, and lower prices over the present tax system. Certain goods like alcohol, petroleum products and tobacco are excluded from GST.
This document is a study on the impact of value-added tax (VAT) on consumable goods, with a special focus on restaurants. It includes an introduction to India's tax system and history of VAT. Various states implemented VAT at different times between 2003-2008. The study aims to analyze how VAT affects consumer consumption patterns and whether it benefits or burdens the common person. It seeks to understand the factors influencing eating decisions and perceptions of VAT charges. The research methodology involves collecting primary data through questionnaires and analyzing it to provide suggestions.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
This document provides an overview of the existing taxation system in India and how it will be replaced by the Goods and Services Tax (GST). It discusses the different direct and indirect taxes currently imposed in India, including income tax, wealth tax, capital gains tax, sales tax, service tax, value added tax, customs duty, and octroi. The implementation of GST aims to simplify this complex system by integrating various central and state taxes into a single tax applicable to both goods and services. GST is expected to reduce the overall tax burden, increase tax collection and compliance, and help develop a common national market.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
This presentation plan covers the key aspects of the proposed Goods and Services Tax (GST) regime in India. It begins with an overview of the existing indirect tax structure and its limitations. It then discusses the main benefits of GST such as simplification and harmonization of indirect taxes. The presentation goes on to explain the key features of GST including the dual GST model, registration requirements, input tax credit provisions, invoice rules, payment of tax, and return filing process. It also touches on other aspects like valuation, e-way bill system, reverse charge mechanism and composition scheme. Specific issues related to textile traders are also mentioned. Overall, the document provides a comprehensive overview of the major elements of the proposed G
The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
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.
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.
GST COUNCIL & Functions of the GST CouncilSundar B N
The GST Council was constituted on September 15, 2016 according to Article 279A of the Indian Constitution. The Council is chaired by the Union Finance Minister and includes the State Finance Ministers to harmonize GST policies between the central and state governments. The Council recommends tax rates, exemptions, threshold limits, and resolutions on disputes to facilitate a unified national market.
GST and GSTN Goods and Service Tax Network mukesh negi
It's all about basic understanding of GST and GSTN which is going to rollout in India very soon. People are still not clear on the concept of GST so I have shared my knowledge with respect to same here.
Goods & Service Tax (GST) or the constitution (one hundred one amendment) bill. The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax, because of its transparent and self-policing character, would be easier to administer.
This is a very important concept, so try to share it with as many people as you can.
This document provides an introduction and overview of India's GST composition scheme. Key points include:
- The composition scheme is a simple alternative for small taxpayers with turnover less than Rs. 1.5 crore to pay GST at a fixed rate instead of going through regular GST procedures.
- As of 2019, service providers can now opt for the composition scheme if their turnover is below Rs. 50 lakhs.
- To be eligible, total turnover from all businesses with the same PAN must be below Rs. 1.5 crore, and some business types like manufacturers of specific goods are excluded.
- Opting for the composition scheme means no input tax credit can be claimed but
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
Salary includes compensation received by an employee from their employer. It is taxable under section 15 of the Income Tax Act. Key components of salary include basic pay, dearness allowance, commissions, bonuses, retirement benefits like gratuity and leave encashment. Certain allowances and perquisites are also considered part of taxable salary. The taxation of salary depends on factors like whether the individual is a government or private employee, and whether retirement benefits are received during service or post-retirement.
Money Market: Structure and components: Participants in Indian Money Market, Money Market Instruments,
Structure of Money Market, Role of central bank in money market; Players in the Indian Money Market, The reforms in
Indian Money Market.
This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India. Some key points:
- GST is a comprehensive indirect tax that will combine multiple state and central taxes into one. It is levied at each stage of production and distribution.
- The proposed GST structure has two components - Central GST to be levied by the Centre and State GST to be levied by the states. Standard rates are proposed at 20% for goods and 16% for services.
- GST aims to reduce tax cascading and make India's tax system simpler, more transparent and boost the economy by making exports more competitive.
