An introduction to Good & Services Tax (GST) in Malaysia such
-Scope of tax
-GST mechanism
-Dfination of taxable person
-Types of supply
-GST registration
-Place, time & value of supply
-Types of registration
-Tax invoice, debit note & credit note
-Bad debt relief
GST is a new indirect tax regime in India that combines multiple taxes into one. It is levied on the supply of goods and services. GST helps eliminate cascading of taxes and reduces the overall tax burden. It includes CGST for the central government, SGST for state governments, and IGST for inter-state transactions. The implementation of GST is expected to simplify indirect taxation in India and boost economic growth by reducing costs and improving ease of doing business. While it offers various benefits, there are also challenges to its implementation regarding tax credits, impact on certain sectors, and operational complexities.
The document discusses the Goods and Services Tax (GST) implemented in India. It notes that GST aims to simplify India's tax regime by replacing multiple indirect taxes levied by central and state governments with a single tax applicable to both goods and services. GST is expected to reduce costs for businesses and consumers by eliminating cascading taxes and enabling seamless credit for input taxes paid. It will be comprised of three components: CGST (Central GST) collected by the central government, SGST (State GST) collected by state governments, and IGST (Integrated GST) for inter-state transactions.
The document summarizes a research paper on India's Goods and Services Tax (GST). It discusses how GST simplifies India's complex indirect tax system by consolidating multiple taxes into a single tax applied to goods and services. GST aims to reduce tax cascading, promote a unified market, and support economic growth. While GST addresses some issues, challenges remain in fully implementing an ideal harmonized tax system across India.
This presentation covers the key features of the Goods and Services Tax (GST) proposed to be implemented in India. It discusses what GST is, how it will work by replacing existing indirect taxes, and the need for GST to simplify taxation and boost the economy. Some issues still to be decided include taxation of inter-state services, place of supply rules, and jurisdictional issues. The presentation provides an overview of India's economy and taxation system to establish the context for why GST reform is needed.
The document summarizes key issues with Malaysia's tax system, including concerns that the public is not ready for GST implementation, low tax compliance rates, and lack of public knowledge about tax responsibilities. It recommends increasing penalties for noncompliance, controlling price increases, continuous public education on taxes, and developing understanding from a young age.
Get GST Registration online in 1-3 working days in Bangalore with the help of Earnlogic such as GST Registration, GST Return Filing, Affordable Cost, Call Today"
An introduction to Good & Services Tax (GST) in Malaysia such
-Scope of tax
-GST mechanism
-Dfination of taxable person
-Types of supply
-GST registration
-Place, time & value of supply
-Types of registration
-Tax invoice, debit note & credit note
-Bad debt relief
GST is a new indirect tax regime in India that combines multiple taxes into one. It is levied on the supply of goods and services. GST helps eliminate cascading of taxes and reduces the overall tax burden. It includes CGST for the central government, SGST for state governments, and IGST for inter-state transactions. The implementation of GST is expected to simplify indirect taxation in India and boost economic growth by reducing costs and improving ease of doing business. While it offers various benefits, there are also challenges to its implementation regarding tax credits, impact on certain sectors, and operational complexities.
The document discusses the Goods and Services Tax (GST) implemented in India. It notes that GST aims to simplify India's tax regime by replacing multiple indirect taxes levied by central and state governments with a single tax applicable to both goods and services. GST is expected to reduce costs for businesses and consumers by eliminating cascading taxes and enabling seamless credit for input taxes paid. It will be comprised of three components: CGST (Central GST) collected by the central government, SGST (State GST) collected by state governments, and IGST (Integrated GST) for inter-state transactions.
The document summarizes a research paper on India's Goods and Services Tax (GST). It discusses how GST simplifies India's complex indirect tax system by consolidating multiple taxes into a single tax applied to goods and services. GST aims to reduce tax cascading, promote a unified market, and support economic growth. While GST addresses some issues, challenges remain in fully implementing an ideal harmonized tax system across India.
This presentation covers the key features of the Goods and Services Tax (GST) proposed to be implemented in India. It discusses what GST is, how it will work by replacing existing indirect taxes, and the need for GST to simplify taxation and boost the economy. Some issues still to be decided include taxation of inter-state services, place of supply rules, and jurisdictional issues. The presentation provides an overview of India's economy and taxation system to establish the context for why GST reform is needed.
