This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses the history of GST in India, from initial discussions in 2000 to the passage of the constitutional amendment bill in 2016. It also outlines the present status, including the digital platform being developed. Key aspects of GST like the unique 15-digit identification number, registration process, tax rates of 5%, 12%, 18% and 28%, credit system, items covered and excluded, and challenges of implementation are summarized. The presentation aims to educate about GST recently introduced as a major tax reform in India.
Introduction /Concepts of GST
Existing & Proposed Tax Structure in India
Model/Components of GST
Benefits under GST
Applicability & Rate in GST Regime
Impact of GST
GST Set off Chain & its methodology
Functioning of GST
Others Areas of GST
Key Amendments in Bill
Sector Wise Impacts
Flaws of the GST Model
Conclusion.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
Introduction /Concepts of GST
Existing & Proposed Tax Structure in India
Model/Components of GST
Benefits under GST
Applicability & Rate in GST Regime
Impact of GST
GST Set off Chain & its methodology
Functioning of GST
Others Areas of GST
Key Amendments in Bill
Sector Wise Impacts
Flaws of the GST Model
Conclusion.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
In this presentation, I tried to explain the term GST in brief.
If you have any query related to it, please ask, comment and contact. Don't forget to share.
Analyse how will gst impact your businessvramaratnam
Vramaratnam is one of the best business consultants in Chennai.It gives you an indepth analysis of the impact of GST on propertry sales and capital gains tax.
Goods & Services Tax_GST v/s Old Tax Structure (Part 3 of 5)Suryansh Dhawan
Clubbing of old indirect tax in gst, 17 old indirect tax clubbed into gst, tax calculation under old tax structure & gst, adjustment of input under gst & requirement for claiming input tax under gst
Opportunity in GST for Accountant & Chartered AccountantNikhil Malaiyya
In This Presentation we Will discuss Journal Entry require under GST. Also discuss Transition Provision Under GST. Existing Tax Structure & Proposed Tax Structure.
In this presentation, I tried to explain the term GST in brief.
If you have any query related to it, please ask, comment and contact. Don't forget to share.
Analyse how will gst impact your businessvramaratnam
Vramaratnam is one of the best business consultants in Chennai.It gives you an indepth analysis of the impact of GST on propertry sales and capital gains tax.
Goods & Services Tax_GST v/s Old Tax Structure (Part 3 of 5)Suryansh Dhawan
Clubbing of old indirect tax in gst, 17 old indirect tax clubbed into gst, tax calculation under old tax structure & gst, adjustment of input under gst & requirement for claiming input tax under gst
Opportunity in GST for Accountant & Chartered AccountantNikhil Malaiyya
In This Presentation we Will discuss Journal Entry require under GST. Also discuss Transition Provision Under GST. Existing Tax Structure & Proposed Tax Structure.
The latest tax reform in India is the introduction of GST as a single unified indirect tax. In this presentation we have presented the overview of GST and it's implications as to how it will impact the users in different levels.
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3rd August 2016 became a historic day for economic reforms when Rajya Sabha passed the constitutional amendment bill to GST and paved the way for major taxation reforms. Almost all the political parties have broadly agreed.
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
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.
An article on Role of Company Secretaries in GST Era was published in Souvenir of 43rd National Convention of Institute of Company Secretaries of India. Article was contributed by Team : Lex Bolster Global LLP.
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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.
A Glance to GST Calculation in India | GST KeeperGSTKeeper
This presentation takes you to the overview of GST calculation in India. Know the federal nature of India, and the process of GST calculation in India.