GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
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
Proposed GST - Will it finally happen? - Dr Sanjiv AgarwalD Murali ☆
Proposed GST - Will it finally happen? - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document provides a historical background of the Goods and Services Tax (GST) in India. It details how GST was proposed in 2000 with a committee headed by Asim Dasgupta tasked to design a model for India. The government began implementing Value Added Tax (VAT) in the 2000s and the Kelkar task force in 2003 recommended a comprehensive GST based on VAT. After several discussions and drafts of the constitutional amendment bill, the bill was finally passed by the Rajya Sabha in August 2016 and ratified by the required number of states within 23 days, leading to the President signing it into law on September 8, 2016.
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.
The document discusses the proposed Goods and Services Tax (GST) bill introduced in India. It was introduced by Arun Jaitley and passed in the Lok Sabha in May 2015. GST would replace existing indirect taxes and aim to create a uniform market across India. It is proposed to be implemented in 2016 and would impact taxation, compliance, and business operations significantly. The bill aims to transform India into a unified market by reducing fiscal barriers between states.
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.
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
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
Proposed GST - Will it finally happen? - Dr Sanjiv AgarwalD Murali ☆
Proposed GST - Will it finally happen? - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document provides a historical background of the Goods and Services Tax (GST) in India. It details how GST was proposed in 2000 with a committee headed by Asim Dasgupta tasked to design a model for India. The government began implementing Value Added Tax (VAT) in the 2000s and the Kelkar task force in 2003 recommended a comprehensive GST based on VAT. After several discussions and drafts of the constitutional amendment bill, the bill was finally passed by the Rajya Sabha in August 2016 and ratified by the required number of states within 23 days, leading to the President signing it into law on September 8, 2016.
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.
The document discusses the proposed Goods and Services Tax (GST) bill introduced in India. It was introduced by Arun Jaitley and passed in the Lok Sabha in May 2015. GST would replace existing indirect taxes and aim to create a uniform market across India. It is proposed to be implemented in 2016 and would impact taxation, compliance, and business operations significantly. The bill aims to transform India into a unified market by reducing fiscal barriers between states.
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.
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
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.
Dear Friends,
As we all know that GST has been introduced w.e.f 01/07/2017 and this could be a landmark move. For reference of all, I have attached a brief introduction for your reference.
This document is a research report on Goods and Services Tax (GST) submitted by Tara Kumari for her MBA program. The report provides an introduction to GST, including its meaning and purpose. It discusses the history and background of GST in India. The report also outlines the different types of categories under the GST rate and analyzes the impact of GST across various sectors. Key aspects of the proposed GST system such as returns, rates, and benefits are examined.
Introductions to Indirect Tax - Types, Structure, Constitutional Powers, ReformsSundar B N
Constitutional Powers of Taxation
Comparison between Old and New Tax stream
Structure of Indian Tax System
Different Types of Taxes
Taxes under Indirect Tax Family in India
Recent Tax Reforms Committees and its Recommendations
Canons of Taxation
Public Finance
Public Expenditure
Public Revenue
Welfare State
Fiscal Discipline
The document discusses India's taxation system and the introduction of Goods and Service Tax (GST). It notes that GST is a comprehensive indirect tax that will be applied at all stages of production and distribution. GST subsumes many existing indirect taxes and is expected to provide benefits like reducing costs and shifting trade towards the organized sector. The taxation system in India involves both direct and indirect taxes imposed by central and state governments. GST laws were passed in 2017 and its implementation from July 2017 is expected to have impacts like corporate restructuring, lower inflation, and long-term economic growth.
GST is a single, indirect tax levied on the supply of goods and services. It is levied at each stage of the production and distribution process. The final consumer bears only the GST charged by the last dealer. GST in India will have two components - the Central GST (CGST) levied and collected by the Centre, and the State GST (SGST) levied and collected by states on all transactions. GST aims to create a common national market by removing economic distortions and bringing about development through a transparent, corruption-free tax system. However, some challenges in implementing GST in India include dissatisfaction among manufacturing states, potential increase in taxes on services hampering growth, lack of
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
Goods and Services Tax (GST) is an indirect tax that has replaced several indirect taxes in India. It is levied as Central GST (CGST) on intra-state supplies by the central government and as State GST (SGST) on intra-state supplies by state governments. For inter-state supplies, Integrated GST (IGST) is levied by the central government. GST rates vary from 0% to 28% in India, with the standard rates being 5%, 12%, 18% and 28%. The three-tier structure of CGST, SGST and IGST was implemented to help taxpayers take credits across states and ensure a seamless flow of input tax credits.
Indirect taxes are taxes collected by intermediaries in the supply chain but ultimately paid by consumers through higher prices. They contrast with direct taxes which are paid directly to the government by the person being taxed. Common indirect taxes include import duties, sales taxes, and carbon taxes. While they are a major source of government revenue, indirect taxes are often considered regressive since they place a higher relative burden on low-income individuals. They also lack transparency and can distort markets. However, they are generally convenient to administer and difficult to evade.