The document summarizes key issues with Malaysia's tax system, including concerns that the public is not ready for GST implementation, low tax compliance rates, and lack of public knowledge about tax responsibilities. It recommends increasing penalties for noncompliance, controlling price increases, continuous public education on taxes, and developing understanding from a young age.
Get GST Registration online in 1-3 working days in Bangalore with the help of Earnlogic such as GST Registration, GST Return Filing, Affordable Cost, Call Today"
This is a brief ppt about gst it's impact advantages and also include a hypothetical numerical example. This ppt has bullets points only so you need to read about those points.
Goods and Services Tax (GST) is a value-added tax levied on the manufacture, sale, and consumption of goods and services. It provides continuous tax credits at each stage of production and distribution, ensuring that the entire supply chain is taxed only on the value added at each stage. The document discusses key aspects of GST including what it replaces, how input tax credits work, rates to be charged by central and state governments, and returns to be filed. It also provides an example to illustrate intra-state and inter-state transactions under GST.
The document provides an overview of GST in India through a presentation. It defines GST as an indirect tax imposed on the supply of goods and services, excluding alcohol. The presentation discusses the types of GST taxes (CGST, SGST, IGST), items not covered, benefits, and various return forms including GSTR-1, GSTR-2, GSTR-3, and the annual return GSTR-9 which must be filed by registered persons and companies, except for some exceptions.
Value Added tax (VAT) – in View of BangladeshIOSRJBM
This paper represents an overview of Value Added Tax (VAT) in Bangladesh. It depicts the basic features of Value Added Tax and its implication, and importance in the growing economy of Bangladesh. Bangladesh faces many problems in raising sufficient tax revenues to fund its economic and social development. To address this problem and to improve economic efficiency and growth, a major tax reform program was initiated in 1991 which centered on the introduction of a value-added tax (VAT) to replace a range of narrowlybased consumption taxes. This study works as a linkage between theory and practice on Value Added Tax. The article represents the social and economical development of the country with the basic awareness which is going at a steady pace among the people and the organization considering it as a key to further economical development. The awareness of Value Added Tax (VAT) is not very old, but still within a short span of time it has shown a remarkable change in the corporate sector and the economy of the country. It has developed a complete sense of care and responsibility towards the country and the welfare of the people.
The document outlines the agenda for a webcast on opportunities in GST, including a brief background on GST and transitional challenges. It then provides details on the timing allocated to various topics, including impact analysis through examples and key impact areas. The impact areas discussed include the need to re-engineer processes, procurement, credit carry forward claims, exemptions, composition scheme, vendor management, agreements, and accounting practices.
- Value Added Tax (VAT) is an indirect tax levied on the increase in value of goods and services at each stage of production and distribution. It was first introduced in France in 1954 and has since been adopted by over 100 countries.
- Bangladesh introduced VAT in 1991 to replace sales tax and business turnover tax. The standard VAT rate is 15% and turnover tax rate is 4%. Excise duties are also included under the VAT system.
- The National Board of Revenue is the central tax collection authority in Bangladesh responsible for administering and collecting VAT.
UAE introducing VAT from January 2018 and this presentation gives full information regarding VAT concepts and applicability. Drop your query to us to discuss more about VAT in UAE at vat@nrdoshi.ae
Economics Class 12 CBSE project on GST (Goods and Services Tax)Harjinder Singh
This is a Class 12 Economics Project as per the guidelines 2019-20, CBSE.
Unit: Macroeconomics
Topic: GST (Goods and Services Tax)
▽ Check out my other projects
▽ Accountancy
• Comprehensive Project - 1: https://youtu.be/4y6LY6__yeA
• Analysis of Cash Flow Statement: https://youtu.be/HCa-HBkpHmQ
▽ Business Studies
• Changes in the import and export patterns: https://www.youtube.com/watch?v=lKHgT...
• Changing role of women: https://youtu.be/lvcn-VQgUG8
• MARKETING MANAGEMENT
◦ Beverages: https://www.youtube.com/watch?v=vJxwn...
◦ Mobile: https://www.youtube.com/watch?v=mUq6H...
◦ Sarees: https://youtu.be/s2erj6tkLHw
◦ Toothpaste: https://www.youtube.com/watch?v=JZll_...
• Principles of Management: https://www.youtube.com/watch?v=HzuZ2...
