The document summarizes a student forum discussion on Goods and Services Tax (GST) in India. Several students presented on topics related to GST, including the history of India's tax system, an introduction and implementation of GST, types of GST and comparison to VAT, advantages and limitations of GST, and the impact of GST. The discussion covered key aspects of GST such as the replacement of existing taxes, tax rates and slabs, registration process, and effects on various sectors of society, health, and industry.
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 In India An Overview and Impact.
Types of Taxes Covered in CGST, SGST, IGST
Benefits for Government and Customer
GDP growth rate
Many more to find in PPT
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
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 up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
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 In India An Overview and Impact.
Types of Taxes Covered in CGST, SGST, IGST
Benefits for Government and Customer
GDP growth rate
Many more to find in PPT
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
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 up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
Everything you want to known about GST is here and you can use it for increase your knowledge as well as make your own project with the material provided here.
Embark on an insightful journey into the world of Goods and Services Tax (GST) with a special focus on the tech giant, Google. This presentation aims to demystify the complexities of GST, shedding light on its principles, implications, and the transformative impact it has on businesses worldwide.
The journey begins with an overview of GST, unraveling its fundamental concepts and its role in streamlining the taxation system. We explore how GST simplifies the tax structure, promotes transparency, and eliminates cascading effects, providing a comprehensive understanding of its benefits for businesses and consumers alike.
Zooming in on Google, we analyze how this global tech powerhouse navigates the intricacies of GST. From compliance to strategic financial planning, we delve into Google's approach to GST, offering real-world insights into how one of the most influential companies in the digital landscape manages its tax responsibilities.
Visual aids and infographics will illustrate the key components of GST, making the information accessible and engaging. Case studies and examples related to Google's experiences with GST will provide a practical dimension to the theoretical framework, offering a unique perspective on the challenges and opportunities presented by GST in the digital realm.
3rd August 2016 became a historic day for economic reforms when Rajya Sabha passed the constitutional amendment bill to GST and paved the way for major taxation reforms. Almost all the political parties have broadly agreed.
GST Law & Analysis with Conceptual Procedures with Free DVD (October 2016)ARE YOU Ready For GST
This edition of GST book extensively covers in-depth analyses of Model CGST/SGST and IGST Act, 2016 and the Draft Business Processes released by the Government of India. This edition comprehensively discusses all the key GST provisions along with impact, preparations required for GST and challenges ahead, providing an insight to the readers for assisting in smooth transition to GST.
This edition of GST book extensively covers in-depth analyses of Model CGST/SGST and IGST Act, 2016 and the Draft Business Processes released by the Government of India. This edition comprehensively discusses all the key GST provisions along with impact, preparations required for GST and challenges ahead, providing an insight to the readers for assisting in smooth transition to GST.
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
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
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𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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Putting the SPARK into Virtual Training.pptxCynthia Clay
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
2. • HISTORY OF TAX SYSTEM IN
INDIA
AZHARUDHEEN
• GST MEANING AND
IMPLEMENTATION
SHANID M
• TYPES OF GST AND
COMPARISON WITH VAT
SHIBILA KRISHNA
• GST ADVANTAGE &
LIMITATION
BIBIN JOSE
• GST IMPACTMRUDHULA SAJEEVAN
TOPICS
4. TAXATION IN INDIA- MEDIEVAL AND
BRITISH ERA With the advent of Muslim rule in India the country
witnessed a sea of change in the taxation system of India.
Although, they also practiced the same norm of taxation,
but it was more homogeneous in structure and collection.
The period of British rule in India witnessed some remarkable
change in the whole taxation system of India.
Although it was highly in favour of the British government.
5. TAXATION IN INDIA- MEDIEVAL AND
BRITISH ERA
It incorporated modern and scientific methods of taxation
tools and systems.
First war of independence in 1857 was a major financial
burden to the British government.
Thus they in acted Income Tax Act 1886.
6. TAXATION IN INDIA-POST 1922
BRITISH ERA
Administrative and taxation system was 1st done in history of
taxation system in India.
Rapid growth and modernization of taxation system in India.
7. TAX STRUCTURE IN INDIA
DIRECT TAX INDIRECT TAX
INCOME
TAX
CORPORATE
TAX
WEALTH
TAX
EXCISE
DUTY
CUSTOMS
DUTY
SERVICE
TAX
OCTRAI
TAX
VAT
8. INDIRECT TAXES
CENTRAL TAXES
Central Excise duty (CENVAT)
Additional duties of excise
Excise duty levied under Medicinal
& Toiletries Preparation Act
Additional duties of customs (CVD
& SAD)
Service Tax
Surcharges & Cess
STATE TAXES
State VAT / Sales Tax
Central Sales Tax
Purchase Tax
Entertainment Tax (not levied
by the local bodies)
Luxury Tax
Entry Tax ( All forms)
Taxes on lottery, betting &
gambling
Surcharges & Cess
9. ROAD TO GST
2006, announcement of the intent to introduce GST by
01.04.2010
November 2009 – First Discussion Paper (FDP) released by
EC on which Comments were provided by Government of
India.