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.
The document provides an overview of the Goods and Services Tax (GST) that is proposed to be implemented in India. It discusses that GST aims to create a single, unified indirect tax by subsuming multiple taxes into one. It will be levied as Central GST (CGST) and State GST (SGST) on intra-state supplies, and as Integrated GST (IGST) on inter-state supplies. The document outlines the proposed GST rate structure and registration process, and explains how input tax credit will work under GST.
Goods and Services Tax(GST) vs Simple Tax SystemSachin Chauhan
This presentation provides an overview of Goods and Services Tax (GST) in India. It discusses the history of taxation in India, the current indirect tax system, and the key aspects of GST such as unified tax rate, subsuming of various indirect taxes, and dual GST model with CGST and SGST. It also compares GST with the current VAT and service tax system, and outlines some advantages like removing cascading effect of taxes as well as challenges of implementation like robust IT infrastructure and trained staff. Overall, GST is expected to boost India's GDP and have widespread economic impacts.
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.
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 being introduced in India. It discusses the history and development of GST in India, the key features of GST including the different tax rates that will apply to goods and services, and the overall benefits of moving to a GST system. GST aims to create a single, unified Indian market by replacing existing indirect taxes and harmonizing rates and rules across states.
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
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.
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/
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 .
An overview of Goods and Services tax in IndiaKushal Setty
The document provides an overview of the proposed Goods and Services Tax (GST) model in India. It discusses that GST will replace many existing indirect taxes and be composed of two levels - Central GST and State GST. It notes GST will provide a comprehensive tax credit offset across the supply chain. The document also outlines some of the key aspects of GST including taxable events, identification numbers, payment procedures, and proposed tax rates.
This document provides an overview of goods and services tax (GST) implementation in India. It discusses the complex indirect tax structure that previously existed, with various central and state taxes. GST was introduced on July 1, 2017 to simplify and harmonize India's tax system. The GST Council was established to make recommendations around GST design and administration, with decisions requiring a 3/4 majority. GST aims to make India a unified market by reducing economic distortions caused by the prior complex tax regime.
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
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.
Dear Friends,
As we all know that GST has been introduced w.e.f 01/07/2017 and this could be a landmark move. For reference of all, I have attached a brief introduction for your reference.
This document is a research report on Goods and Services Tax (GST) submitted by Tara Kumari for her MBA program. The report provides an introduction to GST, including its meaning and purpose. It discusses the history and background of GST in India. The report also outlines the different types of categories under the GST rate and analyzes the impact of GST across various sectors. Key aspects of the proposed GST system such as returns, rates, and benefits are examined.
Introductions to Indirect Tax - Types, Structure, Constitutional Powers, ReformsSundar B N
Constitutional Powers of Taxation
Comparison between Old and New Tax stream
Structure of Indian Tax System
Different Types of Taxes
Taxes under Indirect Tax Family in India
Recent Tax Reforms Committees and its Recommendations
Canons of Taxation
Public Finance
Public Expenditure
Public Revenue
Welfare State
Fiscal Discipline
The document discusses India's taxation system and the introduction of Goods and Service Tax (GST). It notes that GST is a comprehensive indirect tax that will be applied at all stages of production and distribution. GST subsumes many existing indirect taxes and is expected to provide benefits like reducing costs and shifting trade towards the organized sector. The taxation system in India involves both direct and indirect taxes imposed by central and state governments. GST laws were passed in 2017 and its implementation from July 2017 is expected to have impacts like corporate restructuring, lower inflation, and long-term economic growth.
GST is a single, indirect tax levied on the supply of goods and services. It is levied at each stage of the production and distribution process. The final consumer bears only the GST charged by the last dealer. GST in India will have two components - the Central GST (CGST) levied and collected by the Centre, and the State GST (SGST) levied and collected by states on all transactions. GST aims to create a common national market by removing economic distortions and bringing about development through a transparent, corruption-free tax system. However, some challenges in implementing GST in India include dissatisfaction among manufacturing states, potential increase in taxes on services hampering growth, lack of
This project is undertaken to fulfill information needs of the user at two levels i.e. Macro Level and Micro Level
On a macro level, it aims to provide a single document which can provide information about the impact of GST on various sectors like logistics, eCommerce, pharma, telecommunication, textile, real estate, agriculture, automobiles, small medium enterprises and startups.
Further, on a micro level, it aims to provide information to a businessperson information about GST from a business perspective so that one is able to (a) Comply with the law and (b) collect and pay to the government the correct amount of taxes on time and (c) Does not miss out on any credits that are available.
