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.
Concept note of Goods & Service Tax (GST) in IndiaANAND GAWADE
The document provides an overview of the proposed Goods and Services Tax (GST) in India. Some key points:
- GST aims to simplify and harmonize India's indirect tax system by subsuming multiple taxes into a single tax applied to the supply of goods and services.
- It will be a dual GST with the Center and States concurrently levying taxes on every supply. Credits from taxes paid at earlier stages can be used to offset taxes on later stages.
- GST is expected to reduce costs, increase tax compliance, and foster a common Indian market to boost economic growth.
- A GST Council will be created to make recommendations on tax rates and ensure cooperation between the
GST will apply to all supplies of goods and services except alcoholic liquor for human consumption. Import of goods or services will be treated as a supply under GST and IGST will be levied on imports along with basic customs duty, replacing CVD and special CVD. Certain petroleum products, tobacco, and alcoholic liquor for human consumption are currently outside the purview of GST but may be included in the future upon recommendation of the GST Council. The Central Goods and Services Tax Bill, Integrated Goods and Services Tax Bill, and other related bills were passed in April 2017, with GST implemented across India starting July 1, 2017.
As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the
public domain on 14th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable
way forward with optimism to see it implemented in full swing by April 2017.
GST is a destination based value added tax which will remove trade barriers and create one common Indian market. By providing
seamless credit of input tax across entire supply chain, it will remove the cascading effects of tax, thereby reducing the cost of
indigenous goods and services and making them more competitive in the international market.
The discussion paper outlines India's proposed Goods and Services Tax (GST) framework with a dual GST structure comprising of Central GST and State GST. It proposes subsuming various central and state levies within GST and a threshold for basic exemption. Inter-state supplies will be taxed under Integrated GST while ensuring seamless input tax credit across states. Compliance procedures around registrations, returns and refunds are also covered along with special provisions for imports, exports and inter-state movement of goods. Key aspects like tax rates and transitional mechanisms require further clarity.
GST: Freedom from multiple taxes - Dr Sanjiv AgarwalD Murali ☆
GST: Freedom from multiple taxes - Dr Sanjiv Agarwal - Article published in Business Advisor, dated August 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This document provides an overview of the Goods and Services Tax (GST) in India, including:
1. GST aims to simplify indirect taxation by amalgamating taxes into a single tax, reducing the tax burden on goods and making Indian products more competitive.
2. It originated in 2006 and the Constitution Amendment Bill was introduced in 2014 to allow concurrent taxation powers for the Centre and States under GST.
3. A GST Council will be formed for States and the Centre to jointly decide aspects of GST. The Bill is awaiting passage in the Rajya Sabha.
This document provides an overview of indirect taxes in India. It discusses key concepts like VAT and GST. Some main points:
1. It defines indirect taxes like excise duty, customs duty, sales tax, and service tax. It also explains the difference between direct and indirect taxes.
2. VAT is described as a multi-point tax system with tax credits that prevents cascading. GST is proposed to integrate more indirect taxes at central and state levels.
3. The document outlines the proposed GST model with CGST, SGST and IGST components and discusses features like dual administration and restricted cross-utilization of tax credits.
4. Key central and state taxes proposed to be
Concept note of Goods & Service Tax (GST) in IndiaANAND GAWADE
The document provides an overview of the proposed Goods and Services Tax (GST) in India. Some key points:
- GST aims to simplify and harmonize India's indirect tax system by subsuming multiple taxes into a single tax applied to the supply of goods and services.
- It will be a dual GST with the Center and States concurrently levying taxes on every supply. Credits from taxes paid at earlier stages can be used to offset taxes on later stages.
- GST is expected to reduce costs, increase tax compliance, and foster a common Indian market to boost economic growth.
- A GST Council will be created to make recommendations on tax rates and ensure cooperation between the
GST will apply to all supplies of goods and services except alcoholic liquor for human consumption. Import of goods or services will be treated as a supply under GST and IGST will be levied on imports along with basic customs duty, replacing CVD and special CVD. Certain petroleum products, tobacco, and alcoholic liquor for human consumption are currently outside the purview of GST but may be included in the future upon recommendation of the GST Council. The Central Goods and Services Tax Bill, Integrated Goods and Services Tax Bill, and other related bills were passed in April 2017, with GST implemented across India starting July 1, 2017.
