GST will be implemented in Malaysia effective April 1, 2015. Most of ZIMB's insurance products will be subject to the standard GST rate of 6%, while life insurance and overseas policies will be exempt. GST replaces the current sales and service tax which was less transparent, while GST is a multi-tier tax applied at each stage of distribution. Conditions for tax exemption have changed between the two systems. Insurance agents may need to register for GST if their business turnover exceeds RM500,000 and will be responsible for accounting and remitting GST on commissions received. ZIMB will provide training to employees and agents on GST compliance.
Tax Planning in India is a very confused subject, This presentation talks about the Taxation of various financial products in India viz, Equity Taxation, Gold Taxation, Real Estate Taxation, Mutual Funds Taxation, Private Equity Taxation, Insurance Taxation. It also talks about Income Tax Slabs in India, Section 80C Deductions.
There are two main types of taxes - direct taxes and indirect taxes. Direct taxes include income tax, capital gains tax, securities transaction tax, perquisite tax, and corporate tax. These are directly imposed and paid to the government. Indirect taxes include sales tax, service tax, value added tax, customs duty, excise duty, and anti-dumping duty. Other taxes that exist include professional tax, dividend distribution tax, municipal tax, entertainment tax, stamp duty, education cess, gift tax, wealth tax, and toll tax. Taxes are an important source of revenue for the government.
The document discusses Goods and Services Tax (GST) and its impact on the hotel industry in India. It provides an overview of the current tax structure for hotels, which includes various state and central taxes that result in an overall tax rate of 20-27%. The document outlines the proposed GST structure of 5%, 12%, 18%, and 28% tax slabs. While the 5% tax slab for food is beneficial, there is concern about the 18% tax rate for hotel services being higher than competitor countries. The hotel industry demands a lower 6-8% tax rate under GST. Overall, GST could simplify taxes for hotels but the impact will depend on the final tax rate applied to the industry.
The document discusses registration thresholds and eligibility criteria under the GST law in India, including:
- Small businesses with annual turnover less than Rs. 20 lakhs are exempt from tax payment. Some northern states have a lower Rs. 10 lakhs threshold.
- Businesses must register if their annual turnover exceeds the threshold amount or they make inter-state supplies, even if turnover is below the limit. Certain other categories like e-commerce operators must also register.
- Small businesses with annual turnover up to Rs. 75 lakhs can opt for the GST composition scheme and pay a lower tax rate. Certain supplier types providing inter-state supplies cannot opt for this scheme.
- Pro
Input tax credit – apportionment & blocked creditKISHAN KESHRI
This document discusses input tax credit under the GST system in India. It covers what input tax credit is, who is eligible to claim it, how businesses can claim it, and conditions for availing it. It also discusses apportionment of credit on inputs and input services, as well as blocked credits in certain cases like motor vehicles, food and beverages, membership fees, and property construction. Businesses must follow rules around credit apportionment and blocked credits to properly claim input tax credit.
The document discusses various deductions available under Chapter VI-A of the Income Tax Act that can be claimed to reduce taxable income. It provides details on deductions for life insurance premiums (Section 80C), contributions to pension plans (Section 80CCC), Employee Provident Fund (Section 80C), Principal repayments of home loans (Section 80C), tuition fees (Section 80C), among others. It also summarizes deductions for interest on education loans (Section 80E), medical insurance/expenditure (Section 80D, 80DD, 80DDB), and contributions to pension plans (Section 80CCD). The maximum combined deduction amount under Section 80C, 80CCC, 80CCD is Rs. 1.5
The budget summary is as follows:
1. Finance Minister Arun Jaitley presented India's budget for 2015-2016, aiming to boost sectors like agriculture, infrastructure, and social spending while also addressing issues like black money.
2. Key measures included reducing corporate tax rates over four years, increasing health insurance and pension deductions, and abolishing the wealth tax.
3. The budget also proposed service tax and excise duty increases but exempted some social services, with the goals of encouraging manufacturing and a cleaner India while raising revenues.
The budget document provides an analysis of key aspects of the Union Budget 2013 presented by the Finance Minister. Some key points:
1) No changes were made to personal income tax slab rates but a 10% surcharge will be levied on incomes over Rs. 1 crore for one year. Tax rebates and deductions for home loans, donations, and disability insurance were introduced or increased.
2) Excise duties were increased for SUVs, cigarettes and mobile phones but decreased for trucks. Complete exemption was provided for certain agricultural and handicraft products.
3) Custom duties were increased for imported cars, motorcycles, boats and set top boxes but decreased for agricultural products like oats and rice bran.
Tax Planning in India is a very confused subject, This presentation talks about the Taxation of various financial products in India viz, Equity Taxation, Gold Taxation, Real Estate Taxation, Mutual Funds Taxation, Private Equity Taxation, Insurance Taxation. It also talks about Income Tax Slabs in India, Section 80C Deductions.
There are two main types of taxes - direct taxes and indirect taxes. Direct taxes include income tax, capital gains tax, securities transaction tax, perquisite tax, and corporate tax. These are directly imposed and paid to the government. Indirect taxes include sales tax, service tax, value added tax, customs duty, excise duty, and anti-dumping duty. Other taxes that exist include professional tax, dividend distribution tax, municipal tax, entertainment tax, stamp duty, education cess, gift tax, wealth tax, and toll tax. Taxes are an important source of revenue for the government.
The document discusses Goods and Services Tax (GST) and its impact on the hotel industry in India. It provides an overview of the current tax structure for hotels, which includes various state and central taxes that result in an overall tax rate of 20-27%. The document outlines the proposed GST structure of 5%, 12%, 18%, and 28% tax slabs. While the 5% tax slab for food is beneficial, there is concern about the 18% tax rate for hotel services being higher than competitor countries. The hotel industry demands a lower 6-8% tax rate under GST. Overall, GST could simplify taxes for hotels but the impact will depend on the final tax rate applied to the industry.