Goods and Services Tax (GST) is an indirect tax that has replaced several indirect taxes in India. It is levied as Central GST (CGST) on intra-state supplies by the central government and as State GST (SGST) on intra-state supplies by state governments. For inter-state supplies, Integrated GST (IGST) is levied by the central government. GST rates vary from 0% to 28% in India, with the standard rates being 5%, 12%, 18% and 28%. The three-tier structure of CGST, SGST and IGST was implemented to help taxpayers take credits across states and ensure a seamless flow of input tax credits.
Indirect taxes are taxes collected by intermediaries in the supply chain but ultimately paid by consumers through higher prices. They contrast with direct taxes which are paid directly to the government by the person being taxed. Common indirect taxes include import duties, sales taxes, and carbon taxes. While they are a major source of government revenue, indirect taxes are often considered regressive since they place a higher relative burden on low-income individuals. They also lack transparency and can distort markets. However, they are generally convenient to administer and difficult to evade.
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.
The document provides an overview of the Goods and Services Tax (GST) that is proposed to be implemented in India. It discusses that GST aims to create a single, unified indirect tax by subsuming multiple taxes into one. It will be levied as Central GST (CGST) and State GST (SGST) on intra-state supplies, and as Integrated GST (IGST) on inter-state supplies. The document outlines the proposed GST rate structure and registration process, and explains how input tax credit will work under GST.
Goods and Services Tax(GST) vs Simple Tax SystemSachin Chauhan
This presentation provides an overview of Goods and Services Tax (GST) in India. It discusses the history of taxation in India, the current indirect tax system, and the key aspects of GST such as unified tax rate, subsuming of various indirect taxes, and dual GST model with CGST and SGST. It also compares GST with the current VAT and service tax system, and outlines some advantages like removing cascading effect of taxes as well as challenges of implementation like robust IT infrastructure and trained staff. Overall, GST is expected to boost India's GDP and have widespread economic impacts.
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.
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 being introduced in India. It discusses the history and development of GST in India, the key features of GST including the different tax rates that will apply to goods and services, and the overall benefits of moving to a GST system. GST aims to create a single, unified Indian market by replacing existing indirect taxes and harmonizing rates and rules across states.
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
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.
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/
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 .
An overview of Goods and Services tax in IndiaKushal Setty
The document provides an overview of the proposed Goods and Services Tax (GST) model in India. It discusses that GST will replace many existing indirect taxes and be composed of two levels - Central GST and State GST. It notes GST will provide a comprehensive tax credit offset across the supply chain. The document also outlines some of the key aspects of GST including taxable events, identification numbers, payment procedures, and proposed tax rates.
This document provides an overview of goods and services tax (GST) implementation in India. It discusses the complex indirect tax structure that previously existed, with various central and state taxes. GST was introduced on July 1, 2017 to simplify and harmonize India's tax system. The GST Council was established to make recommendations around GST design and administration, with decisions requiring a 3/4 majority. GST aims to make India a unified market by reducing economic distortions caused by the prior complex tax regime.
The Central Board of Excise and Customs has made available a FAQ that answers all your questions about the Goods and Services Tax that will come to effect starting July 1.
This document provides an overview of Goods and Service Tax (GST) in India. It discusses the history of GST in India from 2000 to 2017 when it was implemented. It describes key features of GST such as applying a dual GST model concurrently by the central and state governments, categorizing goods and services into five tax slabs, and exempting certain items like petroleum from GST. The goals of GST are to replace existing indirect taxes and harmonize tax rates and structures across the country.
The document provides an overview of the 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.
GST RETURN and Tally Internship report.docxGOLDY SINGH
Title: GST Return and Tally Prime: A Comprehensive Internship Report
Description:
🌐 Explore the Essence of GST and Tally Prime:
Embark on a journey through the intricacies of Goods and Services Tax (GST) and Tally Prime with our comprehensive internship report. Gain profound insights into the world of taxation, accounting, and business management.
📈 Chapter 1: Decoding GST - One Nation, One Tax, One Market:
Delve into the evolution and impact of GST in India. Uncover the rationale behind its implementation, the components of GST, and the transformative changes it brought to the taxation landscape. Investigate the challenges, regulatory framework, and major modes of tax evasion under GST.
🚀 Chapter 2: Tally Prime - Empowering Businesses for Success:
Unlock the potential of Tally Prime, a versatile business management software. Explore its core features, from seamless invoicing and inventory management to insightful business reports and efficient taxation compliance. Understand how Tally Prime simplifies credit and cash flow management, multitasking capabilities, and secure data handling.
🔍 Chapter 3: GST Return Process Simplified:
Navigate through the step-by-step process of filing GST returns. From GST registration to the submission of returns, discover the nuances of preparing and filing returns using Tally Prime. Learn about Form GSTR-3B and the vital role it plays in declaring and discharging GST liabilities.