▽ Economics
• Demonetization in India: https://youtu.be/ksnIU6ewifE
• Government Budget & Its Components: https://youtu.be/Uc9EKqBOXAA
The document discusses Goods and Services Tax (GST) in India. Some key points:
1) GST aims to replace multiple indirect taxes with a single unified tax on goods and services to reduce the overall tax burden through elimination of cascading effects of taxes.
2) GST has two components - central GST and state GST. Alcohol, electricity, and petroleum products are currently excluded from GST.
3) GST is expected to benefit consumers by making basic goods more affordable while increasing tax revenues through a wider tax base. However, some items may see increased costs.
VAT was introduced in Bangladesh in 1991 as an alternative to sales tax. It has since become a major source of government revenue, contributing 27% of total revenue collection in 2005. VAT applies to goods and services with an annual turnover over 60 lacs and is charged at a rate of 15%. While VAT has increased tax collection, some argue it also increased inflation and businesses face issues with tax refunds and interstate credit. The document provides an overview of the history, mechanism, authorities and trends of VAT collection in Bangladesh.
India Budget 2018 - Changing Landscape (by KCM)Dhaval Trivedi
This presentation would give you an overview and KCM's analysis of various direct tax and indirect tax proposals put forth by the Finance Minister. This presentation was delivered by Mr. Milin Mehta in Ahmedabad (on 02 Feb 2018) and Baroda/Vadodara (03 Feb 2018).
The document discusses Pakistan's tax efforts and reforms. It notes that Pakistan has a very low tax-GDP ratio due to its reliance on consumption taxes and exemptions. This leads to inflationary pressures to raise revenues. Several studies cited find that the majority remain outside the tax net due to low incomes and the large informal economy. Reforms since the 1990s have increased the share of direct taxes but indirect taxes still account for over 60% of revenues. Econometric analysis shows a positive relationship between income and direct taxes but not overall taxes, while the underground economy positively impacts tax revenues. Continued efforts are needed to broaden the tax base and increase compliance.
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.
The document discusses key aspects of the Goods and Services Tax (GST) implemented in India in 2017. It notes that France was the first country to implement a GST in 1954. It outlines the objectives of GST as consolidating indirect taxes and creating tax efficiencies. The document also describes the tax structure under GST, including CGST, SGST and IGST; registration requirements for businesses; and return filing process. It highlights some challenges of the dual GST model, including taxpayers having to pay both CGST and SGST for intra-state supplies.
This document provides an overview of the Goods and Services Tax (GST) system and input tax credit mechanism in India. It defines key terms related to GST such as supply, input tax credit, CGST, SGST, IGST. It explains the types of taxes subsumed under GST and rates applicable. The document also discusses the concepts of input tax credit, conditions for claiming it, and documents required. Exceptions where input tax credit cannot be claimed are highlighted. Finally, it provides examples to illustrate input tax credit calculation and sets off.
1. Goods and Services Tax (GST) is a proposed system of indirect taxation that will replace multiple taxes levied on goods and services by both central and state governments with a single tax.
2. GST will be levied as Central GST (CGST) by the Centre and State GST (SGST) by states on all goods and services, except for alcohol for human consumption.
3. GST is expected to be implemented in India in 2017 and will simplify and harmonize the indirect tax regime in the country and reduce the overall tax burden on goods.
Power point presentation for GST:-
GST is a tax on goods and services. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017
GST is a comprehensive indirect tax on the supply of goods and services throughout India that replaces multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. When implemented, GST will eliminate tax cascading and provide seamless tax credits, thereby reducing the overall tax burden on goods. It is expected to simplify and rationalize indirect tax structure in India and improve economic growth.
This document provides an overview of indirect taxes in India. It discusses key concepts like VAT and GST. Some main points:
1. It defines indirect taxes like excise duty, customs duty, sales tax, and service tax. It also explains the difference between direct and indirect taxes.
2. VAT is described as a multi-point tax system with tax credits that prevents cascading. GST is proposed to integrate more indirect taxes at central and state levels.
3. The document outlines the proposed GST model with CGST, SGST and IGST components and discusses features like dual administration and restricted cross-utilization of tax credits.
4. Key central and state taxes proposed to be
This is a brief ppt about gst it's impact advantages and also include a hypothetical numerical example. This ppt has bullets points only so you need to read about those points.