The document discusses registration thresholds and eligibility criteria under the GST law in India, including:
- Small businesses with annual turnover less than Rs. 20 lakhs are exempt from tax payment. Some northern states have a lower Rs. 10 lakhs threshold.
- Businesses must register if their annual turnover exceeds the threshold amount or they make inter-state supplies, even if turnover is below the limit. Certain other categories like e-commerce operators must also register.
- Small businesses with annual turnover up to Rs. 75 lakhs can opt for the GST composition scheme and pay a lower tax rate. Certain supplier types providing inter-state supplies cannot opt for this scheme.
- Pro
Input tax credit – apportionment & blocked creditKISHAN KESHRI
This document discusses input tax credit under the GST system in India. It covers what input tax credit is, who is eligible to claim it, how businesses can claim it, and conditions for availing it. It also discusses apportionment of credit on inputs and input services, as well as blocked credits in certain cases like motor vehicles, food and beverages, membership fees, and property construction. Businesses must follow rules around credit apportionment and blocked credits to properly claim input tax credit.
The document discusses various deductions available under Chapter VI-A of the Income Tax Act that can be claimed to reduce taxable income. It provides details on deductions for life insurance premiums (Section 80C), contributions to pension plans (Section 80CCC), Employee Provident Fund (Section 80C), Principal repayments of home loans (Section 80C), tuition fees (Section 80C), among others. It also summarizes deductions for interest on education loans (Section 80E), medical insurance/expenditure (Section 80D, 80DD, 80DDB), and contributions to pension plans (Section 80CCD). The maximum combined deduction amount under Section 80C, 80CCC, 80CCD is Rs. 1.5
The budget summary is as follows:
1. Finance Minister Arun Jaitley presented India's budget for 2015-2016, aiming to boost sectors like agriculture, infrastructure, and social spending while also addressing issues like black money.
2. Key measures included reducing corporate tax rates over four years, increasing health insurance and pension deductions, and abolishing the wealth tax.
3. The budget also proposed service tax and excise duty increases but exempted some social services, with the goals of encouraging manufacturing and a cleaner India while raising revenues.
The budget document provides an analysis of key aspects of the Union Budget 2013 presented by the Finance Minister. Some key points:
1) No changes were made to personal income tax slab rates but a 10% surcharge will be levied on incomes over Rs. 1 crore for one year. Tax rebates and deductions for home loans, donations, and disability insurance were introduced or increased.
2) Excise duties were increased for SUVs, cigarettes and mobile phones but decreased for trucks. Complete exemption was provided for certain agricultural and handicraft products.
3) Custom duties were increased for imported cars, motorcycles, boats and set top boxes but decreased for agricultural products like oats and rice bran.
ETI Publication_LinkedIn In_Media ReleaseGareth Hardy
The Employment Tax Incentive (ETI) provides tax credits to employers to reduce the cost of employing young, low-income workers. However, few are aware of the ETI, it is complex to understand and calculate, and perceived as difficult to manage. The ETI can significantly reduce business costs by offsetting pay-as-you-earn (PAYE) tax liability or providing cash reimbursements. However, claiming the ETI requires strict compliance and maintaining evidence to withstand potential audits. The future of the ETI program beyond 2016 is uncertain.
VAT was introduced in Nepal in 1997 to replace several taxes including sales tax. It is a broad-based tax applied at each stage of production and distribution. Businesses with over 2 million NPR in annual taxable sales must register for VAT and can claim input tax credits for VAT paid on purchases. They must collect VAT on sales and remit the difference between input and output tax to the government. Certain essential goods and services are VAT exempt.
Tax Fact 2013/14 provides you information on income tax provisions of Nepal applicable for year 2013/14, with a general explanation of income heads, when tax is charged, residence and source concept, Withholding tax rates, and overall tax process.
India moved to close loopholes in the country’s tax laws with the introduction of General Anti-tax Avoidance Regulations (GARR), rationalizing definitions of international transactions and introduction of many new penalties for tax avoidance, non-compliance, and unaccounted money, in its budget 2012.
This document outlines income tax rates and deductions for individuals and corporations in Nepal. For individuals, tax rates range from 1% to 35% depending on income level. Married couples and disabled individuals receive higher exemption limits. Tax deductions are provided for life insurance premiums, foreign employment allowances, and remote area benefits. Corporate tax rates range from 20-30% for most entities and industries, with tax holidays and rebates provided for industries establishing in special economic zones or creating many jobs.
A guide to Income Tax personal taxation 2017-2018Tintu Thomas
1. The document discusses various aspects of personal income taxation in India, including what constitutes income tax, the benefits of paying income tax, and various tax deductions and exemptions available under the Income Tax Act of 1961.
2. It provides details on income tax slabs for the current year and next year, as well as tax rebates available. It also explains various tax saving sections covering investments, expenditures, healthcare, donations, loans, and other deductions.
3. The document gives an overview of salary components that are fully taxable, partially taxable, and tax free in India. It aims to provide guidance on income tax compliance for individuals.
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.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
The document summarizes the enrolment process for GST registration in India. It involves 12 steps: 1) collecting a provisional ID and password from tax authorities, 2) visiting the GST website and entering login credentials, 3) verifying email and mobile number via OTP, 4) creating a username and password, 5) answering security questions, 6) registering a digital signature certificate, 7) entering business, proprietor, and location details, 8) entering HSN/SAC codes for goods and services, 9) signing and submitting the application. The process requires information, documents, and a digital signature for authentication. Once completed, the registration status will change from provisional to approved.
The document discusses amendments to taxation of individuals and corporations announced in the Indian Union Budget 2012. Key points include:
1) Personal income tax rates were reduced for those earning between Rs. 8-10 lakhs from 30% to 20%.