- There were challenges
Este documento lista as principais leis e regulamentos que regem o ICMS no Brasil, incluindo a Constituição Federal de 1988, leis complementares e estaduais sobre o assunto. Também apresenta exemplos numéricos para calcular o preço de venda com ICMS embutido e explica conceitos como diferencial de alíquota e substituição tributária no ICMS.
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
1. GST is an indirect tax that will combine multiple taxes into a single tax. It will have a dual structure with both central GST and state GST.
2. Under GST, tax will be collected at each point of sale with businesses able to claim credits for taxes paid on purchases. This will help reduce cascading of taxes and boost economic growth.
3. Compliance under GST will be primarily online with businesses required to file regular returns. Proper documentation of invoices and maintaining of records is important under GST.
Input tax credit – apportionment & blocked creditKISHAN KESHRI
This document discusses input tax credit under the GST system in India. It covers what input tax credit is, who is eligible to claim it, how businesses can claim it, and conditions for availing it. It also discusses apportionment of credit on inputs and input services, as well as blocked credits in certain cases like motor vehicles, food and beverages, membership fees, and property construction. Businesses must follow rules around credit apportionment and blocked credits to properly claim input tax credit.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
The GST Council has relaxed filing rules for the first two months post implementation. Here's how to file your returns for these months using form GSTR 3B. To know more about GSTR 3B, visit our page https://cleartax.in/s/gstr-3b
1. The document discusses various tax planning strategies for individuals based on their residential status and income sources. It provides tips to minimize tax liability for income from salaries, house property, business/profession, capital gains, and other sources.
2. Key recommendations include choosing residential status to avoid being a resident in India, deducting interest on home loans, investing in tax-free bonds or dividends, and transferring property between family members to avoid income clubbing.
3. The document also discusses tax planning strategies like timing of asset sales, expense payments, and depreciation claims to reduce tax outflows.
The document discusses the potential impacts of implementing a goods and services tax (GST) in Malaysia to replace the existing sales tax system. It notes that GST could increase government revenue but may also lead to higher prices and negatively impact low-income households. Exemptions for essential goods may help reduce the burden on the poor. While GST has increased revenue in other countries, the rate would need to be low in Malaysia to avoid fueling inflation or reducing consumer spending. The impacts on prices, government revenue, and different income groups require careful consideration.
The document discusses India's taxation system and the proposed Goods and Services Tax (GST). It describes the key features of direct and indirect taxes such as income tax, sales tax, and VAT. It then explains the proposed GST system, which will combine multiple indirect taxes into a single tax applicable to both goods and services. The GST is proposed as a dual GST with both central and state-level components. The complex structure and need for coordination between levels of government poses administrative challenges but is aimed at improving compliance and growth.
The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
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.
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.
GST COUNCIL & Functions of the GST CouncilSundar B N
The GST Council was constituted on September 15, 2016 according to Article 279A of the Indian Constitution. The Council is chaired by the Union Finance Minister and includes the State Finance Ministers to harmonize GST policies between the central and state governments. The Council recommends tax rates, exemptions, threshold limits, and resolutions on disputes to facilitate a unified national market.
GST and GSTN Goods and Service Tax Network mukesh negi
It's all about basic understanding of GST and GSTN which is going to rollout in India very soon. People are still not clear on the concept of GST so I have shared my knowledge with respect to same here.
Goods & Service Tax (GST) or the constitution (one hundred one amendment) bill. The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax, because of its transparent and self-policing character, would be easier to administer.
This is a very important concept, so try to share it with as many people as you can.
This document provides an introduction and overview of India's GST composition scheme. Key points include:
- The composition scheme is a simple alternative for small taxpayers with turnover less than Rs. 1.5 crore to pay GST at a fixed rate instead of going through regular GST procedures.
- As of 2019, service providers can now opt for the composition scheme if their turnover is below Rs. 50 lakhs.
- To be eligible, total turnover from all businesses with the same PAN must be below Rs. 1.5 crore, and some business types like manufacturers of specific goods are excluded.
