SlideShare a Scribd company logo
1 of 23
Download to read offline
GST
(Goods and Services Tax)
Biggest Tax Reform Since Independence…..
Swapnil W Borekar
MBA ++
Department Of Management
Sci. (PUMBA)
GST
‘G’ – Goods
‘S’ – Services
‘T’ – Tax
 Goods and Service Tax (GST) is a comprehensive
tax levy on manufacture, sale and consumption
of goods and service at a national level.
 GST is a tax on goods and services with value
addition at each stage.
 GST will include many state and central level
indirect taxes
 It overcomes drawback present tax system
Tax Structure in India
 Direct Tax :
Incident and Impact at same point
e.g.: Income Tax, Corporate Tax, Wealth Tax
 Indirect Tax :
Incident Impact are at different point.
e.g.: Excise duty, custom duty, Service Tax, Octrai Tax,
VAT, CENVAT.
Method Of Taxation
 Progressive Tax :
Increasing rate of tax for Increasing Value or
Volume.
 Regressive Tax :
Decreasing rate tax for Increasing Value or
Volume
 Proportional Tax :
Fixed rate of tax for every level of income or
production
Short comings in current
Tax System
 Tax Cascading (Tax on Tax)
 Complexity
 Taxation at Manufacturing Level
 Exclusion of Services
 Tax Evasion
 Corruption
Cascading Effect of
Present Tax system
Reform In Tax System
VAT
(Value Added Tax)
 Implemented in April-1/2005
 It is replacement to complex Sales Tax
 It overcomes a Cascading Effect of Tax
 It applied on “ Value Added Portion “ in sales
price
Illustration of VAT
• In the previous
example, ‘value
added’ by B is only
Rs.50 (150–100)
• tax on producer B
would be only Rs.5
(i.e., 10 % of Rs. 50)
while
• the tax paid in
previous system
was Rs. 15 (10 % of
Rs. 150).
• In Old Tax System Consumer has to pay Rs 220
• In VAT system Consumer Actually Paid Rs 205
Problems with VAT
 A major problem with VAT is the way it taxes
inputs and outputs.
 Input are taxed at 4 percent and outputs at 12.5
percent
 Some goods are included in both CENVAT and
VAT
 It is not uniform in nature
 VAT is different for different States
 number of exemptions for some sensitive
 different rates of taxation for different goods
What is GST
 GST is a comprehensive value added tax on goods and
services
 It is collected on value added at each stage of sale or
purchase in the supply chain
 No differentiation between Goods and Services as GST is
levied at each stage in the supply chain
 Seamless input tax credit throughout the supply chain
 At all stages of production and distribution, taxes are a
pass through and tax is borne by the final consumer
 All sectors are taxed with very few exceptions /
exemptions
History
 Feb, 2006 : First time introduced concept of GST
and announced the date of its implementation in
2010
 Jan. 2007: First GST study by ASSOCHAM released
by Dr. Shome
 Feb. 2007: F.M. Announced introduction of GST
from 1 April 2010 in Budget
 The Government came out with a First Discussion
Paper on GST in November, 2009
 Introduced the 115th Constitution Amendment
(GST) Bill in the year 2011.
Model Of GST
GST Structure
centre GST
GST to be levied
by the
Centre
State GST
GST to be levied
by the
Dual GST
GST to be levied by the Centre and the
States concurrently
Proposed GST Rate
Items Total GST
rates (in %)
Centre State
Goods 20 12 8
Services 16 8 8
Essential
Goods
12 6 6
Presently it is (26.5 % , CENVAT-14 % and State VAT 12.5% )
Taxes proposed to be
subsumed in GST
Central Taxes
 Excise Duty
 Additional Excise duty
 Excise duty under medicinal and toilet
preparation Act
 Service Tax
 Additional Custom duty commonly known as
countervailing duty (CVD), special additional
duty( SAD)
 Surcharge
 CENVAT
Taxes proposed to be
subsumed in GST
State Taxes
 Value added tax (VAT)
 Entertainment tax levied by states
 Luxury Tax
 Tax on Lottery, betting and gambling
 Entry tax other than for local bodies (Octroi)
Product Excluded from
GST
 Petroleum Product
 Alcohol
 Tobacco Product
 Purchase Tax
 Zero Rating For Exports
Illustration Of GST
Product A VAT System GST System
Base Price 100 100
+ 12% Excise duty 12 NA
+12.5% VAT 14 NA
State GST NA 8
centre GST NA 12
Total Tax Burden 26 20
Value Of Product to Consumer 126 120
Benefits of GST
 Transparent Tax System
 Uniform Tax system Across India
 Reduce Tax Evasion
 Export will more competitive
Hurdles in Implementation
 Dispute between centre and Tax over Tax Sharing
 Highly sophisticated IT infrastructure required .
 Issue of taxing financial services and e-commerce
is to be appropriately addressed and integrated.
 Political Imbalace
GST Global Scenario
 More than 140 countries have already introduced
GST/National VAT.
 France was the first country to introduce GST
system in 1954.
 Typically it is a single rate system but two/three
rate systems are also prevalent. Canada and
Brazil alone have a dual VAT.
 Standard GST rate in most countries ranges
between 15-20%.
Thank You