As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the
public domain on 14th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable
way forward with optimism to see it implemented in full swing by April 2017.
GST is a destination based value added tax which will remove trade barriers and create one common Indian market. By providing
seamless credit of input tax across entire supply chain, it will remove the cascading effects of tax, thereby reducing the cost of
indigenous goods and services and making them more competitive in the international market.
The discussion paper outlines India's proposed Goods and Services Tax (GST) framework with a dual GST structure comprising of Central GST and State GST. It proposes subsuming various central and state levies within GST and a threshold for basic exemption. Inter-state supplies will be taxed under Integrated GST while ensuring seamless input tax credit across states. Compliance procedures around registrations, returns and refunds are also covered along with special provisions for imports, exports and inter-state movement of goods. Key aspects like tax rates and transitional mechanisms require further clarity.
GST: Freedom from multiple taxes - Dr Sanjiv AgarwalD Murali ☆
GST: Freedom from multiple taxes - Dr Sanjiv Agarwal - Article published in Business Advisor, dated August 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This document provides an overview of the Goods and Services Tax (GST) in India, including:
1. GST aims to simplify indirect taxation by amalgamating taxes into a single tax, reducing the tax burden on goods and making Indian products more competitive.
2. It originated in 2006 and the Constitution Amendment Bill was introduced in 2014 to allow concurrent taxation powers for the Centre and States under GST.
3. A GST Council will be formed for States and the Centre to jointly decide aspects of GST. The Bill is awaiting passage in the Rajya Sabha.
This document provides an overview of indirect taxes in India. It discusses key concepts like VAT and GST. Some main points:
1. It defines indirect taxes like excise duty, customs duty, sales tax, and service tax. It also explains the difference between direct and indirect taxes.
2. VAT is described as a multi-point tax system with tax credits that prevents cascading. GST is proposed to integrate more indirect taxes at central and state levels.
3. The document outlines the proposed GST model with CGST, SGST and IGST components and discusses features like dual administration and restricted cross-utilization of tax credits.
4. Key central and state taxes proposed to be
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.
The document discusses the introduction and key features of the Goods and Services Tax (GST) in India. It notes that GST will replace existing indirect taxes and help reduce costs for businesses through elimination of cascading taxes. Some key features highlighted are that GST will be applicable on supply of goods and services, will be a dual tax levied concurrently by the central and state governments, will provide input tax credits to avoid double taxation, and will have common exemptions and thresholds for small businesses. The document was contributed by CA Vinay Bhushan of Taxpert Professionals.
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.
This document provides an overview of Goods and Services Tax (GST) in India, including:
1) GST is a comprehensive indirect tax that will replace existing indirect taxes levied by the central and state governments. It is proposed to be implemented in India from April 2016.
2) GST is based on a value-added tax system and is levied on the supply of goods and services. It aims to create a unified national market by reducing the cascading effect of tax on the cost of goods and services.
3) The introduction of GST has been in discussion in India since 2000. A bill was introduced in parliament in 2014 and passed in 2016. GST will be implemented concurrently by
The IGST (Integrated Goods & Services Tax) Act, 2017 deals with interstate supplies, imports, and exports. IGST is levied and collected by the central government on interstate supplies of goods and services. It is a dual GST model where the central and state governments simultaneously levy GST. IGST paid can be used as credit against future IGST, CGST, and SGST payments. The key advantages of the IGST model include maintaining an uninterrupted input tax credit chain and ensuring tax neutrality while keeping the tax regime simple.
The Finance Minister outlined the implementation plan for Goods and Services Tax (GST) in India, targeting April 1, 2017. States must ratify the bill by a 50% majority. Legal frameworks and the GST Council must be established. The GST Network is developing front-end and back-end modules to be ready by December 2016 for testing until March 2017. Registration, payment, and return modules will be available. Training of 60,000 tax officers will occur in phases and challenges remain around the revenue base, compensation, exemptions, laws, limits, and dual control.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the history and need for GST, how GST works, its key features and effects on the Indian economy. It also outlines what items are taxed and exempted under GST and notes that multiple Indian states accepted GST between August 2016 to September 2016. The conclusion emphasizes that GST aims to create a unified market by replacing existing indirect taxes and collecting tax on final consumption within each jurisdiction.