2) Corporate tax rates remained unchanged at 30% but some deductions and exemptions were introduced or expanded for sectors like power.
3) The Minimum Alternate Tax (MAT) was amended and an Alternate Minimum Tax (AMT) of 18.5% was introduced for non-corporate taxpayers.
4) General Anti-Avoidance Rules (GAAR) were formulated to tackle aggressive tax planning, effective April 2013.
The document discusses various aspects of income tax in India such as residential status, types of income, tax rates, deductions, and allowances. It provides definitions for key terms, outlines the process for determining residential status, and specifies tax treatment and exemptions for different types of income like salary, gratuity, pension, and perquisites. The document also details income tax slabs and surcharge rates for individuals, HUFs, firms, and companies.
The document summarizes several proposed amendments to the Income Tax Act of India that were proposed in the 2012 Union Budget.
1) The threshold for mandatory tax audit and presumptive taxation was increased from 60 lakh rupees to 1 crore rupees to reduce compliance burden on small businesses.
2) Senior citizens without business income were exempted from paying advance tax to reduce their compliance burden.
3) The limit for deducting life insurance premium under section 80C was reduced from 20% to 10% of the sum assured for policies issued on or after April 1, 2012.
4) Tax deduction at source of 1% was introduced for transfer of immovable property other than agricultural
Section 80G allows tax deductions for donations made to certain funds and charitable institutions. It allows deductions without any limit (no limit donations) as well as deductions with certain limits (with limit donations). No limit donations include donations to various government funds and select charitable institutions, and are eligible for a 100% or 50% tax deduction depending on the fund/institution. With limit donations include other charitable donations and are eligible for a 100% or 50% tax deduction subject to a limit of 10% of gross total income.
Goods and Services Tax (GST) is an important indirect tax reform in India that will replace multiple taxes imposed by central and state governments. It will be a dual GST with taxation powers shared between the central and state governments. While the central government can tax services and goods up to production, states can tax sale of goods. Constitutional amendments are needed to properly implement GST. GST will be a comprehensive tax on supply of goods and services that aims to eliminate cascading taxes and provide seamless input tax credits. It has faced delays in implementation due to lack of consensus among states on certain issues.
This document provides information and guidance on various tax saving options available in India for the financial year 2017-18. It begins with an overview of key changes to income tax laws in the 2017 budget. It then discusses how to calculate tax liability and the different tax slabs. The bulk of the document is dedicated to explaining various tax saving sections under which deductions can be claimed, such as Section 80C, 80D, 80E, and others. For each section, it lists the eligible investments and expenditures. It also provides details on popular tax saving instruments like PPF, EPF, SCSS, NSC and tax saving fixed deposits. The document aims to help readers understand available tax saving avenues and plan their finances accordingly to
Final gst vth unit payments of tax interest penalty and tdd&tcsSureshBabuMannarColl
1. The document discusses various ways of paying GST in India, such as using input tax credits, cash payments, or tax deduction at source.
2. It explains the different entities responsible for tax payments like suppliers, recipients, tax deductors, and e-commerce operators. Deadlines vary from monthly to quarterly based on the entity.
3. Input tax credits must be used in a priority order of IGST first, then CGST and finally SGST/UTGST. Non-payment can result in interest charges, penalties, and in serious cases, prosecution.
The document discusses India's equalization levy, a tax on digital services provided by non-resident companies without a permanent establishment in India. It was introduced in 2016 and expanded in 2020-21. The levy applies to online advertising and e-commerce operators with India-based revenues over INR 1-2 crore. It is collected at 6-2% rates. Exemptions and penalties for non-compliance are provided. The levy aims to address tax challenges from the digitalization and growth of e-commerce across borders.
Gst tax invoice-debit note-credit note & returns ivth unitSureshBabuMannarColl
1. The document discusses various types of invoices and bills required under GST law including tax invoices, debit notes, credit notes, and returns.
2. A tax invoice must be issued for all taxable supplies made by registered persons and must contain information such as supplier details, recipient details, tax rates, and HSN codes.
3. Bills of supply are issued instead of tax invoices for exempt supplies, supplies by composition scheme taxpayers, and supplies below Rs. 200 to unregistered persons.
This document provides an overview of the Goods and Services Tax (GST) system in India. It explains that GST aims to create a unified indirect tax system and reduce the overall tax burden. It describes how GST is levied on the supply of goods and services across India, with Central GST, State GST, and Integrated GST applying depending on the nature of the supply. Threshold limits for registration and key tax rates are also outlined. Administrative responsibilities under GST are shared between central and state governments.
This presentation provides an overview of the Indian tax system, including direct and indirect taxes. Direct taxes include income tax, which is levied on individuals, HUFs, firms, and companies according to different tax slabs. Agricultural income is exempt from tax. Indirect taxes include VAT, service tax, and duties. The presentation discusses tax rates, deductions, advance tax payment, TDS, tax returns, and recent budget proposals including increasing the income tax rebate threshold.
- A survey of 501 Indonesian teenagers found that 33.33% reported being cyberbullied, though 84.43% did not report the bullying and most parents and teachers did not know.
- Respondents identified bullying on Facebook (72.06%), Twitter (44.91%), and by mean texts or photos (32.93%) as common forms of cyberbullying.
- Most respondents believed cyberbullying happens often (43.51%) or sometimes (23.15%) and impacts many teenagers.
ETI Publication_LinkedIn In_Media ReleaseGareth Hardy
The Employment Tax Incentive (ETI) provides tax credits to employers to reduce the cost of employing young, low-income workers. However, few are aware of the ETI, it is complex to understand and calculate, and perceived as difficult to manage. The ETI can significantly reduce business costs by offsetting pay-as-you-earn (PAYE) tax liability or providing cash reimbursements. However, claiming the ETI requires strict compliance and maintaining evidence to withstand potential audits. The future of the ETI program beyond 2016 is uncertain.