📚 Literature Review - Insights from Tax Committees:
Gain a deeper understanding of the research context with a literature review that explores reports from prominent tax committees in India. From the Parthasarathi Shome Committee to the recent Amit Mitra Committee, witness the evolution of tax reforms and recommendations shaping the Indian tax landscape.
🔗 Research Methodology - An Exploratory Approach:
Understand the methodology employed in this research, drawing on secondary data sources, including journals, articles, newspapers, research papers, and feedback from industry experts. Explore the objectives of the study, limitations, and the significance of the chosen approach.
💡 Findings and Analysis - Unveiling Operational Realities:
Delve into the findings and analysis derived from the examination of a company's tax and financial processes. Understand the significance of accurate GST numbers and Unique Document Identification Numbers (UDIN) in maintaining transaction integrity.
🔒 Conclusions - Navigating Towards Efficiency and Compliance:
Summarize key takeaways from the research, emphasizing the importance of efficient GST processes, staff training, supplier collaboration, and regular compliance checks. Explore practical suggestions for companies to enhance their adherence to GST rules and contribute to a robust Indian tax system.
The document provides an overview of the Goods and Services Tax (GST) Constitutional Amendment Bill in India. It explains that GST will create a single, unified indirect tax replacing existing central and state taxes. It will function as a dual GST with both central and state components administered jointly through a GST Council. The bill faces opposition from the Congress party over demands like capping the GST rate and changing the Council's composition.
The document provides an overview of the Goods and Services Tax (GST) in India. It discusses that GST is a comprehensive indirect tax replacing multiple taxes. The key points covered are the constitutional amendment for GST, the legislative framework establishing central, state and integrated GST, features of GST including the tax structure and benefits of GST such as creating a unified market, removing cascading effects of taxes, and boosting the 'Make in India' initiative.
Embark on an insightful journey into the world of Goods and Services Tax (GST) with a special focus on the tech giant, Google. This presentation aims to demystify the complexities of GST, shedding light on its principles, implications, and the transformative impact it has on businesses worldwide.
The journey begins with an overview of GST, unraveling its fundamental concepts and its role in streamlining the taxation system. We explore how GST simplifies the tax structure, promotes transparency, and eliminates cascading effects, providing a comprehensive understanding of its benefits for businesses and consumers alike.
Zooming in on Google, we analyze how this global tech powerhouse navigates the intricacies of GST. From compliance to strategic financial planning, we delve into Google's approach to GST, offering real-world insights into how one of the most influential companies in the digital landscape manages its tax responsibilities.
Visual aids and infographics will illustrate the key components of GST, making the information accessible and engaging. Case studies and examples related to Google's experiences with GST will provide a practical dimension to the theoretical framework, offering a unique perspective on the challenges and opportunities presented by GST in the digital realm.
The document provides an analysis of the proposed Goods and Services Tax (GST) in India. It discusses the current status of the GST bill, which has been passed by the Lok Sabha but is pending in the Rajya Sabha. There are some issues still being debated, such as the GST rate. The document also analyzes how GST will work in India as a dual GST model with both central and state governments levying tax. It outlines the scope of goods and services to be taxed under GST and how the levy will be implemented. Overall the analysis finds that GST could boost economic growth and make India's tax regime more efficient and transparent.
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.
As Per My opinion This Is very Useful .
Most of the information Has Been Has Covered in this.
If Some thing left then You can send in comment box Also.
I Will see it and reply you.
Thanks For Your Support
The documents provide an overview of the Goods and Services Tax (GST) system implemented in India in 2017, including:
1) GST is a destination-based consumption tax that subsumes multiple taxes into a single tax applied at all stages of production and distribution.
2) The Indian GST model is a dual GST with taxation powers shared between the central and state governments. An Integrated GST is applied to inter-state transactions.
3) The GST system addresses prior issues of tax fragmentation and aims to create a common national market. It includes mechanisms like the GST Council, e-way bill system, and compensation for states.
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 levy and collection of goods and services tax (GST) in India. It provides details on:
- GST subsumed multiple indirect taxes and is levied on supply of goods and services across India.
- GST is levied and collected under the Central GST Act for intra-state supplies and the Integrated GST Act for inter-state supplies. The recipient is liable to pay tax on notified supplies under reverse charge.
- For intra-state supplies, CGST and SGST/UTGST are levied simultaneously by the Central and State Governments respectively. For inter-state supplies, IGST is levied by the Central Government.
DEFINITIONS: Business, Dealer, Goods, Declared Goods, Input Tax, Manufacture, Out Put Tax, Person, Sale, Sale Price, Turnover, Works-Contract, Taxable Turnover.
Tax refund includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported outside India, or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilized input tax credit as provided under section 38(2).