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the genesis and need for GST, the key benefits, and the constitutional amendment process. It also covers the core concepts of GST including the dual GST model and relevant definitions such as goods, services, consideration, reverse charge, and taxable person. The overview contains several tables and charts to illustrate the topics in a clear and visual manner.
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.
The document discusses the key aspects of the Goods and Services Tax (GST) framework in India. It notes that GST will be a dual GST with both central and state governments levying tax concurrently on a common base. There will be four types of GST - CGST, SGST, IGST and UGST. The document outlines the GST rates, exclusions, input tax credit rules, valuation rules and place of supply rules. It also summarizes the impact of GST on various stakeholders like traders, manufacturers, service providers, consumers and the central and state governments. Overall, GST is expected to simplify and harmonize the indirect tax system in India.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST and explains that it is a comprehensive tax on the manufacture, sale, and consumption of goods and services. It also describes how GST will operate across states, the registration process, tax rates, items that may or may not be included, and benefits and challenges of implementing GST in India.
The Good and services tax (GST) is the biggest and substantial indirect tax reform since 1947. The main idea of GST is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. GST as it is known is all set to be a game changer for the Indian economy. India as world’s one of the biggest democratic country follow the federal tax system for levy and collection of various taxes.GST tax system plays a vital role in growth of India.GST cover 12 taxes (Like Vat, Sale tax, CST, KKC etc). GST is one of the most crucial tax reforms in India which has been long pending. It will be levied on manufacture sale and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically.
Goods and Services Tax is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
The document provides an overview of the Goods and Services Tax (GST) framework proposed for implementation in India. It discusses the need for GST to simplify the country's indirect tax structure. The framework would introduce CGST, SGST and IGST at the central, state and inter-state level respectively to replace existing taxes. It also covers key aspects like the tax base, rates, credit mechanism and the information technology infrastructure required for a smooth transition to the GST regime.
The document provides an overview of the Goods and Services Tax (GST) in India. It discusses the need for GST, key features of GST such as the dual GST model and tax rates, issues in implementation, and recent news items about GST. The introduction of GST aims to integrate state economies through a unified tax system, replace multiple taxes, and boost overall economic growth.
The document discusses key aspects of implementing the Goods and Services Tax (GST) in India, including:
1) GST will be rolled out on April 1, 2017 and will replace multiple existing indirect taxes, creating a unified market.
2) Robust IT systems and business process changes will be needed for companies and tax authorities to adapt to GST.
3) Challenges include determining revenue shares, rates, exemptions, thresholds, and dual GST administration.
4) GST will be administered through a GST Council and IT systems developed by the GST Network, introducing reforms like unified registration, returns, and payments.
The document discusses the impact of Goods and Services Tax (GST) on the Indian economy. GST will reshape India's indirect tax structure by subsuming many indirect taxes into a single tax. This will simplify tax administration and improve ease of doing business. GST is also expected to boost GDP growth and exports by reducing costs, increasing competitiveness, and eliminating tax cascading. Overall, GST will lead to a more unified and formalized Indian market that attracts more investment and trade.
Report on Impacts of GST and Infrastructure Preparedness of SCL.Srinikith Raparthi
This document provides a report on the impacts of GST and infrastructural preparedness for Shree Cement Ltd. It begins with an introduction and overview of the present tax structure compared to the proposed GST structure. Key points of comparison include the taxes subsumed under GST, place of taxation, tax base, and powers to levy taxes. The report then outlines the proposed registration process, return filing requirements, payment methods, and refund process under GST. It also provides a framework to calculate a tax neutral rate for Shree Cement and models for optimizing their distribution centers in light of GST. The report concludes with recommendations regarding required changes to IT systems.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
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.
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.
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.
The document discusses the introduction and key features of the Goods and Services Tax (GST) in India. It notes that GST will replace existing indirect taxes and help reduce costs for businesses through elimination of cascading taxes. Some key features highlighted are that GST will be applicable on supply of goods and services, will be a dual tax levied concurrently by the central and state governments, will provide input tax credits to avoid double taxation, and will have common exemptions and thresholds for small businesses. The document was contributed by CA Vinay Bhushan of Taxpert Professionals.
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.