VAT was introduced in Nepal in 1997 to replace several taxes including sales tax. It is a broad-based tax applied at each stage of production and distribution. Businesses with over 2 million NPR in annual taxable sales must register for VAT and can claim input tax credits for VAT paid on purchases. They must collect VAT on sales and remit the difference between input and output tax to the government. Certain essential goods and services are VAT exempt.
Tax Fact 2013/14 provides you information on income tax provisions of Nepal applicable for year 2013/14, with a general explanation of income heads, when tax is charged, residence and source concept, Withholding tax rates, and overall tax process.
India moved to close loopholes in the country’s tax laws with the introduction of General Anti-tax Avoidance Regulations (GARR), rationalizing definitions of international transactions and introduction of many new penalties for tax avoidance, non-compliance, and unaccounted money, in its budget 2012.
This document outlines income tax rates and deductions for individuals and corporations in Nepal. For individuals, tax rates range from 1% to 35% depending on income level. Married couples and disabled individuals receive higher exemption limits. Tax deductions are provided for life insurance premiums, foreign employment allowances, and remote area benefits. Corporate tax rates range from 20-30% for most entities and industries, with tax holidays and rebates provided for industries establishing in special economic zones or creating many jobs.
A guide to Income Tax personal taxation 2017-2018Tintu Thomas
1. The document discusses various aspects of personal income taxation in India, including what constitutes income tax, the benefits of paying income tax, and various tax deductions and exemptions available under the Income Tax Act of 1961.
2. It provides details on income tax slabs for the current year and next year, as well as tax rebates available. It also explains various tax saving sections covering investments, expenditures, healthcare, donations, loans, and other deductions.
3. The document gives an overview of salary components that are fully taxable, partially taxable, and tax free in India. It aims to provide guidance on income tax compliance for individuals.
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.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
The document summarizes the enrolment process for GST registration in India. It involves 12 steps: 1) collecting a provisional ID and password from tax authorities, 2) visiting the GST website and entering login credentials, 3) verifying email and mobile number via OTP, 4) creating a username and password, 5) answering security questions, 6) registering a digital signature certificate, 7) entering business, proprietor, and location details, 8) entering HSN/SAC codes for goods and services, 9) signing and submitting the application. The process requires information, documents, and a digital signature for authentication. Once completed, the registration status will change from provisional to approved.
The document discusses amendments to taxation of individuals and corporations announced in the Indian Union Budget 2012. Key points include:
1) Personal income tax rates were reduced for those earning between Rs. 8-10 lakhs from 30% to 20%.
2) Corporate tax rates remained unchanged at 30% but some deductions and exemptions were introduced or expanded for sectors like power.
3) The Minimum Alternate Tax (MAT) was amended and an Alternate Minimum Tax (AMT) of 18.5% was introduced for non-corporate taxpayers.
4) General Anti-Avoidance Rules (GAAR) were formulated to tackle aggressive tax planning, effective April 2013.
The document discusses various aspects of income tax in India such as residential status, types of income, tax rates, deductions, and allowances. It provides definitions for key terms, outlines the process for determining residential status, and specifies tax treatment and exemptions for different types of income like salary, gratuity, pension, and perquisites. The document also details income tax slabs and surcharge rates for individuals, HUFs, firms, and companies.
The document summarizes several proposed amendments to the Income Tax Act of India that were proposed in the 2012 Union Budget.
1) The threshold for mandatory tax audit and presumptive taxation was increased from 60 lakh rupees to 1 crore rupees to reduce compliance burden on small businesses.
2) Senior citizens without business income were exempted from paying advance tax to reduce their compliance burden.
3) The limit for deducting life insurance premium under section 80C was reduced from 20% to 10% of the sum assured for policies issued on or after April 1, 2012.
4) Tax deduction at source of 1% was introduced for transfer of immovable property other than agricultural
Section 80G allows tax deductions for donations made to certain funds and charitable institutions. It allows deductions without any limit (no limit donations) as well as deductions with certain limits (with limit donations). No limit donations include donations to various government funds and select charitable institutions, and are eligible for a 100% or 50% tax deduction depending on the fund/institution. With limit donations include other charitable donations and are eligible for a 100% or 50% tax deduction subject to a limit of 10% of gross total income.
Goods and Services Tax (GST) is an important indirect tax reform in India that will replace multiple taxes imposed by central and state governments. It will be a dual GST with taxation powers shared between the central and state governments. While the central government can tax services and goods up to production, states can tax sale of goods. Constitutional amendments are needed to properly implement GST. GST will be a comprehensive tax on supply of goods and services that aims to eliminate cascading taxes and provide seamless input tax credits. It has faced delays in implementation due to lack of consensus among states on certain issues.
This document provides information and guidance on various tax saving options available in India for the financial year 2017-18. It begins with an overview of key changes to income tax laws in the 2017 budget. It then discusses how to calculate tax liability and the different tax slabs. The bulk of the document is dedicated to explaining various tax saving sections under which deductions can be claimed, such as Section 80C, 80D, 80E, and others. For each section, it lists the eligible investments and expenditures. It also provides details on popular tax saving instruments like PPF, EPF, SCSS, NSC and tax saving fixed deposits. The document aims to help readers understand available tax saving avenues and plan their finances accordingly to
Final gst vth unit payments of tax interest penalty and tdd&tcsSureshBabuMannarColl
1. The document discusses various ways of paying GST in India, such as using input tax credits, cash payments, or tax deduction at source.
2. It explains the different entities responsible for tax payments like suppliers, recipients, tax deductors, and e-commerce operators. Deadlines vary from monthly to quarterly based on the entity.