- Opting for the composition scheme means no input tax credit can be claimed but
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
Salary includes compensation received by an employee from their employer. It is taxable under section 15 of the Income Tax Act. Key components of salary include basic pay, dearness allowance, commissions, bonuses, retirement benefits like gratuity and leave encashment. Certain allowances and perquisites are also considered part of taxable salary. The taxation of salary depends on factors like whether the individual is a government or private employee, and whether retirement benefits are received during service or post-retirement.
Money Market: Structure and components: Participants in Indian Money Market, Money Market Instruments,
Structure of Money Market, Role of central bank in money market; Players in the Indian Money Market, The reforms in
Indian Money Market.
This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India. Some key points:
- GST is a comprehensive indirect tax that will combine multiple state and central taxes into one. It is levied at each stage of production and distribution.
- The proposed GST structure has two components - Central GST to be levied by the Centre and State GST to be levied by the states. Standard rates are proposed at 20% for goods and 16% for services.
- GST aims to reduce tax cascading and make India's tax system simpler, more transparent and boost the economy by making exports more competitive.
- There were challenges
Este documento lista as principais leis e regulamentos que regem o ICMS no Brasil, incluindo a Constituição Federal de 1988, leis complementares e estaduais sobre o assunto. Também apresenta exemplos numéricos para calcular o preço de venda com ICMS embutido e explica conceitos como diferencial de alíquota e substituição tributária no ICMS.
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
1. GST is an indirect tax that will combine multiple taxes into a single tax. It will have a dual structure with both central GST and state GST.
2. Under GST, tax will be collected at each point of sale with businesses able to claim credits for taxes paid on purchases. This will help reduce cascading of taxes and boost economic growth.
3. Compliance under GST will be primarily online with businesses required to file regular returns. Proper documentation of invoices and maintaining of records is important under GST.
Input tax credit – apportionment & blocked creditKISHAN KESHRI
This document discusses input tax credit under the GST system in India. It covers what input tax credit is, who is eligible to claim it, how businesses can claim it, and conditions for availing it. It also discusses apportionment of credit on inputs and input services, as well as blocked credits in certain cases like motor vehicles, food and beverages, membership fees, and property construction. Businesses must follow rules around credit apportionment and blocked credits to properly claim input tax credit.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
The GST Council has relaxed filing rules for the first two months post implementation. Here's how to file your returns for these months using form GSTR 3B. To know more about GSTR 3B, visit our page https://cleartax.in/s/gstr-3b
1. The document discusses various tax planning strategies for individuals based on their residential status and income sources. It provides tips to minimize tax liability for income from salaries, house property, business/profession, capital gains, and other sources.
2. Key recommendations include choosing residential status to avoid being a resident in India, deducting interest on home loans, investing in tax-free bonds or dividends, and transferring property between family members to avoid income clubbing.
3. The document also discusses tax planning strategies like timing of asset sales, expense payments, and depreciation claims to reduce tax outflows.
The document discusses the potential impacts of implementing a goods and services tax (GST) in Malaysia to replace the existing sales tax system. It notes that GST could increase government revenue but may also lead to higher prices and negatively impact low-income households. Exemptions for essential goods may help reduce the burden on the poor. While GST has increased revenue in other countries, the rate would need to be low in Malaysia to avoid fueling inflation or reducing consumer spending. The impacts on prices, government revenue, and different income groups require careful consideration.
The document discusses India's taxation system and the proposed Goods and Services Tax (GST). It describes the key features of direct and indirect taxes such as income tax, sales tax, and VAT. It then explains the proposed GST system, which will combine multiple indirect taxes into a single tax applicable to both goods and services. The GST is proposed as a dual GST with both central and state-level components. The complex structure and need for coordination between levels of government poses administrative challenges but is aimed at improving compliance and growth.
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.
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the key features of GST, including that it will combine multiple taxes into a single tax on goods and services, provide full tax credits, and follow a multi-rate structure. The document also reviews the journey towards implementing GST in India and compares GST structures in other countries.
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.
C Form is a declaration form used under the Central Sales Tax Act for inter-state sale or purchase of goods at a concessional Central Sales Tax rate. The form contains details of the purchasing dealer, selling dealer, goods purchased, and a declaration that the goods are for resale, manufacturing, or other approved uses. The completed form must be submitted by the purchasing dealer to the selling dealer and assessing authority. If a C Form is lost, an indemnity bond can be submitted to obtain a duplicate form. Using a valid C Form allows the purchasing dealer to benefit from a reduced material cost.