This document provides an overview of Goods and Services Tax (GST) in India, including:
1) GST is a comprehensive indirect tax that will replace existing indirect taxes levied by the central and state governments. It is proposed to be implemented in India from April 2016.
2) GST is based on a value-added tax system and is levied on the supply of goods and services. It aims to create a unified national market by reducing the cascading effect of tax on the cost of goods and services.
3) The introduction of GST has been in discussion in India since 2000. A bill was introduced in parliament in 2014 and passed in 2016. GST will be implemented concurrently by
The IGST (Integrated Goods & Services Tax) Act, 2017 deals with interstate supplies, imports, and exports. IGST is levied and collected by the central government on interstate supplies of goods and services. It is a dual GST model where the central and state governments simultaneously levy GST. IGST paid can be used as credit against future IGST, CGST, and SGST payments. The key advantages of the IGST model include maintaining an uninterrupted input tax credit chain and ensuring tax neutrality while keeping the tax regime simple.
The Finance Minister outlined the implementation plan for Goods and Services Tax (GST) in India, targeting April 1, 2017. States must ratify the bill by a 50% majority. Legal frameworks and the GST Council must be established. The GST Network is developing front-end and back-end modules to be ready by December 2016 for testing until March 2017. Registration, payment, and return modules will be available. Training of 60,000 tax officers will occur in phases and challenges remain around the revenue base, compensation, exemptions, laws, limits, and dual control.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the history and need for GST, how GST works, its key features and effects on the Indian economy. It also outlines what items are taxed and exempted under GST and notes that multiple Indian states accepted GST between August 2016 to September 2016. The conclusion emphasizes that GST aims to create a unified market by replacing existing indirect taxes and collecting tax on final consumption within each jurisdiction.
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the genesis and need for GST, the key benefits, and the constitutional amendment process. It also covers the core concepts of GST including the dual GST model and relevant definitions such as goods, services, consideration, reverse charge, and taxable person. The overview contains several tables and charts to illustrate the topics in a clear and visual manner.
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.
The document discusses the key aspects of the Goods and Services Tax (GST) framework in India. It notes that GST will be a dual GST with both central and state governments levying tax concurrently on a common base. There will be four types of GST - CGST, SGST, IGST and UGST. The document outlines the GST rates, exclusions, input tax credit rules, valuation rules and place of supply rules. It also summarizes the impact of GST on various stakeholders like traders, manufacturers, service providers, consumers and the central and state governments. Overall, GST is expected to simplify and harmonize the indirect tax system in India.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST and explains that it is a comprehensive tax on the manufacture, sale, and consumption of goods and services. It also describes how GST will operate across states, the registration process, tax rates, items that may or may not be included, and benefits and challenges of implementing GST in India.
The Good and services tax (GST) is the biggest and substantial indirect tax reform since 1947. The main idea of GST is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. GST as it is known is all set to be a game changer for the Indian economy. India as world’s one of the biggest democratic country follow the federal tax system for levy and collection of various taxes.GST tax system plays a vital role in growth of India.GST cover 12 taxes (Like Vat, Sale tax, CST, KKC etc). GST is one of the most crucial tax reforms in India which has been long pending. It will be levied on manufacture sale and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically.
Goods and Services Tax is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
The document provides an overview of the Goods and Services Tax (GST) framework proposed for implementation in India. It discusses the need for GST to simplify the country's indirect tax structure. The framework would introduce CGST, SGST and IGST at the central, state and inter-state level respectively to replace existing taxes. It also covers key aspects like the tax base, rates, credit mechanism and the information technology infrastructure required for a smooth transition to the GST regime.
The document provides an overview of the Goods and Services Tax (GST) in India. It discusses the need for GST, key features of GST such as the dual GST model and tax rates, issues in implementation, and recent news items about GST. The introduction of GST aims to integrate state economies through a unified tax system, replace multiple taxes, and boost overall economic growth.
The document discusses key aspects of implementing the Goods and Services Tax (GST) in India, including:
1) GST will be rolled out on April 1, 2017 and will replace multiple existing indirect taxes, creating a unified market.
2) Robust IT systems and business process changes will be needed for companies and tax authorities to adapt to GST.
3) Challenges include determining revenue shares, rates, exemptions, thresholds, and dual GST administration.