1 highlights of income tax provisions in budget 2018Subramanya Bhat
The document summarizes key changes to India's income tax provisions in the 2018 budget. Some key points:
- Long-term capital gains (LTCG) over Rs. 1 lakh from listed equity shares will now be taxed at 10%. All LTCG until January 31, 2018 will be exempt.
- Standard deduction of Rs. 40,000 introduced for salaried employees in lieu of transport/medical exemptions.
- Deduction limits for senior citizens increased for interest income, health insurance premiums, and medical expenditure.
- Corporate tax rate reduced to 25% for domestic companies with turnover up to Rs. 250 crores.
- Income Tax Return (ITR) is a document filed with the Indian Income Tax Department by taxpayers annually detailing their earnings and taxes paid for the year. It must be filed by all Indian citizens earning a taxable income.
- The due date for individual ITR filing for financial year 2018-2019 was July 31, 2018. The date is extended for individuals requiring tax audit. Late filers may face penalties.
- The Indian income tax system levies tax on both earned and unearned incomes based on multiple tax slabs ranging from 0-30% depending on the amount of total annual income. Tax rates are lower for senior citizens.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
This document discusses depreciation accounting and various depreciation methods. It begins by defining depreciation as the reduction in value of an asset due to factors like usage, passage of time, wear and tear, etc. Depreciation is allocated over the useful life of an asset using methods like straight line, reducing balance, etc. The document then discusses various depreciation methods in detail like sinking fund method, insurance policy method, annuity method, and machine hour rate method. It also discusses accounting standard 6 related to depreciation accounting.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION.
STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENIFIT
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 .
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
-------------------------------------------------------------------------------
Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
-------------------------------------------------------------------------------
For more information about PECB:
Website: https://pecb.com/
LinkedIn: https://www.linkedin.com/company/pecb/
Facebook: https://www.facebook.com/PECBInternational/
Slideshare: http://www.slideshare.net/PECBCERTIFICATION
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
1. 1
Goods and Services Tax
One Country
One Tax
One Market
FAQs on Goods and Services Tax (GST)
Question 1. What is GST? How does it work?
Answer: GST is one indirect tax for the whole nation, which will
make India one unified common market.
GST is a single tax on the supply of goods and services,
right from the manufacturer to the consumer. Credits of input taxes paid
at each stage will be available in the subsequent stage of value addition,
which makes GST essentially a tax only on value addition at each stage.
The final consumer will thus bear only the GST charged by the last dealer
in the supply chain, with set-off benefits at all the previous stages.
Question 2. What are the benefits of GST?
Answer: The benefits of GST can be summarized as under:
For business and industry
o Easy compliance: A robust and comprehensive IT
system would be the foundation of the GST regime in
India. Therefore, all tax payer services such as
registrations, returns, payments, etc. would be
available to the taxpayers online, which would make
compliance easy and transparent.
o Uniformity of tax rates and structures: GST will ensure
that indirect tax rates and structures are common
across the country, thereby increasing certainty and
2. 2
ease of doing business. In other words, GST would
make doing business in the country tax neutral,
irrespective of the choice of place of doing business.
o Removal of cascading: A system of seamless tax-credits
throughout the value-chain, and across boundaries of
States, would ensure that there is minimal cascading of
taxes. This would reduce hidden costs of doing
business.
o Improved competitiveness: Reduction in transaction
costs of doing business would eventually lead to an
improved competitiveness for the trade and industry.
o Gain to manufacturers and exporters: The subsuming
of major Central and State taxes in GST, complete and
comprehensive set-off of input goods and services and
phasing out of Central Sales Tax (CST) would reduce
the cost of locally manufactured goods and services.
This will increase the competitiveness of Indian goods
and services in the international market and give boost
to Indian exports. The uniformity in tax rates and
procedures across the country will also go a long way in
reducing the compliance cost.
For Central and State Governments
o Simple and easy to administer: Multiple indirect taxes
at the Central and State levels are being replaced by
GST. Backed with a robust end-to-end IT system, GST
would be simpler and easier to administer than all
other indirect taxes of the Centre and State levied so
far.
o Better controls on leakage: GST will result in better tax
compliance due to a robust IT infrastructure. Due to
the seamless transfer of input tax credit from one stage
to another in the chain of value addition, there is an in-
built mechanism in the design of GST that would
incentivize tax compliance by traders.
o Higher revenue efficiency: GST is expected to decrease
the cost of collection of tax revenues of the
3. 3
Government, and will therefore, lead to higher revenue
efficiency.
For the consumer
o Single and transparent tax proportionate to the value of
goods and services: Due to multiple indirect taxes being
levied by the Centre and State, with incomplete or no
input tax credits available at progressive stages of value
addition, the cost of most goods and services in the
country today are laden with many hidden taxes. Under
GST, there would be only one tax from the manufacturer
to the consumer, leading to transparency of taxes paid to
the final consumer.
o Relief in overall tax burden: Because of efficiency gains
and prevention of leakages, the overall tax burden on
most commodities will come down, which will benefit
consumers.