More Related Content

What's hot

All about goods and service tax(gst) by additional secretary gst council
All about goods and service tax(gst) by additional secretary gst council All about goods and service tax(gst) by additional secretary gst council
All about goods and service tax(gst) by additional secretary gst council sunil gaur
 
Goods and Service Tax (GST) in India
Goods and Service Tax (GST) in IndiaGoods and Service Tax (GST) in India
Goods and Service Tax (GST) in IndiaCA Pankaj Kumar
 
Gst in india
Gst in indiaGst in india
Gst in indiaRupa R
 
Goods & Service Tax
Goods & Service TaxGoods & Service Tax
Goods & Service TaxLuckyLodha
 
GST(Goods And Service Tax)
GST(Goods And Service Tax)GST(Goods And Service Tax)
GST(Goods And Service Tax)Ashiwani Atul
 
indian tax system
indian tax systemindian tax system
indian tax systemBijon Guha
 
Goods and Service Tax (GST)
Goods and Service Tax (GST)Goods and Service Tax (GST)
Goods and Service Tax (GST)Akash Saha
 
Goods And Service Tax
Goods And Service TaxGoods And Service Tax
Goods And Service TaxDaksh Goyal
 
Basic introduction of GST
Basic introduction of GSTBasic introduction of GST
Basic introduction of GSTDr. Khyati Vora
 

What's hot (20)

Presentation On GST
Presentation On GSTPresentation On GST
Presentation On GST
 
Gst presentation
Gst presentationGst presentation
Gst presentation
 
GST PRESENTATION
GST PRESENTATIONGST PRESENTATION
GST PRESENTATION
 
GST in India
GST in IndiaGST in India
GST in India
 
All about goods and service tax(gst) by additional secretary gst council
All about goods and service tax(gst) by additional secretary gst council All about goods and service tax(gst) by additional secretary gst council
All about goods and service tax(gst) by additional secretary gst council
 
Goods and Service Tax (GST) in India
Goods and Service Tax (GST) in IndiaGoods and Service Tax (GST) in India
Goods and Service Tax (GST) in India
 
Gst.ppt
Gst.pptGst.ppt
Gst.ppt
 
GST-Mukesh Jha
GST-Mukesh JhaGST-Mukesh Jha
GST-Mukesh Jha
 
Gst in india
Gst in indiaGst in india
Gst in india
 
Goods & Service Tax
Goods & Service TaxGoods & Service Tax
Goods & Service Tax
 
Gs tin india
Gs tin indiaGs tin india
Gs tin india
 
TAXATION IN INDIA
TAXATION IN INDIATAXATION IN INDIA
TAXATION IN INDIA
 
Gst
GstGst
Gst
 
Gst in india
Gst in indiaGst in india
Gst in india
 
IMPLEMENTATION OF GST IN INDIA - 1
IMPLEMENTATION OF GST IN INDIA - 1IMPLEMENTATION OF GST IN INDIA - 1
IMPLEMENTATION OF GST IN INDIA - 1
 
GST(Goods And Service Tax)
GST(Goods And Service Tax)GST(Goods And Service Tax)
GST(Goods And Service Tax)
 
indian tax system
indian tax systemindian tax system
indian tax system
 
Goods and Service Tax (GST)
Goods and Service Tax (GST)Goods and Service Tax (GST)
Goods and Service Tax (GST)
 