4) GST will be administered through a GST Council and IT systems developed by the GST Network, introducing reforms like unified registration, returns, and payments.
The document discusses the impact of Goods and Services Tax (GST) on the Indian economy. GST will reshape India's indirect tax structure by subsuming many indirect taxes into a single tax. This will simplify tax administration and improve ease of doing business. GST is also expected to boost GDP growth and exports by reducing costs, increasing competitiveness, and eliminating tax cascading. Overall, GST will lead to a more unified and formalized Indian market that attracts more investment and trade.
Report on Impacts of GST and Infrastructure Preparedness of SCL.Srinikith Raparthi
This document provides a report on the impacts of GST and infrastructural preparedness for Shree Cement Ltd. It begins with an introduction and overview of the present tax structure compared to the proposed GST structure. Key points of comparison include the taxes subsumed under GST, place of taxation, tax base, and powers to levy taxes. The report then outlines the proposed registration process, return filing requirements, payment methods, and refund process under GST. It also provides a framework to calculate a tax neutral rate for Shree Cement and models for optimizing their distribution centers in light of GST. The report concludes with recommendations regarding required changes to IT systems.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
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.
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.
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.
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 .
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 Goods and Services Tax (GST) in India. It defines GST and explains its key components. It discusses the need for GST to replace existing indirect tax structures. It outlines the justification for GST at central and state levels. It describes the proposed dual GST model and some salient features of GST including chargeability, taxable events, persons, rates, and registration. It also discusses subsuming of existing taxes, exemptions, treatment of exports and imports, and inter-state transactions under GST.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. GST is proposed as a dual GST model where both the central and state government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the Central and State governments. GST is proposed as a dual GST model where both the Central and State government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. GST is proposed as a dual GST model where both the central and state government concurrently levy GST on a common tax base. GST will be levied at every stage of supply of goods and services based on the input tax credit method. This will ensure a seamless transfer of input tax credit between the central GST and state GST.
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.
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.
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.
The document discusses India's proposed Goods and Services Tax (GST) bill. It provides an overview of the existing indirect tax structure, the need for GST reform to address issues like tax cascading and complexity, and key aspects of the proposed GST model such as a dual GST system administered by both central and state authorities. The GST is expected to lower costs for businesses and consumers while simplifying taxation and boosting the economy.
The document provides an overview of the Indian economy, the current indirect tax structure in India and its problems, and introduces the concept of GST as a solution. It describes key features of GST including the tax components of CGST, SGST and IGST. It also covers fundamentals of GST including the subsuming of existing taxes, supply chain mechanics, FAQs on GST, and the registration procedure.
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 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-
GST UNIT 1 learning and practice of goods and serviceshpotter46103
The document discusses Goods and Services Tax (GST) in India. It provides an overview of GST, including that it replaced multiple indirect taxes and brought uniformity to the tax structure across states. GST is a consumption-based tax that is levied as Central GST, State GST, and Integrated GST on inter-state supplies. The document outlines several key features of GST like the input tax credit mechanism, threshold exemptions for small businesses, and an online compliance system. It also discusses the benefits of GST for government, businesses, and consumers in India.
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.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
1. Monika Aashish & Co.
Chartered Accountants
GOODS AND SERVICES TAX (GST)
A) Benefits:
1. GST is a win-win situation for the entire country. It brings benefits to all the
stakeholders of industry, government and the consumer. It will lower the cost of
goods and services, give a boost to the economy and make the products and services
globally competitive. GST aims to make India a common market with common tax
rates and procedures and remove the economic barriers thus paving the way for an
integrated economy at the national level. By subsuming most of the Central and
State taxes into a single tax and by allowing a set-off of prior-stage taxes for the
transactions across the entire value chain, it would mitigate the ill effects of
cascading, improve competitiveness and improve liquidity of the businesses. GST is
a destination based tax. It follows a multi-stage collection mechanism. In this, tax is
collected at every stage and the credit of tax paid at the previous stage is available as
a set off at the next stage of transaction. This shifts the tax incidence near to the
consumer and benefits the industry through better cash flows and better working
capital management.
2. GST is largely technology driven. It will reduce the human interface to a great extent
and this would lead to speedy decisions.