Goods and Services Tax (GST) is a value-added tax levied on the manufacture, sale, and consumption of goods and services. It provides continuous tax credits at each stage of production and distribution, ensuring that the entire supply chain is taxed only on the value added at each stage. The document discusses key aspects of GST including what it replaces, how input tax credits work, rates to be charged by central and state governments, and returns to be filed. It also provides an example to illustrate intra-state and inter-state transactions under GST.
The document provides an overview of GST in India through a presentation. It defines GST as an indirect tax imposed on the supply of goods and services, excluding alcohol. The presentation discusses the types of GST taxes (CGST, SGST, IGST), items not covered, benefits, and various return forms including GSTR-1, GSTR-2, GSTR-3, and the annual return GSTR-9 which must be filed by registered persons and companies, except for some exceptions.
Value Added tax (VAT) – in View of BangladeshIOSRJBM
This paper represents an overview of Value Added Tax (VAT) in Bangladesh. It depicts the basic features of Value Added Tax and its implication, and importance in the growing economy of Bangladesh. Bangladesh faces many problems in raising sufficient tax revenues to fund its economic and social development. To address this problem and to improve economic efficiency and growth, a major tax reform program was initiated in 1991 which centered on the introduction of a value-added tax (VAT) to replace a range of narrowlybased consumption taxes. This study works as a linkage between theory and practice on Value Added Tax. The article represents the social and economical development of the country with the basic awareness which is going at a steady pace among the people and the organization considering it as a key to further economical development. The awareness of Value Added Tax (VAT) is not very old, but still within a short span of time it has shown a remarkable change in the corporate sector and the economy of the country. It has developed a complete sense of care and responsibility towards the country and the welfare of the people.
The document outlines the agenda for a webcast on opportunities in GST, including a brief background on GST and transitional challenges. It then provides details on the timing allocated to various topics, including impact analysis through examples and key impact areas. The impact areas discussed include the need to re-engineer processes, procurement, credit carry forward claims, exemptions, composition scheme, vendor management, agreements, and accounting practices.
- Value Added Tax (VAT) is an indirect tax levied on the increase in value of goods and services at each stage of production and distribution. It was first introduced in France in 1954 and has since been adopted by over 100 countries.
- Bangladesh introduced VAT in 1991 to replace sales tax and business turnover tax. The standard VAT rate is 15% and turnover tax rate is 4%. Excise duties are also included under the VAT system.
- The National Board of Revenue is the central tax collection authority in Bangladesh responsible for administering and collecting VAT.
UAE introducing VAT from January 2018 and this presentation gives full information regarding VAT concepts and applicability. Drop your query to us to discuss more about VAT in UAE at vat@nrdoshi.ae
Economics Class 12 CBSE project on GST (Goods and Services Tax)Harjinder Singh
This is a Class 12 Economics Project as per the guidelines 2019-20, CBSE.
Unit: Macroeconomics
Topic: GST (Goods and Services Tax)
▽ Check out my other projects
▽ Accountancy
• Comprehensive Project - 1: https://youtu.be/4y6LY6__yeA
• Analysis of Cash Flow Statement: https://youtu.be/HCa-HBkpHmQ
▽ Business Studies
• Changes in the import and export patterns: https://www.youtube.com/watch?v=lKHgT...
• Changing role of women: https://youtu.be/lvcn-VQgUG8
• MARKETING MANAGEMENT
◦ Beverages: https://www.youtube.com/watch?v=vJxwn...
◦ Mobile: https://www.youtube.com/watch?v=mUq6H...
◦ Sarees: https://youtu.be/s2erj6tkLHw
◦ Toothpaste: https://www.youtube.com/watch?v=JZll_...
• Principles of Management: https://www.youtube.com/watch?v=HzuZ2...
▽ Economics
• Demonetization in India: https://youtu.be/ksnIU6ewifE
• Government Budget & Its Components: https://youtu.be/Uc9EKqBOXAA
The document discusses Goods and Services Tax (GST) in India. Some key points:
1) GST aims to replace multiple indirect taxes with a single unified tax on goods and services to reduce the overall tax burden through elimination of cascading effects of taxes.
2) GST has two components - central GST and state GST. Alcohol, electricity, and petroleum products are currently excluded from GST.
3) GST is expected to benefit consumers by making basic goods more affordable while increasing tax revenues through a wider tax base. However, some items may see increased costs.