Question 3. Which taxes at the Centre and State level are
being subsumed into GST?
Answer:
At the Central level, the following taxes are being subsumed:
a. Central Excise Duty,
b. Additional Excise Duty,
c. Service Tax,
d. Additional Customs Duty commonly known as Countervailing
Duty, and
e. Special Additional Duty of Customs.
At the State level, the following taxes are being subsumed:
a. Subsuming of State Value Added Tax/Sales Tax,
b. Entertainment Tax (other than the tax levied by the local bodies),
Central Sales Tax (levied by the Centre and collected by the
States),
c. Octroi and Entry tax,
d. Purchase Tax,
4. 4
e. Luxury tax, and
f. Taxes on lottery, betting and gambling.
Question 4. What are the major chronological events that
have led to the introduction of GST?
Answer: GST is being introduced in the country after a 13 year long
journey since it was first discussed in the report of the Kelkar Task
Force on indirect taxes. A brief chronology outlining the major
milestones on the proposal for introduction of GST in India is as
follows:
a. In 2003, the Kelkar Task Force on indirect tax had suggested a
comprehensive Goods and Services Tax (GST) based on VAT
principle.
b. A proposal to introduce a National level Goods and Services Tax
(GST) by April 1, 2010 was first mooted in the Budget Speech for
the financial year 2006-07.
c. Since the proposal involved reform/ restructuring of not only
indirect taxes levied by the Centre but also the States, the
responsibility of preparing a Design and Road Map for the
implementation of GST was assigned to the Empowered
Committee of State Finance Ministers (EC).
d. Based on inputs from Govt of India and States, the EC released its
First Discussion Paper on Goods and Services Tax in India in
November, 2009.
e. In order to take the GST related work further, a Joint Working
Group consisting of officers from Central as well as State
Government was constituted in September, 2009.
f. In order to amend the Constitution to enable introduction of GST,
the Constitution (115th Amendment) Bill was introduced in the
Lok Sabha in March 2011. As per the prescribed procedure, the
Bill was referred to the Standing Committee on Finance of the
Parliament for examination and report.
g. Meanwhile, in pursuance of the decision taken in a meeting
between the Union Finance Minister and the Empowered
Committee of State Finance Ministers on 8th November, 2012, a
‘Committee on GST Design’, consisting of the officials of the
5. 5
Government of India, State Governments and the Empowered
Committee was constituted.
h. This Committee did a detailed discussion on GST design
including the Constitution (115th) Amendment Bill and submitted
its report in January, 2013. Based on this Report, the EC
recommended certain changes in the Constitution Amendment
Bill in their meeting at Bhubaneswar in January 2013.
i. The Empowered Committee in the Bhubaneswar meeting also
decided to constitute three committees of officers to discuss and
report on various aspects of GST as follows:-
(a) Committee on Place of Supply Rules and Revenue Neutral
Rates;
(b) Committee on dual control, threshold and exemptions;
(c) Committee on IGST and GST on imports.
j. The Parliamentary Standing Committee submitted its Report in
August, 2013 to the Lok Sabha. The recommendations of the
Empowered Committee and the recommendations of the
Parliamentary Standing Committee were examined in the
Ministry in consultation with the Legislative Department. Most of
the recommendations made by the Empowered Committee and
the Parliamentary Standing Committee were accepted and the
draft Amendment Bill was suitably revised.
k. The final draft Constitutional Amendment Bill incorporating the
above stated changes were sent to the Empowered Committee for
consideration in September 2013.
l. The EC once again made certain recommendations on the Bill
after its meeting in Shillong in November 2013. Certain
recommendations of the Empowered Committee were
incorporated in the draft Constitution (115th Amendment) Bill.
The revised draft was sent for consideration of the Empowered
Committee in March, 2014.
m. The 115th Constitutional (Amendment) Bill, 2011, for the
introduction of GST introduced in the Lok Sabha in March 2011
lapsed with the dissolution of the 15th Lok Sabha.
n. In June 2014, the draft Constitution Amendment Bill was sent to
the Empowered Committee after approval of the new
Government.
6. 6
o. Based on a broad consensus reached with the Empowered
Committee on the contours of the Bill, the Cabinet on 17.12.2014
approved the proposal for introduction of a Bill in the Parliament
for amending the Constitution of India to facilitate the
introduction of Goods and Services Tax (GST) in the country. The
Bill was introduced in the Lok Sabha on 19.12.2014, and was
passed by the Lok Sabha on 06.05.2015. It was then referred to
the Select Committee of Rajya Sabha, which submitted its report
on 22.07.2015.
Question 5. How would GST be administered in India?