The document provides information about standardized testing for students at Glenoaks Elementary. It discusses the STAR program, which includes the California Standards Tests (CST), California Modified Assessment (CMA), and California Alternate Performance Assessment (CAPA). It notes that the CST is taken by students in grades 2 through 11 to measure performance against state standards. Sample test questions are provided for grades 4 and 5 in English language arts and science. Testing dates at Glenoaks for spring 2013 are listed, along with estimated section times.
Central Sales Tax (CST) is a tax levied by the Central Government of India on the inter-state sale of goods. It applies only to sales that involve the movement of goods between states and not on intra-state sales. Under the CST Act, any dealer involved in inter-state trade must register and pay tax. The Act provides a framework for determining whether a sale constitutes inter-state trade and for the levy, collection, and distribution of CST.
This document provides an overview of the proposed Goods and Services Tax (GST) system in India. It discusses the limitations of the current indirect tax system, including cascading taxes and lack of centralized administration. The proposed GST system would create a unified tax structure with three components - CGST, SGST, and IGST. This would simplify compliance, reduce costs, and promote a unified national market. The bill has passed the Lok Sabha and is currently tabled in the Rajya Sabha. Implementation of GST is expected to boost investment, employment, and economic growth in India by simplifying taxes and widening the tax base.
The document discusses India's proposed Goods and Services Tax (GST). It provides background on issues with India's current indirect tax system, describes key features of GST including a dual GST model with Central and State components. It also addresses taxation of inter-state transactions, compensation for states, exempted items, and answers frequently asked questions about GST.
This document discusses various indirect taxes in India including central sales tax, value added tax, central excise duty, and customs duty. It defines key terms related to these taxes such as incidence and impact of direct vs indirect taxes. It also covers the classification of taxes, authorities that levy different taxes, taxable events, and calculation of taxes. The key highlights are that indirect taxes are imposed on goods and services while direct taxes are imposed on individuals, and indirect tax burden can be shifted to consumers.
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.
The document discusses the Goods and Service Tax (GST) that was implemented in India in 2017. It provides background on GST, describing it as an indirect tax reform that consolidated multiple taxes into a single tax applied to goods and services. The objectives, methodology, key features, and impacts of GST on the Indian economy are examined, along with the advantages it provides in reducing complexity and disadvantages around implementation challenges. In conclusion, the researcher supports GST as an important milestone for taxation in India that will help create a common market, though challenges remain in fully adapting the new system.
Goods and service act - A Basic OverviewJoy Waghela
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with taxation applied by both the central and state governments. Inter-state transactions will be taxed by the central government through an Integrated GST. The GST is expected to simplify and harmonize indirect taxation in India and foster economic growth. Thresholds and composition schemes are proposed to reduce the tax burden on small businesses.
Goods and service act - A Basic OverviewJoy Waghela
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with both the central and state governments authorized to collect taxes at different stages of production and distribution. The goals of GST include simplifying taxation, reducing costs for businesses, expanding the tax base, and promoting a common market across India. Key aspects covered include GST rates in other countries, exceptions, registration requirements, and the treatment of imports and exports.
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with both the central and state governments authorized to collect taxes at different stages of production and distribution. The goals of GST include simplifying taxation, reducing costs for businesses, expanding the tax base, and promoting a common market across India. Key aspects covered include tax rates in other countries, exceptions, registration requirements, and the treatment of imports and exports.
The document discusses India's taxation system and proposed reforms. It provides background on taxes in India, explaining that taxation powers are divided between the central and state governments. It then summarizes the Direct Tax Code proposed to replace the Income Tax Act, including its aims to lower rates while broadening the tax base and reducing exemptions. The document also summarizes the proposed Goods and Services Tax (GST), which would combine multiple taxes into a single value-added tax to reduce the overall tax burden. It outlines some of the challenges in implementing GST, such as the need to upgrade IT systems and the opposition of some states.