3. GST will give a major boost to the ‘Make in India’ initiative of the Government of
India by making goods and services produced in India competitive in the National as
well as International market. Also all imported goods will be charged integrated tax
(IGST) which is equivalent to Central GST + State GST. This will bring equality
with taxation on local products.
4. Under the GST regime, exports will be zero-rated in entirety unlike the present
system where refund of some taxes may not take place due to fragmented nature of
indirect taxes between the Centre and the States. This will boost Indian exports in
the international market thus improving the balance of payments position. Exporters
with clean track record will be rewarded by getting immediate refund of 90% of
their claims arising on account of exports, within seven days.
5. GST is expected to bring buoyancy to the Government Revenue by widening the tax
base and improving the taxpayer compliance. GST is likely improve India’s ranking
in the Ease of Doing Business Index and is estimated to increase the GDP growth by
1.5 to 2%.
6. GST will bring more transparency to indirect tax laws. Since the whole supply
chain will be taxed at every stage with credit of taxes paid at the previous stage
being available for set off at the next stage of supply, the economics and tax value of
supplies will be easily distinguishable. This will help the industry to take credit and
the government to verify the correctness of taxes paid and the consumer to know the
exact amount of taxes paid.
7. The taxpayers would not be required to maintain records and show compliance with
a myriad of indirect tax laws of the Central Government and the State Governments
like Central Excise, Service Tax, VAT, Central Sales Tax, Octroi, Entry Tax,
Luxury Tax, Entertainment Tax, etc. They would only need to maintain records and
2. Monika Aashish & Co.
Chartered Accountants
show compliance in respect of Central Goods and Services Tax Act and State (or
Union Territory) Goods and Services Tax Act for all intra-State supplies (which are
almost identical laws) and with Integrated Goods and Services Tax for all inter-State
supplies (which also has most of its basic features derived from the CGST and the
SGST Act).
B) Salient Features of GST
The salient features of GST are as under:
1. The GST would be applicable on the supply of goods or services as against the
present concept of tax on the manufacture or sale of goods or provision of services. It
would be a destination based consumption tax. This means that tax would accrue to
the State or the Union Territory where the consumption takes place. It would be a dual
GST with the Centre and States simultaneously levying tax on a common tax base.
The GST to be levied by the Centre on intra-State supply of goods or services would
be called the Central tax (CGST) and that to be levied by the States including Union
territories with legislature/Union Territories without legislature would be called the
State tax (SGST)/ Union territory tax (UTGST) respectively.
2. The GST would apply to all goods other than alcoholic liquor for human consumption
and five petroleum products, viz. petroleum crude, motor spirit (petrol), high speed
diesel, natural gas and aviation turbine fuel. It would apply to all services barring a
few to be specified. The GST would replace the following taxes currently levied and
collected by the Centre:
a. Central Excise Duty
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products)
e. Additional Duties of Customs (commonly known as CVD)
f. Special Additional Duty of Customs (SAD)
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of goods and
services
3. State taxes that would be subsumed under the GST are:
a. State VAT
b. Central Sales Tax
b. Luxury Tax
3. Monika Aashish & Co.
Chartered Accountants
d. Entry Tax (all forms)
e. Entertainment and Amusement Tax (except when levied by the local bodies)
f. Taxes on advertisements
g. Purchase Tax
h. Taxes on lotteries, betting and gambling
i. State Surcharges and Cesses so far as they relate to supply of goods and services
4. The list of exempted goods and services would be common for the Centre and the
States.
5. Threshold Exemption: Taxpayers with an aggregate turnover in a financial year up to
Rs.20 lakhs would be exempt from tax. Aggregate turnover shall be computed on all
India basis. For eleven Special Category States, like those in the North-East and the
hilly States, the exemption threshold shall be Rest. 10 lakhs. All taxpayers eligible for
threshold exemption will have the option of paying tax with input tax credit (ITC)
benefits. Taxpayers making inter-State supplies or paying tax on reverse charge basis
shall not be eligible for threshold exemption.
6. Composition levy: Small taxpayers with an aggregate turnover in a financial year up
to Rs. 75 lakhs shall be eligible for composition levy. Under the scheme, a taxpayer
shall pay tax as a percentage of his turnover during the year without the benefit of
ITC. The rate of tax for CGST and SGST/UTGST each shall not exceed -
· 2.5% (Total for both Centre and state 5%) in case of restaurants etc.