Goods And Service Tax
Goods And Service TaxGoods And Service Tax
Goods And Service Tax
 
Basic introduction of GST
Basic introduction of GSTBasic introduction of GST
Basic introduction of GST
 

Viewers also liked

4 Key impact area on gst implementation
4 Key impact area on gst implementation 4 Key impact area on gst implementation
4 Key impact area on gst implementation synergytas
 
Understanding Goods & Services Tax (GST)
Understanding Goods & Services Tax (GST)Understanding Goods & Services Tax (GST)
Understanding Goods & Services Tax (GST)Prof. Simply Simple
 
Transitional Provision Under GST
Transitional Provision Under GSTTransitional Provision Under GST
Transitional Provision Under GSTMASOOM SEKHAR SAHOO
 
GST Overview - Know about Goods and Service Tax in India
GST Overview - Know about Goods and Service Tax in IndiaGST Overview - Know about Goods and Service Tax in India
GST Overview - Know about Goods and Service Tax in IndiaMASOOM SEKHAR SAHOO
 
Part 11- GST - REturn & AMP Refunds
Part 11- GST - REturn & AMP Refunds Part 11- GST - REturn & AMP Refunds
Part 11- GST - REturn & AMP Refunds Hina juyal
 
11.ebs r12.1 ar_-__tax_processing-_oracle_ebs
11.ebs r12.1 ar_-__tax_processing-_oracle_ebs11.ebs r12.1 ar_-__tax_processing-_oracle_ebs
11.ebs r12.1 ar_-__tax_processing-_oracle_ebsJohn Lou
 
India Localization for SCM
India Localization for SCMIndia Localization for SCM
India Localization for SCMravisagaram
 
Money Supply and its Impact on Inflation and Interest Rate: A case study of I...
Money Supply and its Impact on Inflation and Interest Rate: A case study of I...Money Supply and its Impact on Inflation and Interest Rate: A case study of I...
Money Supply and its Impact on Inflation and Interest Rate: A case study of I...Gokul K Prasad
 
Insteelhbr case study managerial accounting msb
Insteelhbr case study managerial accounting msbInsteelhbr case study managerial accounting msb
Insteelhbr case study managerial accounting msbSrikanth Ayithy
 
The impact of inflation, policy rate and government consumption expenditure o...
The impact of inflation, policy rate and government consumption expenditure o...The impact of inflation, policy rate and government consumption expenditure o...
The impact of inflation, policy rate and government consumption expenditure o...Alexander Decker
 
Understanding Goods & Services Tax (GST), India
Understanding Goods & Services Tax (GST), IndiaUnderstanding Goods & Services Tax (GST), India
Understanding Goods & Services Tax (GST), IndiaAnkita Mahajan
 

Viewers also liked (20)

Gst ppt
Gst pptGst ppt
Gst ppt
 
4 Key impact area on gst implementation
4 Key impact area on gst implementation 4 Key impact area on gst implementation
4 Key impact area on gst implementation
 
Understanding Goods & Services Tax (GST)
Understanding Goods & Services Tax (GST)Understanding Goods & Services Tax (GST)
Understanding Goods & Services Tax (GST)
 
SAP GST INDIA
SAP GST INDIA SAP GST INDIA
SAP GST INDIA
 
Cleartax GST Offline Guide
Cleartax GST Offline GuideCleartax GST Offline Guide
Cleartax GST Offline Guide
 
GSTR 3B Guide - ClearTax
GSTR 3B Guide - ClearTaxGSTR 3B Guide - ClearTax
GSTR 3B Guide - ClearTax
 
Transitional Provision Under GST
Transitional Provision Under GSTTransitional Provision Under GST
Transitional Provision Under GST
 
GST Overview - Know about Goods and Service Tax in India
GST Overview - Know about Goods and Service Tax in IndiaGST Overview - Know about Goods and Service Tax in India
GST Overview - Know about Goods and Service Tax in India
 
Refund under GST Law
Refund under GST LawRefund under GST Law
Refund under GST Law
 
Part 11- GST - REturn & AMP Refunds
Part 11- GST - REturn & AMP Refunds Part 11- GST - REturn & AMP Refunds
Part 11- GST - REturn & AMP Refunds
 