Goods and Services Tax (GST) is an important indirect tax reform in India that will replace multiple taxes imposed by central and state governments. It will be a dual GST with taxation powers shared between the central and state governments. While the central government can tax services and goods up to production, states can tax sale of goods. Constitutional amendments are needed to properly implement GST. GST will be a comprehensive tax on supply of goods and services that aims to eliminate cascading taxes and provide seamless input tax credits. It has faced delays in implementation due to lack of consensus among states on certain issues.
Goods and service tax - GST- A detailed explanation with examplesShakir Shaikh
The document provides an overview of the Goods and Services Tax (GST) that was introduced in India in 2017. It explains that GST is a comprehensive indirect tax on the supply of goods and services that aims to replace multiple taxes levied by the central and state governments. The key aspects covered include the constitutional amendment needed to implement GST, the various tax components under GST, input tax credit provisions, tax rates, and exemptions. Examples are also provided to illustrate how tax calculations work under the GST framework for domestic and international transactions.
The document discusses Goods and Services Tax (GST) in India. It provides details on:
1) GST is a comprehensive tax on the manufacture, sale, and consumption of goods and services applied nationally. It is levied as a value-added tax at each stage, with the final consumer bearing the burden.
2) GST has two components - Central GST and State GST. It would subsume several other taxes currently levied on goods and services.
3) Introducing GST is imperative to replace existing complex multiple tax structures and integrate the Indian market through uniform tax rates across states. It is expected to boost tax collection and economic development in India.
The document discusses the proposed Goods and Services Tax (GST) bill introduced in India. It was introduced by Arun Jaitley and passed in the Lok Sabha in May 2015. GST would replace existing indirect taxes and aim to create a uniform market across India. It is proposed to be implemented in 2016 and would impact taxation, compliance, and business operations significantly. The bill aims to transform India into a unified market by reducing fiscal barriers between states.
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 .
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the constitution of the GST Council, the journey to implementing GST, the need for a constitutional amendment, benefits of GST, the proposed dual GST model, key features of GST including chargeability, taxable events, persons, rates, and registration. It also outlines taxes that would be subsumed under GST and those that would be out of the GST regime. The latest updates on GST and emerging implementation issues are also summarized.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST as a comprehensive tax on the manufacture, sale, and consumption of goods and services at the national level. It discusses the need for GST to replace existing multiple tax structures and simplify taxation. The document outlines the key features of GST, including that it will have dual components of Central GST and State GST, and covers topics such as taxable events, persons, rates, and subsuming of existing taxes. It provides the latest updates regarding proposals for an optional GST and other recommendations from a parliamentary panel.
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.
The document discusses Goods and Services Tax (GST) and its impact on state government revenues. It explains that GST is a unified indirect tax that will replace multiple taxes currently levied by central and state governments. While some producing states may lose revenue initially due to changes in tax collection points, states will gain powers to tax services and benefit from increased overall tax collection and compliance. The central government will also compensate states for any revenue losses from GST implementation for a period of five years.
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.
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.
The document provides an overview of the Goods and Services Tax (GST) system that is proposed to be implemented in India. It discusses what GST is, the need for GST to replace existing tax structures, the justification for GST at central and state levels, the proposed dual GST model, key features of GST including coverage, tax rates, registration requirements, invoices, and periodic tax payments. It also addresses taxes that may be subsumed under GST, treatment of exports and imports, inter-state transactions, and emerging issues related to implementation.
Dear Friends,
As we all know that GST has been introduced w.e.f 01/07/2017 and this could be a landmark move. For reference of all, I have attached a brief introduction for your reference.
This document provides an overview of the Goods and Services Tax (GST) system proposed to be implemented in India. It defines GST as a comprehensive indirect tax on the manufacture, sale and consumption of goods and services that will replace existing central and state level taxes. The document discusses the need for GST, its justification by replacing existing complex tax structures. It describes the key features of GST including the dual GST model, taxable events, persons, rates, treatment of imports and exports, and advantages of the proposed system.