· 1% (Total 2% for both Centre and state)) of the turnover in a state/ UT in case of a
manufacturer
· 0.5% (Total 1% for both Centre and state) of the turnover in state/UT in case of
other suppliers.
A taxpayer opting for composition levy shall not collect any tax from his customers
nor shall he be entitled to claim any input tax credit. The composition scheme is
optional. Taxpayers making inter-State supplies shall not be eligible for composition
scheme. The government, may, on the recommendation of GST Council, increase the
threshold for the scheme to up to rupees one crore.
7. An Integrated tax (IGST) would be levied and collected by the Centre on inter-State
supply of goods and services. Accounts would be settled periodically between the
Centre and the States to ensure that the SGST/UTGST portion of IGST is transferred
to the destination State where the goods or services are eventually consumed.
8. Use of Input Tax Credit: Taxpayers shall be allowed to take credit of taxes paid on
inputs (input tax credit) and utilize the same for payment of output tax. However, no
input tax credit on account of CGST shall be utilized towards payment of
SGST/UTGST and vice versa. The credit of IGST would be permitted to be utilized
for payment of IGST, CGST and SGST/UTGST in that order.
4. Monika Aashish & Co.
Chartered Accountants
9. HSN (Harmonised System of Nomenclature) code shall be used for classifying the
goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crore but
below Rs. 5 crore shall use 2-digit code and the taxpayers whose turnover is Rs. 5
crore and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5
crore are not required to mention HSN Code in their invoices.
10. Exports and supplies to SEZ shall be treated as zero-rated supplies. The exporter shall
have an option to either pay output tax and claim its refund or export under bond
without tax and claim refund of Input Tax Credit.
11. Import of goods and services would be treated as inter-State supplies and would be
subject to IGST in addition to the applicable customs duties. The IGST paid shall be
available as ITC for further transactions.
C) GST Council
The mechanism of GST Council would ensure harmonization on different aspects of
GST between the Centre and the States as well as among States. It has been specifically
provided that the GST Council, in its discharge of various functions, shall be guided by
the need for a harmonized structure of GST and for the development of a harmonized
national market for goods and services. The GST Council shall establish a mechanism to
adjudicate disputes arising out of its recommendation or implementation thereof.
D) Minimal Interface
The physical interface between the taxpayer and the tax authorities would be minimal under
GST. Certain important provisions in this regard are illustrated as under:
a) There will be cross-empowerment of officers belonging to Central and State
Governments. Officer of CGST will be empowered to act as proper officer of
SGST and vice versa.
b) Registration will be granted on line and shall be deemed to have been granted if no
deficiency is communicated to the applicant within 3 common working days by the
tax administration which has been allotted the examination of the application. Such
allotment is to be done one each alternately between the Central and the State Tax
administration.
c) Taxable person shall himself assess the taxes payable (self-assessment) and credit it
to the account of the Government. The return filed by the tax payer would be
treated as self-assessed.
d) Payment of tax shall be made electronically through internet banking, or also
through credit card and through the modes of Real Time Gross Settlement (RTGS)
or National Electronic Funds Transfer (NEFT). Smaller taxpayers shall be allowed
to pay tax over the bank counter. All challans for payment of tax shall be generated
online on the Goods and Services Tax Network (GSTN).
e) The taxpayer shall furnish the details of outward supplies electronically without
any physical interface with the tax authorities. Inward supply details would be
auto-drafted from the supply details filed by the corresponding suppliers.
f) Taxpayers shall file, electronically, monthly returns of outward and inward
supplies, ITC availed, tax payable, tax paid and other prescribed particulars.
Composition taxpayers shall file, electronically, quarterly returns.
Omission/incorrect particulars can be self-rectified before the last date of filing of
5. Monika Aashish & Co.
Chartered Accountants
return for the month of September of the following year or the actual date of filing
of annual return, whichever is earlier.
g) For mismatched invoices, reversal and reclaim of input tax credit shall be done
electronically on the GSTN portal without any tax payer contact. This electronic
system would also prevent, inter alia, input tax credit being taken on the basis of
fake invoices or twice on the same invoice.
h) Taxpayers shall be allowed to keep and maintain accounts and other records in
electronic form.