June 2010- Three sub-working Groups constituted by
Government of India on:
Business Process related issues.
Drafting of Central GST and model State GST legislations.
Basic design of IT systems required for GST in general and
IGST in particular.
11. WHAT IS GST?
GOODS AND SERVICE TAX (GST) IS AN INDIRECT TAX WHICH
WAS INTRODUCED IN INDIA ON 1 JULY 2017 AND WAS
APPLICABLE THROUGHOUT INDIA WHICH REPLACED MULTIPLE
CASCADING TAXES LEVIED BY THE CENTRAL AND STATE GOVT.
IT IS COLLECTED ON VALUE ADDED AT EACH STAGE OF SALE.
SEAMLESS INPUT TAX CREDIT THROUGHOUT THE SUPPLY
CHAIN.
12. HSN CODE (HARMONIZED SYSTEM
NOMENCLATURE)
HSN IS A MULTIPURPOSE INTERNATIONAL PRODUCT
NOMENCLATURE DEVELOPED BY THE WORLD CUSTOMS
ORGASZIATION(WCO)
15. TAXES TO BE REPLACED UNDER GST
• Central Excise
Duty
• Additional Excise
Duty
• Service Tax
• Additional
Customs Duty
• Special Additional
Duty of Customs
CENTRAL
TAXES
• Entertainment
Tax
• Entry tax
• Purchase Tax
• Luxury tax
• Taxes on
lottery, betting
• CST
STATE
TAXES
GST
19. WAY OF FORWARD
Passage of CGST, SGST, IGST by Parliament and passing of
SGST laws by State Legislatures
GST Council to fit tax rates to various categories of Goods and
Services
Rules relating to registration, returns, valuation, Input Credit
etc. to be finalized
Migration of existing tax payers
Change Management
21. The following material is available
on
www.
cbec.gov.in
Presentation on GST
•GST – Concept & Status
•FAQs on GST in English and ten regional languages
•Model GST Law
•Draft Rules & Formats
•Constitutional Amendment Act
24. CGST (CENTRAL GOODS &
SERVICE TAX) IT IS A TYPE OF GST
CGST FALLS UNDER CENTRAL GOODS & SERVICE TAX ACT 2016
IT INCLUDES EXCISE DUTY, SERVICE TAX, CST
CGST CHARGED ON THE MOVEMENT OF GOODS AND SERVICE
WHICH CAN BE AMENDED TIME BY A SEPARATE BODY
CGST TAX LEVIED BY CENTRAL GOVT
25. SGST (STATE GOODS & SERVICE
TAX IT IS AN ANOTHER TYPE OF GST
SGST FALLS UNDER STATE GOODS AND SERVICE ACT 2016
IT INCLUDES STATE SALES TAX, VAT, LUXURY TAX,
ENTERTAINMENT TAX ETC..
SGST LEVIED BY STATE GOVT
26. IGST (INTEGRATED GOODS &
SERVICE TAX) IT IS AN ANOTHER TYPE OF GST
IGST FALLS UNDER INTEGRATED GOODS & SERVICE TAX ACT
2016
IGST CHARGED ON WHEN INTERSTATE TRANSACTION OF
GOODS & SERVICE
27. COMPARISON BETWEEN GST & VAT
HEADS VAT GST
TURN OVER LIMIT STATE SPECIFIED LIMIT 40 20 LAKH
REGISTRATION TIN BASED PAN BASED REGISTRATION
DECLARATION FORM C & H FORM NO DECLARATION
RATE OF TAX 5.5% AND 14.5% 5%, 12%, 18%, 28%
FILLING OF RETURNS MONTHLY OR QUARTERLY 20TH OF EACH MONTH
MODE OF PAYMENT NO SPECIFIC MODE Exceeds 10,000 E-PAYMENT
LESS THAN IS OPTIONAL
RATING OF BUSINESS NO RATING TIMLY FILLING OF RETURNS
AND PAYMENT
30. ADVANTAGES
Can get more tax
amount.
Prevent fraudulent
activities in taxation.
Increase economical
growth.
Improve the relation
with foreign countries.
More complicated for
implementation.
Increasing import.
GOVERNMENT
LIMITATIONS
32. CONSUMER
ADVANTAGES
Decreasing the price of
consumer products.
High quality product
More options of products
are available
LIMITATIONS
Direct tax payment
Lack of knowledge
36. HEALTH SECTOR
As many as 108 Maveli medial shops were closed down.
The GST in respect of Ayurvedic Medicine like Arishta, Oils,
has gone up from 7 %to 12%.
37. INDUSTRIAL SECTOR
No model bills have been provided even the structure of bill is not clear.
In the GST system small scale industries have 28% of Tax.
There has been steep increase in the price of the Real Estate Sector.
Tax is imposed on Junk Food.
Gold Tax has been reduced to 3% from 5%.
18% tax for phone bills.
If bill rate is more than 1000 then tax increase to 30%.