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GST
1. GOODS AND SERVICE TAX
GST (Goods and Service Tax) was tabled by the Indian Finance minister in Lok Sabha. A lot
has been talked about its implementation and the implications it would have on the Indian
taxation structure. Let’s have a look on what shape it may take.
INTRODUCTION
GST is a tax on goods and services with comprehensive and continuous chain of set-off
benefits from the producer's point and service provider's point upto the retailer's level. It is
essentially a tax only on value addition at each stage, and a supplier at each stage is
permitted to set-off, through a tax credit mechanism, the GST paid on the purchase of
goods and services as available for set-off on the GST to be paid on the supply of goods and
services. The final consumer will thus bear only the GST charged by the last dealer in the
supply chain, with set-off benefits at all the previous stages.
GST is structured to simplify the current indirect tax systems in India. It integrates the Union
Excise Duty, Custom Duty, VAT/CST and Service Tax to a single point levy i.e. GST. To make
this taxation system at par with the internationally adopted best practices, GST has been
proposed by the Finance Minister then in 2006, now proposed to be in place by April 2016.
HISTORY
Adopted initially by Union of Canada and Brazil followed by many nations, GST is a
composite tax to be charged on the supply of goods & services to be divided by State and
Centre among themselves. Almost 140 countries have already implemented the GST.
In India, the Vajpayee Government started discussion on GST in 2000 by setting up an
empowered committee. The committee was headed by Asim Dasgupta (Finance Minister,
Government of West Bengal). It was given the task of designing the GST model and
overseeing the IT back-end preparedness for its rollout.
An announcement was later made by Palaniappan Chidambaram, the Union Finance
Minister, during the central budget of 2007–2008 that it would be introduced from April 1,
2. 2010 and that the Empowered Committee of State Finance Ministers, on his request, would
work with the Central Government to prepare a road map for introduction of GST in India.
However, it was officially deferred until April 2013 and then unofficially shelved in
perpetuity.
JUSTIFICATION OF GST
With the introduction of GST, the additional burden of VAT and services tax would be
comprehensively removed, and a continuous chain of set-off from the original producer's
point and service provider's point upto the retailer's level would be established which would
eliminate the burden of all cascading effects, including the burden of VAT and service tax.
This is the essence of GST. Also, major Central and State taxes will get subsumed into GST
which will reduce the multiplicity of taxes, and thus bring down the compliance cost. With
GST, the burden of CST will also be phased out.
The illustration shown below indicates, in terms of a hypothetical example with a
manufacturer, one wholesaler and one retailer, how GST will work.
Let us suppose that GST rate is 10%, with the manufacturer making value addition of Rs.30
on his purchases worth Rs.100 of input of goods and services used in the manufacturing
process. The manufacturer will then pay net GST of Rs. 3 after setting-off Rs. 10 as GST paid
on his inputs (i.e. Input Tax Credit) from gross GST of Rs. 13. The manufacturer sells the
goods to the wholesaler. When the wholesaler sells the same goods after making value
addition of (say), Rs. 20, he pays net GST of only Rs. 2, after setting-off of Input Tax Credit of
Rs. 13 from the gross GST of Rs. 15 to the manufacturer. Similarly, when a retailer sells the
same goods after a value addition of (say) Rs. 10, he pays net GST of only Re.1, after setting-
off Rs.15 from his gross GST of Rs. 16 paid to wholesaler. Thus, the manufacturer,
wholesaler and retailer have to pay only Rs. 6 (= Rs. 3+Rs. 2+Re. 1) as GST on the value
addition along the entire value chain from the producer to the retailer, after setting-off GST
paid at the earlier stages. The overall burden of GST on the goods is thus much less. This is
shown in the table below. The same illustration will hold in the case of final service provider
as well.