Tally for GST
Tally for GSTTally for GST
Tally for GST
 
11.ebs r12.1 ar_-__tax_processing-_oracle_ebs
11.ebs r12.1 ar_-__tax_processing-_oracle_ebs11.ebs r12.1 ar_-__tax_processing-_oracle_ebs
11.ebs r12.1 ar_-__tax_processing-_oracle_ebs
 
India Localization for SCM
India Localization for SCMIndia Localization for SCM
India Localization for SCM
 
R12.2.4 india localization setup
R12.2.4 india localization setupR12.2.4 india localization setup
R12.2.4 india localization setup
 
Money Supply and its Impact on Inflation and Interest Rate: A case study of I...
Money Supply and its Impact on Inflation and Interest Rate: A case study of I...Money Supply and its Impact on Inflation and Interest Rate: A case study of I...
Money Supply and its Impact on Inflation and Interest Rate: A case study of I...
 
Insteelhbr case study managerial accounting msb
Insteelhbr case study managerial accounting msbInsteelhbr case study managerial accounting msb
Insteelhbr case study managerial accounting msb
 
The impact of inflation, policy rate and government consumption expenditure o...
The impact of inflation, policy rate and government consumption expenditure o...The impact of inflation, policy rate and government consumption expenditure o...
The impact of inflation, policy rate and government consumption expenditure o...
 
Understanding Goods & Services Tax (GST), India
Understanding Goods & Services Tax (GST), IndiaUnderstanding Goods & Services Tax (GST), India
Understanding Goods & Services Tax (GST), India
 
EBTax Implementation Case
EBTax Implementation CaseEBTax Implementation Case
EBTax Implementation Case
 
Bhagyashree H. Chauhan (GST)
Bhagyashree H. Chauhan (GST)Bhagyashree H. Chauhan (GST)
Bhagyashree H. Chauhan (GST)
 

Similar to GST INDIA

GST (Good and services Tax)
GST (Good and services Tax)GST (Good and services Tax)
GST (Good and services Tax)Rahul Sahu
 
Indian GST analysis
Indian GST analysis Indian GST analysis
Indian GST analysis Arpit Sharma
 
gstppt-160315173425.pdf for use of taxes
gstppt-160315173425.pdf for use of taxesgstppt-160315173425.pdf for use of taxes
gstppt-160315173425.pdf for use of taxesGouravRana24
 
GOODS AND SERVICE TAX-GST
GOODS AND SERVICE TAX-GSTGOODS AND SERVICE TAX-GST
GOODS AND SERVICE TAX-GSTmanuelmathew1
 
Presentation on GST _ VINAY BHUSHAN _ Taxpert
Presentation on GST _ VINAY BHUSHAN _ Taxpert Presentation on GST _ VINAY BHUSHAN _ Taxpert
Presentation on GST _ VINAY BHUSHAN _ Taxpert TAXPERT PROFESSIONALS
 
Presentation GST _ Vinay Bhushan _ Taxpert
Presentation GST _ Vinay Bhushan _ Taxpert Presentation GST _ Vinay Bhushan _ Taxpert
Presentation GST _ Vinay Bhushan _ Taxpert TAXPERT PROFESSIONALS
 
Gst (Goods And Services Tax).pptx
Gst (Goods And Services Tax).pptxGst (Goods And Services Tax).pptx
Gst (Goods And Services Tax).pptxAbhiArora31
 
shivani new (1) (2).pdf
shivani new (1) (2).pdfshivani new (1) (2).pdf
shivani new (1) (2).pdfshivani22y
 
INDIRECT TAXATION PRESENTATION FOR BCOM.ppt
INDIRECT TAXATION PRESENTATION FOR BCOM.pptINDIRECT TAXATION PRESENTATION FOR BCOM.ppt
INDIRECT TAXATION PRESENTATION FOR BCOM.pptMervinPaul1
 
impact of GST on trade and business development
impact of GST on trade and business development impact of GST on trade and business development
impact of GST on trade and business development Prakash Kuma
 
gstppt-160315173425.pdf and GST implementation
gstppt-160315173425.pdf and GST implementationgstppt-160315173425.pdf and GST implementation
gstppt-160315173425.pdf and GST implementationtarunprajapati0t
 
Goods & services tax (gst)
Goods & services tax (gst)Goods & services tax (gst)
Goods & services tax (gst)Nisarg Amin
 

Similar to GST INDIA (20)

Gst ppt.
Gst ppt.Gst ppt.
Gst ppt.
 