Answer: Keeping in mind the federal structure of India, there
will be two components of GST – Central GST (CGST) and State
GST (SGST). Both Centre and States will simultaneously levy GST
across the value chain. Tax will be levied on every supply of goods
and services. Centre would levy and collect Central Goods and
Services Tax (CGST), and States would levy and collect the State
Goods and Services Tax (SGST) on all transactions within a State.
The input tax credit of CGST would be available for discharging the
CGST liability on the output at each stage. Similarly, the credit of
SGST paid on inputs would be allowed for paying the SGST on
output. No cross utilization of credit would be permitted.
Question 6. How would a particular transaction of goods and
services be taxed simultaneously under Central
GST (CGST) and State GST (SGST)?
Answer : The Central GST and the State GST would be levied
simultaneously on every transaction of supply of goods and services
except on exempted goods and services, goods which are outside the
purview of GST and the transactions which are below the prescribed
threshold limits. Further, both would be levied on the same price or
value unlike State VAT which is levied on the value of the goods
inclusive of Central Excise.
A diagrammatic representation of the working of the Dual GST
model within a State is shown in Figure 1 below.
7. 7
Figure 1: GST within State
Question 7. Will cross utilization of credits between goods
and services be allowed under GST regime?
Answer : Cross utilization of credit of CGST between goods and
services would be allowed. Similarly, the facility of cross utilization
of credit will be available in case of SGST. However, the cross
utilization of CGST and SGST would not be allowed except in the
case of inter-State supply of goods and services under the IGST
model which is explained in answer to the next question.
Question 8. How will be Inter-State Transactions of Goods
and Services be taxed under GST in terms of IGST
method?
Answer: In case of inter-State transactions, the Centre would levy
and collect the Integrated Goods and Services Tax (IGST) on all
inter-State supplies of goods and services under Article 269A (1) of
the Constitution. The IGST would roughly be equal to CGST plus
SGST. The IGST mechanism has been designed to ensure seamless
Dual GST within State: Working
Example
Timber
Maker
Furniture
Retailer
Furniture
Maker
Final
Consumer
Centre
CGST
@10%Tax Invoice A
Cost of Goods = Rs.100
SGST @ 10% = Rs. 10
CGST @ 10% = Rs. 10
Total = Rs. 120
Tax Invoice B
Cost of Goods = Rs.200
SGST @ 10% = Rs. 20
CGST @ 10% = Rs. 20
Total = Rs. 240
Tax Invoice C
Cost of Goods = Rs.300
SGST @ 10% = Rs. 30
CGST @ 10% = Rs. 30
Total = Rs. 360
A B C
SGST Paid = Rs. 10
(Rs. 30 – Rs. 20 Input Tax Credit)SGST Paid = Rs. 10
(Rs. 20 – Rs. 10 Input Tax Credit)
State
SGST
@10%
SGST Paid = Rs. 10
CGST Paid = Rs. 10
(Rs. 20 – Rs. 10 Input Tax Credit)
CGST Paid = Rs. 10
(Rs. 30 – Rs. 20 Input Tax Credit)CGST Paid = Rs. 10
8. 8
flow of input tax credit from one State to another. The inter-State
seller would pay IGST on the sale of his goods to the Central
Government after adjusting credit of IGST, CGST and SGST on his
purchases (in that order). The exporting State will transfer to the
Centre the credit of SGST used in payment of IGST. The importing
dealer will claim credit of IGST while discharging his output tax
liability (both CGST and SGST) in his own State. The Centre will
transfer to the importing State the credit of IGST used in payment of
SGST. Since GST is a destination-based tax, all SGST on the final
product will ordinarily accrue to the consuming State.
A diagrammatic representation of the working of the
IGST model for inter-State transactions is shown in Figure 2 below.
Figure 2
IGST Model: Working Example
Timber
Maker
Furniture
Retailer
Furniture
Maker
Final
Consumer
Centre
CGST @10%
IGST @20%
Tax Invoice C
Cost of Goods = Rs. 300
SGST (M) @ 10% = Rs. 30
CGST @ 10% = Rs. 30
Total = Rs. 360
A B C
Tax Invoice B
Cost of Goods = Rs.200
IGST @ 20% = Rs. 40
Total = Rs 240
State Y
SGST
@10%
State X
SGST
@10%
SGST Paid = Rs. 10
Payment of IGST
IGST payable = Rs. 40
Less CGST ITC = Rs. 10
Less SGST (G) ITC = Rs. 10
IGST Paid in Cash = Rs. 20
Payment of CGST
CGST Payable = Rs. 30
Less CGST ITC = Rs.0.0
Less IGST ITC = Rs. 30
CGST Paid = Rs.0.0
Payment of SGST
SGST (M) Payable = Rs. 30
Less IGST ITC = Rs. 10
SGST Paid = Rs. 20
CGST Paid = Rs. 10
Tax Invoice A
Cost of Goods = Rs.100
SGST (G) @ 10% = Rs. 10
CGST @ 10% = Rs. 10
Total = Rs. 120
State Border
State X State Y
9. 9
Question 9. How will IT be used for the implementation of
GST?