3. Stage of
Supply Chain
Purchase
Value
Of Input
Value
Addition
Value at
Which Supply
Goods and
Services
Made to
Next Stage
Rate
of
GST
GST
on
Output
Input
Tax
Credit
Net GST=GST
on output-
Input Tax
Credit
Manufacturer 100 30 130 10% 13 10 13–10 = 3
Whole Seller 130 20 150 10% 15 13 15–13 = 2
Retailer 150 10 160 10% 16 15 16–15 = 1
BENEFITS TO INDUSTRY, TRADE AND AGRICULTURE
The GST will give more relief to industry, trade and agriculture through a more
comprehensive and wider coverage of input tax set-off and service tax set-off, subsuming of
several Central and State taxes in the GST and phasing out of CST. The transparent and
complete chain of set-offs which will result in widening of tax base and better tax
compliance may also lead to lowering of tax burden on an average dealer in industry, trade
and agriculture.
BENEFIT TO THE EXPORTERS
The subsuming of major Central and State taxes in GST would reduce the cost of locally
manufactured goods and services. This will increase the competitiveness of Indian goods
and services in the international market and give boost to Indian exports. The uniformity in
tax rates and procedures across the country will also go a long way in reducing the
compliance cost.
BENEFIT TO COMMON CONSUMERS
With the introduction of GST, certain major Central and State taxes will be phased out.
Other things remaining the same, the burden of tax on goods would, in general, fall under
GST and that would benefit the consumers.
4. GST ELSEWHERE
While countries such as Singapore and New Zealand tax virtually everything at a single rate,
Indonesia has five positive rates, a zero rate and over 30 categories of exemptions. In China,
GST applies only to goods and the provision of repairs, replacement and processing services.
It is only recoverable on goods used in the production process, and GST on fixed assets is
not recoverable.
Country Rate of GST
Australia 10%
France 19.6%
Canada 5%
Germany 19%
Japan 5%
Singapore 7%
Sweden 25%
India -
New Zealand 15%
Pakistan 18%
Malaysia 6%
5. SALIENT FEATURES OF THE PROPOSED GST MODEL
Consistent with the federal structure of the country, the GST will have two
components: one levied by the Centre (hereinafter referred to as Central GST), and
the other levied by the States (hereinafter referred to as State GST). This dual GST
model would be implemented through multiple statutes (one for CGST and SGST
statute for every State). However, the basic features of law such as chargeability,
definition of taxable event and taxable person, measure of levy including valuation
provisions, basis of classification etc. would be uniform across these statutes as far
as practicable.
The Central GST and the State GST would be applicable to all transactions of goods
and services except the exempted goods and services, goods which are outside the
purview of GST and the transactions which are below the prescribed threshold limits.
The Central GST and State GST are to be paid to the accounts of the Centre and the
States separately.
Since the Central GST and State GST are to be treated separately, in general, taxes
paid against the Central GST shall be allowed to be taken as input tax credit (ITC) for
the Central GST and could be utilized only against the payment of Central GST. The
same principle will be applicable for the State GST.
Cross utilisation of ITC between the Central GST and the State GST would, in general,
not be allowed.
To the extent feasible, uniform procedure for collection of both Central GST and
State GST would be prescribed in the respective legislation for Central GST and State
GST.
The administration of the Central GST would be with the Centre and for State GST
with the States.
The taxpayer would need to submit periodical returns to both the Central GST
authority 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. This would bring the GST PAN-linked system in line with the
prevailing PAN-based system for Income tax facilitating data exchange and taxpayer
6. compliance. The exact design would be worked out in consultation with the Income-
Tax Department.
Keeping in mind the need of tax payers convenience, functions such as assessment,
enforcement, scrutiny and audit would be undertaken by the authority which is
collecting the tax, with information sharing between the Centre and the States.
For Interstate Transactions IGST (CGST+SGST) would be charged which would be
apportioned to the Union and States. 1% of the origin based tax to offset CST loss
would be collected by the Union and retained by the States in the case of Interstate
sales. The credit of this 1% will not be available.
GST should subsume all major indirect taxes levied by the Central Government i.e.
central excise, customs and service tax and majority of the taxes levied by the State
Government i.e. VAT, luxury tax, entertainment tax, etc.
Petroleum Products, Alcohol and Entry Tax may be kept out of the ambit of GST
which may further compound cascading of taxes.
GST APPLICABILITY
GST will be applicable on every specified transaction. We can bi-furcate the transactions
basis from where it is supplied and where it is consumed.