GST (Good and services Tax)
GST (Good and services Tax)GST (Good and services Tax)
GST (Good and services Tax)
 
Indian GST analysis
Indian GST analysis Indian GST analysis
Indian GST analysis
 
gstppt-160315173425.pdf for use of taxes
gstppt-160315173425.pdf for use of taxesgstppt-160315173425.pdf for use of taxes
gstppt-160315173425.pdf for use of taxes
 
GOODS AND SERVICE TAX-GST
GOODS AND SERVICE TAX-GSTGOODS AND SERVICE TAX-GST
GOODS AND SERVICE TAX-GST
 
Presentation on GST _ VINAY BHUSHAN _ Taxpert
Presentation on GST _ VINAY BHUSHAN _ Taxpert Presentation on GST _ VINAY BHUSHAN _ Taxpert
Presentation on GST _ VINAY BHUSHAN _ Taxpert
 
Presentation GST _ Vinay Bhushan _ Taxpert
Presentation GST _ Vinay Bhushan _ Taxpert Presentation GST _ Vinay Bhushan _ Taxpert
Presentation GST _ Vinay Bhushan _ Taxpert
 
Gst india
Gst indiaGst india
Gst india
 
GST-PPT.pdf
GST-PPT.pdfGST-PPT.pdf
GST-PPT.pdf
 
Gst (Goods And Services Tax).pptx
Gst (Goods And Services Tax).pptxGst (Goods And Services Tax).pptx
Gst (Goods And Services Tax).pptx
 
GST-MLP.pptx
GST-MLP.pptxGST-MLP.pptx
GST-MLP.pptx
 
GST PPT.pptx
GST PPT.pptxGST PPT.pptx
GST PPT.pptx
 
shivani new (1) (2).pdf
shivani new (1) (2).pdfshivani new (1) (2).pdf
shivani new (1) (2).pdf
 
GST
GSTGST
GST
 
INDIRECT TAXATION PRESENTATION FOR BCOM.ppt
INDIRECT TAXATION PRESENTATION FOR BCOM.pptINDIRECT TAXATION PRESENTATION FOR BCOM.ppt
INDIRECT TAXATION PRESENTATION FOR BCOM.ppt
 
impact of GST on trade and business development
impact of GST on trade and business development impact of GST on trade and business development
impact of GST on trade and business development
 
gstppt-160315173425.pdf and GST implementation
gstppt-160315173425.pdf and GST implementationgstppt-160315173425.pdf and GST implementation
gstppt-160315173425.pdf and GST implementation
 
Gst in India
Gst in IndiaGst in India
Gst in India
 
GST(Goods and Service Tax)
GST(Goods and Service Tax)GST(Goods and Service Tax)
GST(Goods and Service Tax)
 
Goods & services tax (gst)
Goods & services tax (gst)Goods & services tax (gst)
Goods & services tax (gst)
 

Recently uploaded

一比一原版(UCSD毕业证书)加利福尼亚大学圣迭戈分校毕业证成绩单学位证书
一比一原版(UCSD毕业证书)加利福尼亚大学圣迭戈分校毕业证成绩单学位证书一比一原版(UCSD毕业证书)加利福尼亚大学圣迭戈分校毕业证成绩单学位证书
一比一原版(UCSD毕业证书)加利福尼亚大学圣迭戈分校毕业证成绩单学位证书atedyxc
 
Pitch-deck CopyFinancial and MemberForex.ppsx
Pitch-deck CopyFinancial and MemberForex.ppsxPitch-deck CopyFinancial and MemberForex.ppsx
Pitch-deck CopyFinancial and MemberForex.ppsxFuadS2
 
NO1 Best kala jadu karne wale ka contact number kala jadu karne wale baba kal...
NO1 Best kala jadu karne wale ka contact number kala jadu karne wale baba kal...NO1 Best kala jadu karne wale ka contact number kala jadu karne wale baba kal...
NO1 Best kala jadu karne wale ka contact number kala jadu karne wale baba kal...Amil baba
 