3. Input tax credits must be used in a priority order of IGST first, then CGST and finally SGST/UTGST. Non-payment can result in interest charges, penalties, and in serious cases, prosecution.
The document discusses India's equalization levy, a tax on digital services provided by non-resident companies without a permanent establishment in India. It was introduced in 2016 and expanded in 2020-21. The levy applies to online advertising and e-commerce operators with India-based revenues over INR 1-2 crore. It is collected at 6-2% rates. Exemptions and penalties for non-compliance are provided. The levy aims to address tax challenges from the digitalization and growth of e-commerce across borders.
Gst tax invoice-debit note-credit note & returns ivth unitSureshBabuMannarColl
1. The document discusses various types of invoices and bills required under GST law including tax invoices, debit notes, credit notes, and returns.
2. A tax invoice must be issued for all taxable supplies made by registered persons and must contain information such as supplier details, recipient details, tax rates, and HSN codes.
3. Bills of supply are issued instead of tax invoices for exempt supplies, supplies by composition scheme taxpayers, and supplies below Rs. 200 to unregistered persons.
This document provides an overview of the Goods and Services Tax (GST) system in India. It explains that GST aims to create a unified indirect tax system and reduce the overall tax burden. It describes how GST is levied on the supply of goods and services across India, with Central GST, State GST, and Integrated GST applying depending on the nature of the supply. Threshold limits for registration and key tax rates are also outlined. Administrative responsibilities under GST are shared between central and state governments.
This presentation provides an overview of the Indian tax system, including direct and indirect taxes. Direct taxes include income tax, which is levied on individuals, HUFs, firms, and companies according to different tax slabs. Agricultural income is exempt from tax. Indirect taxes include VAT, service tax, and duties. The presentation discusses tax rates, deductions, advance tax payment, TDS, tax returns, and recent budget proposals including increasing the income tax rebate threshold.
- A survey of 501 Indonesian teenagers found that 33.33% reported being cyberbullied, though 84.43% did not report the bullying and most parents and teachers did not know.
- Respondents identified bullying on Facebook (72.06%), Twitter (44.91%), and by mean texts or photos (32.93%) as common forms of cyberbullying.
- Most respondents believed cyberbullying happens often (43.51%) or sometimes (23.15%) and impacts many teenagers.
The survey results show:
1. Most respondents use 2 mobile devices (44.7%) and have 4-6 communication apps installed (56.84%).
2. The most commonly used communication apps are BBM, LINE and WhatsApp.
3. Respondents commonly communicate with family via mobile apps like WhatsApp and LINE, while using face-to-face communication and phone calls for parents. They primarily use mobile apps to contact classmates and coworkers.
The survey results show that:
- 88.52% of respondents prefer texting over calling
- 49.41% spend less than 15 minutes on their phone per day
- 32.08% send more than 100 texts per day
- 36.77% receive more than 100 texts per day
- The most common uses of texting are just chatting (66.98%) and finding out about school assignments (55.5%)
The document discusses a digital performance management platform from SOASTA that provides real-time analytics and monitoring of web performance, campaigns, and third-party integrations. It highlights that 58 of the top 100 internet retailers and top e-commerce brands use SOASTA's platform. The platform helps companies optimize revenue from digital campaigns, prioritize areas for improvement, understand how web performance impacts conversions, and gain insights from real user performance data.
Survei mengenai lingkaran pertemanan menemukan bahwa:
- Grup teman sekolah dan kuliah adalah lingkaran pertemanan yang paling banyak diikuti oleh responden.
- Sebagian besar responden hanya bertemu dengan teman-teman dalam lingkaran pertemanan 0-1 kali seminggu.
- BBM Group dan Facebook Group adalah platform obrolan yang paling umum digunakan untuk berkomunikasi dengan teman-teman.
The survey results summarize the musical instrument interests of 616 musicians. String instruments like guitar were the most popular at 55%, followed by choral/vocal at 43% and percussion like drums at 31%. When asked their primary instrument, guitar was the most common response at 31% and piano was second most popular at 8%. A wide variety of other instruments were also played.
This document summarizes the results of a survey about preferences for local versus imported products in Indonesia. Some key findings:
- When buying products, over 50% of respondents said they sometimes look at country of origin, while 32.66% said they always do.
- For most product categories, respondents had a preference for products from specific countries, with Indonesia being preferred for clothing, sports equipment, shoes and cosmetics.
- The top reasons for buying local Indonesian products were to support the domestic economy, cheaper prices, and national pride.
Basic tenets of GST - Dr Sanjiv Agarwal - Article published in Business Advisor, dated May 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
Puerto Rico: How the proposed Value Added Tax will impact the Construction In...Alex Baulf
Act 72 which amends the Internal Revenue Code for a New Puerto Rico introduces a value added tax system in Puerto Rico that will replace the Sales and Use tax system (“SUT”)
effective April 1, 2016, for state tax purposes.
The SUT will continue to be in place for municipal tax purposes after April 1, 2016.
This guidance from Kevane Grant Thornton LLP specifically relates to the construction industry.
Impact of Modi Budget 2014 on Specific Sectors...
Dear Friends,
It gives us a pleasure to present the summary of India Budget Synthesis 2014.
While you may already have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2014 on You, Your Company and Your Sector.
Hope you find this analysis useful in taking clearer business decisions and align your company's strategy with the overall economic climate in the balance part of financial year 2014-15.
Would love to hear your feedback on the usefulness of the same."
Regards,
Vishal Thakkar | Group Head - Corporate Relations | Synthesis Group
Hand Phone: 91 9320007891 | Boardline: 91 22 24093737 | Fax: 91 22 24093737
The document provides an overview of the proposed Goods and Services Tax (GST) in India, including:
1) GST will combine multiple indirect taxes into a single tax, aiming to reduce complexity and inefficiencies. It will be levied as Central GST, State GST, and Integrated GST on inter-state sales.