Answer: For the implementation of GST in the country, the
Central and State Governments have jointly registered Goods and
Services Tax Network (GSTN) as a not-for-profit, non-Government
Company to provide shared IT infrastructure and services to
Central and State Governments, tax payers and other stakeholders.
The key objectives of GSTN are to provide a standard and uniform
interface to the taxpayers, and shared infrastructure and services
to Central and State/UT governments.
GSTN is working on developing a state-of-the-art
comprehensive IT infrastructure including the common GST portal
providing frontend services of registration, returns and payments
to all taxpayers, as well as the backend IT modules for certain
States that include processing of returns, registrations, audits,
assessments, appeals, etc. All States, accounting authorities, RBI
and banks, are also preparing their IT infrastructure for the
administration of GST.
There would no manual filing of returns. All taxes can
also be paid online. All mis-matched returns would be auto-
generated, and there would be no need for manual interventions.
Most returns would be self-assessed.
Question 10. How will imports be taxed under GST?
Answer : The Additional Duty of Excise or CVD and the Special
Additional Duty or SAD presently being levied on imports will be
subsumed under GST. As per explanation to clause (1) of article
269A of the Constitution, IGST will be levied on all imports into the
territory of India. Unlike in the present regime, the States where
imported goods are consumed will now gain their share from this
IGST paid on imported goods.
10. 10
Question 11. What are the major features of the Constitution
(122nd Amendment) Bill, 2014?
Answer : The salient features of the Bill are as follows:
g. Conferring simultaneous power upon Parliament and the State
Legislatures to make laws governing goods and services tax;
h. Subsuming of various Central indirect taxes and levies such as
Central Excise Duty, Additional Excise Duties, Service Tax,
Additional Customs Duty commonly known as Countervailing
Duty, and Special Additional Duty of Customs;
i. Subsuming of State Value Added Tax/Sales Tax, Entertainment
Tax (other than the tax levied by the local bodies), Central Sales
Tax (levied by the Centre and collected by the States), Octroi and
Entry tax, Purchase Tax, Luxury tax, and Taxes on lottery, betting
and gambling;
j. Dispensing with the concept of ‘declared goods of special
importance’ under the Constitution;
k. Levy of Integrated Goods and Services Tax on inter-State
transactions of goods and services;
l. GST to be levied on all goods and services, except alcoholic liquor
for human consumption. Petroleum and petroleum products shall
be subject to the levy of GST on a later date notified on the
recommendation of the Goods and Services Tax Council;
m.Compensation to the States for loss of revenue arising on account
of implementation of the Goods and Services Tax for a period of
five years;
n. Creation of Goods and Services Tax Council to examine issues
relating to goods and services tax and make recommendations to
the Union and the States on parameters like rates, taxes, cesses
and surcharges to be subsumed, exemption list and threshold
limits, Model GST laws, etc. The Council shall function under the
Chairmanship of the Union Finance Minister and will have all the
State Governments as Members.
Question 12. What are the major features of the proposed
registration procedures under GST?
11. 11
Answer: The major features of the proposed registration
procedures under GST are as follows:
i. Existing dealers: Existing VAT/Central excise/Service Tax
payers will not have to apply afresh for registration under GST.
ii. New dealers: Single application to be filed online for
registration under GST.
iii. The registration number will be PAN based and will serve the
purpose for Centre and State.
iv. Unified application to both tax authorities.
v. Each dealer to be given unique ID GSTIN.
vi. Deemed approval within three days.
vii. Post registration verification in risk based cases only.
Question 13. What are the major features of the proposed
returns filing procedures under GST?
Answer: The major features of the proposed returns filing
procedures under GST are as follows:
a. Common return would serve the purpose of both Centre and
State Government.
b. There are eight forms provided for in the GST business processes
for filing for returns. Most of the average tax payers would be using
only four forms for filing their returns. These are return for
supplies, return for purchases, monthly returns and annual return.
c. Small taxpayers: Small taxpayers who have opted composition
scheme shall have to file return on quarterly basis.
d. Filing of returns shall be completely online. All taxes can also be
paid onine.
Question 14. What are the major features of the proposed
payment procedures under GST?
Answer: The major features of the proposed payments
procedures under GST are as follows:
i. Electronic payment process- no generation of paper at any
stage
ii. Single point interface for challan generation- GSTN
12. 12
iii. Ease of payment – payment can be made through online
banking, Credit Card/Debit Card, NEFT/RTGS and through
cheque/cash at the bank
iv. Common challan form with auto-population features
v. Use of single challan and single payment instrument
vi. Common set of authorized banks
vii. Common Accounting Codes