Diversification in Investment Portfolio.pdf
Diversification in Investment Portfolio.pdfDiversification in Investment Portfolio.pdf
Diversification in Investment Portfolio.pdfVighnesh Shashtri
 
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书atedyxc
 
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdfSatoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdfcoingabbar
 
一比一原版(Caltech毕业证书)加州理工学院毕业证成绩单学位证书
一比一原版(Caltech毕业证书)加州理工学院毕业证成绩单学位证书一比一原版(Caltech毕业证书)加州理工学院毕业证成绩单学位证书
一比一原版(Caltech毕业证书)加州理工学院毕业证成绩单学位证书atedyxc
 
What exchange can I sell my pi coins in 2024
What exchange can I sell my pi coins in 2024What exchange can I sell my pi coins in 2024
What exchange can I sell my pi coins in 2024DOT TECH
 
Tourism attractions in Lesotho katse dam
Tourism attractions in Lesotho katse damTourism attractions in Lesotho katse dam
Tourism attractions in Lesotho katse dammataekepule
 
How can I withdraw my pi coins to real money in India.
How can I withdraw my pi coins to real money in India.How can I withdraw my pi coins to real money in India.
How can I withdraw my pi coins to real money in India.DOT TECH
 
1. Elemental Economics - Introduction to mining
1. Elemental Economics - Introduction to mining1. Elemental Economics - Introduction to mining
1. Elemental Economics - Introduction to miningNeal Brewster
 
Financial Accounting and Analysis balancesheet.pdf
Financial Accounting and Analysis balancesheet.pdfFinancial Accounting and Analysis balancesheet.pdf
Financial Accounting and Analysis balancesheet.pdfmukul381940
 
Economic Risk Factor Update: May 2024 [SlideShare]
Economic Risk Factor Update: May 2024 [SlideShare]Economic Risk Factor Update: May 2024 [SlideShare]
Economic Risk Factor Update: May 2024 [SlideShare]Commonwealth
 
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdfAdnet Communications
 
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书atedyxc
 
Prezentacja Q1 2024 EN strona www relacji
Prezentacja Q1 2024  EN strona www relacjiPrezentacja Q1 2024  EN strona www relacji
Prezentacja Q1 2024 EN strona www relacjiklaudiafilka
 
一比一原版(UC Davis毕业证书)加州大学戴维斯分校毕业证成绩单学位证书
一比一原版(UC Davis毕业证书)加州大学戴维斯分校毕业证成绩单学位证书一比一原版(UC Davis毕业证书)加州大学戴维斯分校毕业证成绩单学位证书
一比一原版(UC Davis毕业证书)加州大学戴维斯分校毕业证成绩单学位证书atedyxc
 
project ratio analysis of bcom studies .
project ratio analysis of bcom studies .project ratio analysis of bcom studies .
project ratio analysis of bcom studies .borndark09
 

Recently uploaded (20)

一比一原版(UCSD毕业证书)加利福尼亚大学圣迭戈分校毕业证成绩单学位证书
一比一原版(UCSD毕业证书)加利福尼亚大学圣迭戈分校毕业证成绩单学位证书一比一原版(UCSD毕业证书)加利福尼亚大学圣迭戈分校毕业证成绩单学位证书
一比一原版(UCSD毕业证书)加利福尼亚大学圣迭戈分校毕业证成绩单学位证书
 
STRATEGIC MANAGEMENT VIETTEL TELECOM GROUP
STRATEGIC MANAGEMENT VIETTEL TELECOM GROUPSTRATEGIC MANAGEMENT VIETTEL TELECOM GROUP
STRATEGIC MANAGEMENT VIETTEL TELECOM GROUP
 
Pitch-deck CopyFinancial and MemberForex.ppsx
Pitch-deck CopyFinancial and MemberForex.ppsxPitch-deck CopyFinancial and MemberForex.ppsx
Pitch-deck CopyFinancial and MemberForex.ppsx
 
NO1 Best kala jadu karne wale ka contact number kala jadu karne wale baba kal...
NO1 Best kala jadu karne wale ka contact number kala jadu karne wale baba kal...NO1 Best kala jadu karne wale ka contact number kala jadu karne wale baba kal...
NO1 Best kala jadu karne wale ka contact number kala jadu karne wale baba kal...
 
