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STUDENTS DISCUSSION
FORUM
DATE: 23-08-2017 TIME: 11.00AM TO 1.00PM
5TH B.com
GOODS AND SERVICES
TAX
• 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
TAX
HISTORY OF
TAX SYSTEM IN
INDIA
AZHARUDHEEN
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.
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.
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.
TAX STRUCTURE IN INDIA
DIRECT TAX INDIRECT TAX
INCOME
TAX
CORPORATE
TAX
WEALTH
TAX
EXCISE
DUTY
CUSTOMS
DUTY
SERVICE
TAX
OCTRAI
TAX
VAT
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
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.
GST
INTRODUCTION TO GOODS AND SERVICE TAX,
MEANING AND
IMPLEMENTATION
SHANID M
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.
HSN CODE (HARMONIZED SYSTEM
NOMENCLATURE)
 HSN IS A MULTIPURPOSE INTERNATIONAL PRODUCT
NOMENCLATURE DEVELOPED BY THE WORLD CUSTOMS
ORGASZIATION(WCO)
AIM OF GST
SUBSUMED INTO GST
 CENTRAL LEVEL TAXES
 STATE LEVEL TAXES
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
SLABS / TAX % IN GST
INTRASTATE SALE
NAME QTY RATE S% AMT C% AMT TOTAL
SUGAR 4 100 2.5 2.5 2.5 2.5 105
TOTAL 105
INTERSTATE SALE
NAME QTY RATE IGST% AMT TOTAL
SUGAR 4 100 5 5 105
TOTAL 105
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
STATE CODE PAN
ENTIT
Y
CODE
BLANK
(KEPT
FOR
FUTUR
E USE)
CHECK
DIGIT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
STRUCTURE OF REGISTRATION
NUMBER (GSTIN)
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
GST
TYPES OF GST AND COMPARISON WITH VAT
SHIBILA KRISHNA
TYPES OF GST
CGST
SGST
IGST
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
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
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
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
GST
ADVANTAGE & LIMITATION
BIBIN JOSE
ADVANTAGES TO VARIOUS
SECTORS
 GOVERNMENT
 SOCIETY
 CONSUMER
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
SOCIETY
ADVANTAGES
Economical development
Improving life style
Employment opportunity
Availability of large variety
of product.
LIMITATIONS
Increasing capitalization
Lack of awareness
CONSUMER
ADVANTAGES
Decreasing the price of
consumer products.
High quality product
More options of products
are available
LIMITATIONS
Direct tax payment
Lack of knowledge
GST
IMPACT OF GST
MRUDHULA SAJEEVAN
AREAS OF IMPACT
SOCIAL HEALTH INDUSTRIAL
SOCIAL SECTOR
 Change in Price.
 Lack of Knowledge and Awareness.
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%.
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%.
EXCEPTIONAL CASES OF
GST
 Petroleum
 Tobacco
 Alcohol
5TH B.com
CMCAS nadavayal

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Gst

  • 1. STUDENTS DISCUSSION FORUM DATE: 23-08-2017 TIME: 11.00AM TO 1.00PM 5TH B.com GOODS AND SERVICES TAX
  • 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
  • 3. TAX HISTORY OF TAX SYSTEM IN INDIA AZHARUDHEEN
  • 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.
  • 10. GST INTRODUCTION TO GOODS AND SERVICE TAX, MEANING AND IMPLEMENTATION SHANID M
  • 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)
  • 14. SUBSUMED INTO GST  CENTRAL LEVEL TAXES  STATE LEVEL TAXES
  • 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
  • 16. SLABS / TAX % IN GST
  • 17. INTRASTATE SALE NAME QTY RATE S% AMT C% AMT TOTAL SUGAR 4 100 2.5 2.5 2.5 2.5 105 TOTAL 105
  • 18. INTERSTATE SALE NAME QTY RATE IGST% AMT TOTAL SUGAR 4 100 5 5 105 TOTAL 105
  • 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
  • 20. STATE CODE PAN ENTIT Y CODE BLANK (KEPT FOR FUTUR E USE) CHECK DIGIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 STRUCTURE OF REGISTRATION NUMBER (GSTIN)
  • 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
  • 22. GST TYPES OF GST AND COMPARISON WITH VAT SHIBILA KRISHNA
  • 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
  • 29. ADVANTAGES TO VARIOUS SECTORS  GOVERNMENT  SOCIETY  CONSUMER
  • 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
  • 31. SOCIETY ADVANTAGES Economical development Improving life style Employment opportunity Availability of large variety of product. LIMITATIONS Increasing capitalization Lack of awareness
  • 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
  • 34. AREAS OF IMPACT SOCIAL HEALTH INDUSTRIAL
  • 35. SOCIAL SECTOR  Change in Price.  Lack of Knowledge and Awareness.
  • 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%.
  • 38. EXCEPTIONAL CASES OF GST  Petroleum  Tobacco  Alcohol
  • 39.