2) Under GST, tax will be collected at the destination of goods and services rather than origin. Credits for taxes paid on inputs and capital goods will be available across states.
3) Implementation will require changes to contracts, purchase/work orders, IT/EDP systems, and awareness/training within organizations. Works contracts and other provisions may also
The document provides an overview of VAT (value added tax) that is expected to be implemented in GCC (Gulf Cooperation Council) states. It discusses that VAT is an indirect tax on consumption applied to most goods and services. It also notes that VAT will be levied on business transactions at each stage of production and distribution and ultimately paid by the end consumer. The document summarizes preparation steps businesses should take for VAT implementation including understanding the impact, identifying a strategy and timeline, and assessing system capabilities.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses the problems with the current indirect tax system, why GST is being introduced, the framework of GST including which central and state taxes will be subsumed, GST registration requirements, taxes and credit utilization, invoicing under GST, time of supply, and benefits of GST. The document also provides details on present tax structure, problems with sales tax, why India needs GST, and what approach businesses should take to prepare for the transition to GST.
The document discusses key impacts of the Goods and Services Tax (GST) on India's manufacturing sector. It covers changes to input tax credit provisions including a broader scope and availability for capital goods. Reverse charge mechanisms are expanded to apply to purchases from unregistered dealers. Job work provisions have defined timelines for returning inputs and capital goods. Transitional provisions allow carry forward of credits from prior tax regimes and address goods in the supply chain as of July 1, 2017. The implementation of GST has the potential to revive manufacturing in India by simplifying taxes and ensuring seamless credit flow.
This document provides an overview of the existing taxation system in India and how it will be replaced by the Goods and Services Tax (GST). It discusses the different direct and indirect taxes currently imposed in India, including income tax, wealth tax, capital gains tax, sales tax, service tax, value added tax, customs duty, and octroi. The implementation of GST aims to simplify this complex system by integrating various central and state taxes into a single tax applicable to both goods and services. GST is expected to reduce the overall tax burden, increase tax collection and compliance, and help develop a common national market.
This document provides an overview of input tax credit (ITC) under the Goods and Services Tax (GST) in India. It defines ITC as the tax paid on purchases that can be reduced from output tax payable on sales. It outlines the key conditions for claiming ITC such as being GST registered, having a valid invoice, goods/services received, and supplier paying tax. It also discusses documents needed for ITC, time limits, reversal of credit, special cases, ineligible items, and refund of ITC. The document is intended to help explain the important rules and mechanisms around ITC under GST.
Value Added Tax (VAT) is an indirect tax. It is a type of general consumption tax that is collected incrementally, based on the value added, at each stage of production or distribution/sales. It is usually implemented as a destination-based tax. It is also known as goods and services tax (GST) in some countries
Government has tentatively decided to introduce VAT in UAE by 01 January, 2018. The proposed rate of VAT in UAE will be up to 5%.
The document contains questions and answers related to various GST concepts and provisions. Some key points addressed are:
- Discount provided at the time of supply is allowed under GST and should not be included in the value of supply.
- Input tax credit can only be availed after receipt of goods or services, not in advance.
- A practicing consultant providing services outside their state of registration does not need additional registration if there is no fixed place of business in the other state.
- Gold attracts 3% GST along with other duties due to its high value, increasing the overall tax rate from the previous 2%.
- Reversal of input tax credit is required for exempt supplies and free supplies provided under schemes
Impact of GST on entertainment industry and media sector Shashwat Tulsian
India's media and entertainment market which is the 5th largest in the world .GST will do more good than harm for the entertainment industry on the whole prots for multiplexes are likely to go up
itelligence GST implementation
India is slated to adopt GST from Apr 1, 2017. Hence, businesses need to be technologically-ready
GST is a comprehensive indirect tax levied on Sale, Manufacture and Consumption of Goods and Services at the National level.
GST would apply to all goods other than crude Petroleum, Motor spirit, Diesel, Aviation Turbine fuel and Natural gas.
GST would apply to all services barring a few to be specified
Export and Direct taxes like Income Tax, Corporate Tax, Capital gains tax will not be affected by GST.
Imports will be subject to GST, but exports will be GST-exempt
Where the output is GST exempt, the GST paid on the input will be a cost to the business
PPT on GST, The new rule introduced by our Government.
Tax will be equal everywhere.
Sorry For any mistake.
Instagram - @itsyoursumit
E-mail - spppandey252@gmail.com
The document provides an overview of Singapore's Goods and Services Tax (GST). It explains that GST is a multi-stage tax paid on the sale of goods and services. The tax rate is currently 7%. The document outlines who must register to collect GST based on taxable turnover thresholds. It also describes how GST is calculated on business transactions and various schemes that provide benefits or ease compliance for certain businesses.
General knowledge on GST to understand the biggest tax reform in the Indian Economy.
Note: It's just a brief on GST and does not get into the intricacies. Thank you for viewing.
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.
GST will replace current indirect tax system in India. Brokers need to understand how GST applies to their business, including applicable rates, input tax credits, registration requirements, and compliance obligations like filing returns. Authorized persons may need to register depending on broker arrangements. Mistakes can only be rectified within annual or September return filing period. INMACS can help brokers with GST migration, compliance, advisory services, and identifying optimization opportunities.
vat implementing regulations for public consultationSwamy Nlnj
The Saudi Arabian Tax Authority has released draft VAT implementing regulations for public consultation, with VAT to be implemented on January 1, 2018. The standard VAT rate will be wide in scope with few exemptions. Key provisions in the draft regulations include registration requirements, VAT grouping rules, taxable financial services, exemptions for residential leasing and medical supplies, rules for government entities, and documentation requirements for invoices, returns, and record keeping. Businesses should assess the VAT impact and prepare compliance plans across key areas like finance, supply chain, and IT systems.