Diversification in Investment Portfolio.pdf
Diversification in Investment Portfolio.pdfDiversification in Investment Portfolio.pdf
Diversification in Investment Portfolio.pdf
 
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
一比一原版(Concordia毕业证书)康卡迪亚大学毕业证成绩单学位证书
 
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdfSatoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
Satoshi DEX Leverages Layer 2 To Transform DeFi Ecosystem.pdf
 
一比一原版(Caltech毕业证书)加州理工学院毕业证成绩单学位证书
一比一原版(Caltech毕业证书)加州理工学院毕业证成绩单学位证书一比一原版(Caltech毕业证书)加州理工学院毕业证成绩单学位证书
一比一原版(Caltech毕业证书)加州理工学院毕业证成绩单学位证书
 
What exchange can I sell my pi coins in 2024
What exchange can I sell my pi coins in 2024What exchange can I sell my pi coins in 2024
What exchange can I sell my pi coins in 2024
 
Tourism attractions in Lesotho katse dam
Tourism attractions in Lesotho katse damTourism attractions in Lesotho katse dam
Tourism attractions in Lesotho katse dam
 
How can I withdraw my pi coins to real money in India.
How can I withdraw my pi coins to real money in India.How can I withdraw my pi coins to real money in India.
How can I withdraw my pi coins to real money in India.
 
1. Elemental Economics - Introduction to mining
1. Elemental Economics - Introduction to mining1. Elemental Economics - Introduction to mining
1. Elemental Economics - Introduction to mining
 
Financial Accounting and Analysis balancesheet.pdf
Financial Accounting and Analysis balancesheet.pdfFinancial Accounting and Analysis balancesheet.pdf
Financial Accounting and Analysis balancesheet.pdf
 
Economic Risk Factor Update: May 2024 [SlideShare]
Economic Risk Factor Update: May 2024 [SlideShare]Economic Risk Factor Update: May 2024 [SlideShare]
Economic Risk Factor Update: May 2024 [SlideShare]
 
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
20240514-Calibre-Q1-2024-Conference-Call-Presentation.pdf
 
DIGITAL COMMERCE SHAPE VIETNAMESE SHOPPING HABIT IN 4.0 INDUSTRY
DIGITAL COMMERCE SHAPE VIETNAMESE SHOPPING HABIT IN 4.0 INDUSTRYDIGITAL COMMERCE SHAPE VIETNAMESE SHOPPING HABIT IN 4.0 INDUSTRY
DIGITAL COMMERCE SHAPE VIETNAMESE SHOPPING HABIT IN 4.0 INDUSTRY
 
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
一比一原版(UPenn毕业证书)宾夕法尼亚大学毕业证成绩单学位证书
 
Prezentacja Q1 2024 EN strona www relacji
Prezentacja Q1 2024  EN strona www relacjiPrezentacja Q1 2024  EN strona www relacji
Prezentacja Q1 2024 EN strona www relacji
 
一比一原版(UC Davis毕业证书)加州大学戴维斯分校毕业证成绩单学位证书
一比一原版(UC Davis毕业证书)加州大学戴维斯分校毕业证成绩单学位证书一比一原版(UC Davis毕业证书)加州大学戴维斯分校毕业证成绩单学位证书
一比一原版(UC Davis毕业证书)加州大学戴维斯分校毕业证成绩单学位证书
 
project ratio analysis of bcom studies .
project ratio analysis of bcom studies .project ratio analysis of bcom studies .
project ratio analysis of bcom studies .
 