5. Input tax credit
Taxpayer is allowed to take credit of taxes paid on inputs (input tax credit), as self-
assessed, in his return. Taxpayer can take credit of taxes paid on all goods and services,
other than a few items in the negative list, and utilize the same for payment of output tax.
Credit of taxes paid on inputs can be taken where the inputs are used for business
purposes or for making taxable supplies. Full input tax credit shall be allowed on capital
goods on its receipt as against the current Central Government and many State
Government practice of staggering the credit in more than one installment. Unutilized
input tax credit can be carried forward. The facility of distribution of input tax credit for
services amongst group companies has been provided for through the mechanism of
Input Service Distributor (ISD).
6. Refund
Time limit for claiming online refund has been increased from one year to two years.
Refund shall be granted within 60 days from the date of receipt of complete application.
Interest is payable if refund is not sanctioned within the stipulated period of 60 days. If
the refund claim is less than Rs. 2 lakhs, there is no need for the claimant to furnish any
documentary evidence to prove that he has not passed on the incidence of tax to any
other person. Only a self-certification to this effect would suffice. Refund of input tax
credit shall be allowed in case of exports or where the credit accumulation is on account
of inverted duty structure (i.e. where the tax rate on output is higher than that on inputs).
7. Demands
A new concept of sunset clause for tax disputes has been introduced. It provides that
Adjudication Order shall be issued within 3 years of filing of annual return in normal
cases and the time limit is 5 years (from the date of filing of annual return) in
fraud/suppression cases. SCN will have to be issued at least 3 months prior to the time
limit prescribed for issue of adjudication order in normal cases and at least 6 months
prior to the time limit prescribed for issue of adjudication order in cases involving
fraud/suppression etc. Penalty is Nil or minimal if the tax short paid / non-paid is
deposited along with interest at the stage of audit/investigation.
8. Alternate Dispute Resolution mechanism - Advance Rulings
Advance ruling mechanism has been continued under the GST law. The salient features
are as under:
a) Advance ruling can be sought in respect of more subjects than allowed at present.
The subjects are: classification of goods/or services, time and value of supply, rate
6. Monika Aashish & Co.
Chartered Accountants
of tax, admissibility of input tax credit, liability to pay tax, liability to take
registration and whether a particular transaction amounts to a supply under GST
law.
b) Advance ruling can be sought not only for new activities but also for existing
activities. The facility of appeal, which is not there under the Central law, has been
provided in the GST Law.
c) The applicants or the Department, if aggrieved by the advance ruling, would
henceforth get the opportunity to file an appeal before the Appellate Authority for
revision of the ruling. Advance Ruling can be obtained more easily as there will be
one Advance Ruling Authority (as also the Appellate Authority) in every State.
9. Other provisions of GST
The provisions worth mentioning here are:
(i) Valuation of goods shall be done on the basis of transaction value i.e. the invoice
price, which is the current practice under the Central Excise and Customs Laws.
Taxpayers are allowed to issue supplementary or revised invoice in respect of a
supply made earlier.
(ii) New modes of payment of tax are being introduced, viz. through credit and debit
cards, National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement
(RTGS).
(iii) E-Commerce companies are required to collect tax at source in relation to any
supplies made through their online platforms, under fulfilment model, at the rate
notified by the Government.
(iv) An anti-profiteering measure has been incorporated in the GST law to ensure that
any benefits on account of reduction in tax rates results in commensurate reduction
in prices of such goods/services.
10. IT preparedness
Putting in place a robust IT network is an absolute must for implementation of GST. A
Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST.
The GSTN shall provide a shared IT infrastructure and services to Central and State
Governments, taxpayers and other stakeholders for implementation of GST. The
functions of the GSTN would, inter alia, include: (i) facilitating registration; (ii)
forwarding the returns to Central and State authorities; (iii) computation and settlement
of IGST; (iv) matching of tax payment details with banking network; (v) providing
various MIS reports to the Central and the State Governments based on the taxpayer
return information; (vi) providing analysis of taxpayers’ profile; and (vii) running the
matching engine for matching, reversal and reclaim of input tax credit. The target date
for introduction of GST is 1st July, 2017.
The GSTN will also make available standard software for small traders to keep their
accounts in that, so that straight away it can be uploaded as their monthly returns on
GSTN website. This will make compliance easier for small traders.