DOI: 10.13140/RG.2.2.36051.25121
Project: Curtin Graduate Business School - Perth, Australia
Topic: Airbnb - Module 1 – Scenario Planning.pptx.pdf
5 total authors
Muhd Syafiq Hilmy Jamaludin - Curtin University
Reshma Jahmeerbacus - Not on ResearchGate, or hasn't claimed this research yet.
Aleisha Godenzie - Curtin University
Vinay Shetty - Curtin University
Pouya Bassari - Not on ResearchGate, or hasn't claimed this research yet.
This document discusses trends in online fraud seen during the COVID-19 pandemic. It notes that as retailers improved fraud protections, fraudsters innovated new techniques. Fraud became more automated using bots, and expanded into new areas like account takeovers and synthetic identities. The pandemic disrupted commerce and provided opportunities for fraudsters to test more vulnerable parts of the customer journey beyond just payments. Retailers will need continued sophisticated fraud prevention strategies to keep up with the shifting nature of fraud.
Fraud Protection Software Report & Comparison 2022
Reduce false declines and
deliver a superior checkout
experience with frictionless
commerce protection
Teks tersebut memberikan informasi tentang berbagai jenis sihir dan cara mengatasinya menurut perspektif Islam. Diantaranya dengan membaca ayat-ayat Alquran tertentu seperti enam ayat pertama Surah Al-Baqarah, tiga ayat 255-257, dan tiga ayat terakhir Surah Al-Baqarah. Teks tersebut juga menjelaskan cara mengeluarkan "saka" atau jin turun-temurun dengan membaca air yang dibacakan ayat-ay
1. Profil Syed Mokhtar al-Bukhari, orang Melayu terkaya di Malaysia dengan pelbagai perniagaan termasuk logistik, hartanah, pertahanan, dan kuasa. Beliau berasal dari keluarga kelas menengah rendah dan tidak berpendidikan tinggi tetapi berjaya melalui usaha keras.
DHL Express Malaysia introduces their company and services in the document. They provide international shipping and courier delivery services to over 2.6 million customers globally. DHL aims to help customers grow their business through high quality and on-time delivery services. The proposal provides information on DHL's products, solutions, and tools to help customers ship internationally.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow and levels of neurotransmitters and endorphins which elevate and stabilize mood.
1. GST | Frequently Asked Questions
GST REGISTRATION NUMBER
001735692288
General
Q1: When will GST be implemented?
A1: GST will be implemented with effective from 1 April 2015.
Q2: Will there be any changes within ZIMB in terms of its operations, policy terms and payments
after the implementation of GST?
A2: Employees will be informed of the relevant changes in ZIMB in due course. Products and services
offered by ZIMB have been given the appropriate GST treatment; with most of our general products i.e.
personal accident and medical insurance being subjected to the standard GST rate of 6%. Products
offered under the life insurance category and insurance covering risks outside of Malaysia will not be
subject to GST.
Q3: What is the difference between the current sales and services tax and GST?
A3: Sales Tax and Services Tax have been found to be less effective, efficient, transparent and business
friendly because it is a single tier tax as opposed to the GST, which is a multi-tier consumption tax.
Under GST, payment of tax is made in stages by each level of the distribution process or supply chain.
GST covers all sectors of the industry and is a tax on final consumption of goods and services, where
businesses are able to claim back as credit the GST paid for goods and services they have acquired for
the purpose of business, thus eliminating the cascading effect under the current sales tax. Goods which
are now subject to sales tax should experience a reduction in prices due to the elimination of the
cascading effect, whereas an increase in prices currently not subject to any sales or services tax will not
be more than the GST rate proposed (6%).
Q4: Are free trade zones and all previously exempted services tax criteria unchanged?
A4: No. The conditions for exemption from Services Tax are not the same as the conditions for exemption
under GST. General insurance and reinsurance services supplied by Zurich located in the Principal
Customs Area (PCA) covering risk in PCA, Free Trade Zones or designated areas will be subjected to
GST at a standard rate.
*Designated areas are Labuan, Langkawi or Tioman.
Customers
Q1. Will I be charged GST on any insurance products purchased?
A1. GST of 6% will be charged on insurance products that fall under the following categories:
General Insurance i.e. motor, personal accident, medical, house, asset insurance etc.
Life Personal Accident and Life Medical products including riders.
This Frequently Asked Questions (FAQ) provides answers pertaining
to the implementation of Malaysia’s Goods and Services Tax (GST).
The FAQ will be updated as and when there are changes received
from Custom. For further information, please visit the official GST
website at http://www.gst.customs.gov.my/
2. GST | Frequently Asked Questions
Insurance products which are not subject to GST include:
Life insurance i.e. whole life, endowment, term life, investment linked etc.
Insurance which covers risks located outside of Malaysia is also not subject to GST. These
include:
Overseas investment insurance
Travel insurance for international journeys
Export credit insurance services
Q2: Do I have to pay GST if I purchase an insurance package which combines personal accident
or medical coverage and life insurance?
A2: As life insurance is not subject to GST, we will separate the insurance package charges, so you will
only be required to pay GST on the personal accident or medical insurance premium.
Q3: Any impact on the surrender value if GST 6% started in 2015?
A3: Surrender Value is not subject to GST. Surrender fee (if any) is subject to 6% GST.
Intermediaries (Agents/ Brokers)
Q1. As an insurance agent, I collect premiums paid by Zurich’s customers and pass these on to
Zurich. Am I supposed to charge GST on the premium amount and remit GST to Customs on my
GST return? What about the payment I make to Zurich?
A1. No, as an insurance agent, you are not the one providing the insurance coverage, Zurich is. It is
Zurich’s responsibility to account for any applicable GST on the premium. There is no need to withhold
GST on the amount received from the customer. When you remit the premium to Zurich, it should be the
whole amount received inclusive of GST.