GST INDIA

  • 1. GST (Goods and Services Tax) Biggest Tax Reform Since Independence….. Swapnil W Borekar MBA ++ Department Of Management Sci. (PUMBA)
  • 2. GST ‘G’ – Goods ‘S’ – Services ‘T’ – Tax  Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level.  GST is a tax on goods and services with value addition at each stage.  GST will include many state and central level indirect taxes  It overcomes drawback present tax system
  • 3. Tax Structure in India  Direct Tax : Incident and Impact at same point e.g.: Income Tax, Corporate Tax, Wealth Tax  Indirect Tax : Incident Impact are at different point. e.g.: Excise duty, custom duty, Service Tax, Octrai Tax, VAT, CENVAT.
  • 4. Method Of Taxation  Progressive Tax : Increasing rate of tax for Increasing Value or Volume.  Regressive Tax : Decreasing rate tax for Increasing Value or Volume  Proportional Tax : Fixed rate of tax for every level of income or production
  • 5. Short comings in current Tax System  Tax Cascading (Tax on Tax)  Complexity  Taxation at Manufacturing Level  Exclusion of Services  Tax Evasion  Corruption
  • 7. Reform In Tax System
  • 8. VAT (Value Added Tax)  Implemented in April-1/2005  It is replacement to complex Sales Tax  It overcomes a Cascading Effect of Tax  It applied on “ Value Added Portion “ in sales price
  • 9. Illustration of VAT • In the previous example, ‘value added’ by B is only Rs.50 (150–100) • tax on producer B would be only Rs.5 (i.e., 10 % of Rs. 50) while • the tax paid in previous system was Rs. 15 (10 % of Rs. 150). • In Old Tax System Consumer has to pay Rs 220 • In VAT system Consumer Actually Paid Rs 205
  • 10. Problems with VAT  A major problem with VAT is the way it taxes inputs and outputs.  Input are taxed at 4 percent and outputs at 12.5 percent  Some goods are included in both CENVAT and VAT  It is not uniform in nature  VAT is different for different States  number of exemptions for some sensitive  different rates of taxation for different goods
  • 11. What is GST  GST is a comprehensive value added tax on goods and services  It is collected on value added at each stage of sale or purchase in the supply chain  No differentiation between Goods and Services as GST is levied at each stage in the supply chain  Seamless input tax credit throughout the supply chain  At all stages of production and distribution, taxes are a pass through and tax is borne by the final consumer  All sectors are taxed with very few exceptions / exemptions
  • 12. History  Feb, 2006 : First time introduced concept of GST and announced the date of its implementation in 2010  Jan. 2007: First GST study by ASSOCHAM released by Dr. Shome  Feb. 2007: F.M. Announced introduction of GST from 1 April 2010 in Budget  The Government came out with a First Discussion Paper on GST in November, 2009  Introduced the 115th Constitution Amendment (GST) Bill in the year 2011.
  • 13. Model Of GST GST Structure centre GST GST to be levied by the Centre State GST GST to be levied by the Dual GST GST to be levied by the Centre and the States concurrently
  • 14. Proposed GST Rate Items Total GST rates (in %) Centre State Goods 20 12 8 Services 16 8 8 Essential Goods 12 6 6 Presently it is (26.5 % , CENVAT-14 % and State VAT 12.5% )
  • 15. Taxes proposed to be subsumed in GST Central Taxes  Excise Duty  Additional Excise duty  Excise duty under medicinal and toilet preparation Act  Service Tax  Additional Custom duty commonly known as countervailing duty (CVD), special additional duty( SAD)  Surcharge  CENVAT
  • 16. Taxes proposed to be subsumed in GST State Taxes  Value added tax (VAT)  Entertainment tax levied by states  Luxury Tax  Tax on Lottery, betting and gambling  Entry tax other than for local bodies (Octroi)
  • 17. Product Excluded from GST  Petroleum Product  Alcohol  Tobacco Product  Purchase Tax  Zero Rating For Exports
  • 18. Illustration Of GST Product A VAT System GST System Base Price 100 100 + 12% Excise duty 12 NA +12.5% VAT 14 NA State GST NA 8 centre GST NA 12 Total Tax Burden 26 20 Value Of Product to Consumer 126 120
  • 19. Benefits of GST  Transparent Tax System  Uniform Tax system Across India  Reduce Tax Evasion  Export will more competitive
  • 20. Hurdles in Implementation  Dispute between centre and Tax over Tax Sharing  Highly sophisticated IT infrastructure required .  Issue of taxing financial services and e-commerce is to be appropriately addressed and integrated.  Political Imbalace
  • 21. GST Global Scenario  More than 140 countries have already introduced GST/National VAT.  France was the first country to introduce GST system in 1954.  Typically it is a single rate system but two/three rate systems are also prevalent. Canada and Brazil alone have a dual VAT.  Standard GST rate in most countries ranges between 15-20%.
  • 22.