1. SUPPLY WITHIN STATE
In case the supply of goods or services is done locally – the place of consumption rules
provide that local GST needs to be applied for the transaction, then the supplier would
charge dual GST i.e. SGST and CGST at specified rates on the supply. For example:
Basic value charged for supply of goods or services 10,000
Add: CGST @ 10%* 1,000
Add: SGST @ 10%* 1,000
Total price charged for local supply of goods or services 12,000
In the above illustration, the rate of CGST and SGST is assumed to be 10% each.
7. The CGST & SGST charged on the customer for supply of goods or services would be
remitted by the seller into the appropriate account of the State/ Central Government.
2. SUPPLY FROM ONE STATE TO ANOTHER
In case the supply of goods or services is done in a difference state – the place of
consumption rules provide that interstate GST (or integrated GST) needs to be applied for
the transaction, then the supplier would charge IGST at specified rates on the supply. For
example:
Basic value charged for supply of goods or services 10,000
Add: IGST @ 20%* 2,000
Total price charged for interstate supply of goods or services 12,000
In the above example, the rate of IGST is assumed to be 20%
The IGST charged on the customer for supply of goods or services would be remitted by the
seller into the appropriate account of the Central Government. The CG would share the
same with the State of destination and itself.
3. EXPORTS
In case the supply of goods or services are exported out of India – the place of consumption
rules regard the transaction as ‘exported’, then the transaction would be zero rate. In other
words, the supplier would be allowed to export the goods or services without charging any
tax. For example:
Basic value charged for supply of goods or services 10,000
Add: GST Nil
Total price charged for export of goods or services 10,000
RATE STRUCTURE
8. It is expected that GST would be levied on the transaction value i.e. actual price paid or
payable for supply of goods and services. The discussion paper and the Constitution
Amendment bill 2014 indicate that the empowered committee has decided to adopt the
following rate structure for taxing goods and services:
Exempted goods: The short list under the State VAT law-0%
Special rate: Precious metals- could be 1 %
Concessional rate: Necessities and goods of basic importance [the concept of
declared goods would no longer be relevant] -could be 10%
Standard rate: For all other goods- could be 20% [Maybe more is the indication]
States may be able to fix the SGCT based on a band say 9-11%. [1-2 %]
The recommended uniform State GST threshold of INR 25 Lakhs for both goods and services
and composition scheme for those between Rs. 25 Lakhs to 75 Lakhs is being discussed.
A 1% tax would accrue to the originating States for a period of 2 years unless extended by
the GST council.
GST Council may change any of the above mentioned rates as further discussions and
meetings of union ministers and empowered committee are held.
CREDIT SCHEME
GST would be levied on supply of goods and services and the supplier would be allowed
credit for the GST paid on purchases. The credit would be seamless except that the credit of
CGST paid would not be allowed for set-off against SGST payable and vice versa.
The objective of seamless credit would be met except for those below the threshold limit,
those under special composition schemes and the products which are exempted. Presently
in the central as well as the state tax laws a number of restrictions exist on eligibility of
goods and services used for business. It is hoped that these anomalies would be taken care
off in the draft law which is expected to be in place by June 2015.
Introduction of the Constitution Amendment Bill in the Lok Sabha in December 2014, has
rekindled some hope. Though the government continues to stay non-committal on the date
of introduction of GST, it is encouraging a go live in April, 2016.
9. CONCLUSION
The GST framework could easily be one of the most important tax reforms to be tabled for
discussion in the parliament. It does bring with it some problems, like division of taxation
powers between the central government and states. Not surprisingly, the Finance ministry
has already missed three of its deadlines to come out with an acceptable framework. In fact,
most of the proposals aren't even in the beta stage yet. But, most administrators and more
importantly, producers believe it would make the tax procedures more fair, transparent and
efficient.
SOURCE
Internet:
http://www.empcom.gov.in/
http://en.wikipedia.org/
http://www.quora.com/
http://www.taraspan.com/
http://economictimes.indiatimes.com/
Others:
CA Connect India
GST Draft (White Papers Published by EC)
First Discussion Paper on GST