Q2. Am I required to register for GST?
A2. You are required to register for GST if your total taxable business turnover for the past twelve months
has exceeded the threshold of RM 500,000. Businesses which have not reached the threshold amount
can voluntarily apply to be registered under the GST. However, once registered, the businesses must
remain in the system for at least two (2) years.
Q3. What will happen if I fail or am late in declaring and remitting the GST amount to Customs?
A3. If you are registered for GST, then you are required to submit your GST return form (GST-O3) to
Customs no later than the last day of the following month after the taxable period.
The penalties for late payment and submission of the GST return have not been announced or made
known to the public. However, based on previous versions of the law, we anticipate that the penalty would
be based on certain amount of percentage (e.g. 5%) of the outstanding amount due. The percentage
value will be determined according to how late the payment and submission are.
Current guidelines state that it is an offence if a registered person fails to pay tax due and payable within
the stipulated period, and shall on conviction, be liable to a fine not exceeding RM50,000 or to
imprisonment for a term not exceeding three(3) years or to both.
3. GST | Frequently Asked Questions
Q4. How is the GST registration process and when can I register?
A4. You will need to complete the GST-O1 application form which is available at any Customs office or
downloadable from the GST official website at http://www.gst.customs.gov.my/. Application can be made
either online or manually by mailing or personally submitting to any Customs office. You can start
registering from 1 June 2014 onwards. Upon successful application, you will receive an approval letter
which will provide you with your GST registration number and effective date of GST registration. *A
license in the form of a hard copy will not be issued.
Q5. As an insurance agent, I receive a commission fee from Zurich when I sell one of its insurance
policies. Is this commission subject to GST and what about billing?
A5. Yes, if you are registered for GST, then the services you provide to Zurich in selling policies and
supporting the customer throughout the length of the insurance policy will be subjected to GST. We
encourage all our agents to agree with Zurich to be ‘self-billed’, which means Zurich will pay your
commission inclusive of GST and provide you with a tax invoice. You will need to declare and remit the
amount of GST to Custom.
Q6. As an insurance broker, I provide advisory and consultancy services to my client. Are these
subject to GST?
A6. Yes, advisory or consultancy services in which a charge is in the form of commission, brokerage fees
or reinsurance brokerage or commission will be subjected to GST. You must be a registered agent to be
able to charge GST.
Q7. As a registered insurance agent, I incur expenses in the course of my business such as
parking charges, petrol and mobile phone calls. Am I able to claim full input tax* credit on these
expenses?
A7. If you have registered for GST, you can claim full input tax credit provided that these expenses have
been used for the purpose of business and for making taxable supplies.
*input tax is the GST incurred on any purchase of goods and services by a taxable person for making a
taxable supply in the course of business
Q8: What will happen if my agent is unable to collect the pro-rata GST during the transition
period?
A8: Zurich is required to account for GST on the period of coverage after 1 April 2015. Agents who have
agreed to the terms and conditions within the agency agreement should therefore fulfill their obligations –
one of which may be to take reasonable steps to recover all outstanding debts to Zurich. When an agent
is found to be in breach of such obligation, Zurich reserves the right to litigate.
Q9: Will Zurich provide us briefing on GST? Will we be informed on the changes made to the
company?
A9: Yes, you will be briefed on GST and the changes in the company in the coming months. There will be
discussions and meetings held to support our customer and vendor management, with relevant work
streams involved and training provided to our employees to ensure we are GST-ready and compliant by
our timeline.
4. GST | Frequently Asked Questions
Q10: What will happen if my client refuses to pay GST?
A10: If a client refuses to pay the amount of tax due on the policy under the policy terms, Zurich reserves
the right to void any coverage offered within its cooling off or warranty period.
Q11: Are ZIMB agents aware of the GST implementation? Will we be equipped with GST
knowledge to advise our agents?
A11: There will be sessions held to inform our employees on the changes and practices that will be
affected by GST in the coming months. However, agents will be required to register for GST on their own
if they exceed the turnover threshold of RM 500,000 or choose to voluntarily register. A registered agent
can claim full input tax credit on expenses incurred for the purpose of business and for making taxable
supplies and will also be charged GST on commission. Registered agents need to follow the relevant
practices for self-billing, and is responsible to provide ZIMB a GST invoice for commission fees.
Clause
Q1. Once GST is implemented, will insurance premium be inclusive of GST?
A1. Existing products are GST exclusive. Once GST has been implemented, Zurich reserves the right to
charge GST on top of the amount initially charged.
Q2. Zurich recently inserted the GST clause into its terms and conditions. What does this clause
imply?
A2. The GST clause is inserted to allow Zurich to collect GST from policyholders on behalf of the Custom
during the transitional period for policy coverage beyond the implementation date of 1 April 2015.
Transitional Rules
Q1. My insurance premium is charged for the period of 1 July 2014 to 30 June 2015. The GST
implementation date is 1 April 2015. How will GST be charged on my insurance premium?
A1. GST will be charged for the period of coverage from 1 April 2015 onwards.
Example: Insurance premium : RM 3, 600
Value subject to GST : (3/12 * RM 3, 600) = RM 900
GST chargeable at pro-rated: (6% * RM 900) = RM 54
No GST will be charged IF the insurance premium has already been charged with services tax.
Q2. Will all insurance premiums and services which extends over 1 April 2015 be subject to GST?
A1. No, there are insurance or takaful services subject to relief from GST after the GST implementation
date. The services provided before the appointed date or which extends over the appointed date is not
subject to GST. Premium charged that has been fully or partially paid before the appointed date is not
subject to GST. These include:
1. Motor vehicle insurance or motor vehicle takaful services
2. Fire insurance or fire insurance takaful services