VAT was introduced in Bangladesh in 1991 as an alternative to sales tax. It has since become a major source of government revenue, contributing 27% of total revenue collection in 2005. VAT applies to goods and services with an annual turnover over 60 lacs and is charged at a rate of 15%. While VAT has increased tax collection, some argue it also increased inflation and businesses face issues with tax refunds and interstate credit. The document provides an overview of the history, mechanism, authorities and trends of VAT collection in Bangladesh.
India Budget 2018 - Changing Landscape (by KCM)Dhaval Trivedi
This presentation would give you an overview and KCM's analysis of various direct tax and indirect tax proposals put forth by the Finance Minister. This presentation was delivered by Mr. Milin Mehta in Ahmedabad (on 02 Feb 2018) and Baroda/Vadodara (03 Feb 2018).
The document discusses Pakistan's tax efforts and reforms. It notes that Pakistan has a very low tax-GDP ratio due to its reliance on consumption taxes and exemptions. This leads to inflationary pressures to raise revenues. Several studies cited find that the majority remain outside the tax net due to low incomes and the large informal economy. Reforms since the 1990s have increased the share of direct taxes but indirect taxes still account for over 60% of revenues. Econometric analysis shows a positive relationship between income and direct taxes but not overall taxes, while the underground economy positively impacts tax revenues. Continued efforts are needed to broaden the tax base and increase compliance.
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.
The document discusses key aspects of the Goods and Services Tax (GST) implemented in India in 2017. It notes that France was the first country to implement a GST in 1954. It outlines the objectives of GST as consolidating indirect taxes and creating tax efficiencies. The document also describes the tax structure under GST, including CGST, SGST and IGST; registration requirements for businesses; and return filing process. It highlights some challenges of the dual GST model, including taxpayers having to pay both CGST and SGST for intra-state supplies.
This document provides an overview of the Goods and Services Tax (GST) system and input tax credit mechanism in India. It defines key terms related to GST such as supply, input tax credit, CGST, SGST, IGST. It explains the types of taxes subsumed under GST and rates applicable. The document also discusses the concepts of input tax credit, conditions for claiming it, and documents required. Exceptions where input tax credit cannot be claimed are highlighted. Finally, it provides examples to illustrate input tax credit calculation and sets off.
1. Goods and Services Tax (GST) is a proposed system of indirect taxation that will replace multiple taxes levied on goods and services by both central and state governments with a single tax.
2. GST will be levied as Central GST (CGST) by the Centre and State GST (SGST) by states on all goods and services, except for alcohol for human consumption.
3. GST is expected to be implemented in India in 2017 and will simplify and harmonize the indirect tax regime in the country and reduce the overall tax burden on goods.
Power point presentation for GST:-
GST is a tax on goods and services. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017
GST is a comprehensive indirect tax on the supply of goods and services throughout India that replaces multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. When implemented, GST will eliminate tax cascading and provide seamless tax credits, thereby reducing the overall tax burden on goods. It is expected to simplify and rationalize indirect tax structure in India and improve economic growth.
This document provides an overview of indirect taxes in India. It discusses key concepts like VAT and GST. Some main points:
1. It defines indirect taxes like excise duty, customs duty, sales tax, and service tax. It also explains the difference between direct and indirect taxes.
2. VAT is described as a multi-point tax system with tax credits that prevents cascading. GST is proposed to integrate more indirect taxes at central and state levels.
3. The document outlines the proposed GST model with CGST, SGST and IGST components and discusses features like dual administration and restricted cross-utilization of tax credits.
4. Key central and state taxes proposed to be
GST (Goods and Services Tax) is an indirect tax that was implemented in India in 2017. It unified multiple indirect taxes into a single tax system applicable across India. GST is levied on the manufacture, sale, and consumption of goods as well as services. It aims to remove cascading taxes and create a unified market. Under GST, taxes are divided into CGST (Central GST), SGST (State GST), and IGST (Inter-State GST). New compliance requirements under GST include business registration for turnover over 20 lakhs and the use of e-way bills for transportation of goods over 50,000 rupees.
This document discusses India's proposed Goods and Services Tax (GST) reform. It provides background on GST, describing it as the biggest tax reform in India since independence. It will combine multiple taxes into a single tax applied to goods and services, aimed at reducing complexity and improving compliance. However, implementing GST across all states will be challenging due to the need to coordinate between the central and state governments.
This document provides an overview of Goods and Services Tax (GST) in India, including its structure and likely impact on agriculture. It discusses that GST is a comprehensive indirect tax replacing existing indirect taxes. The key features include nationwide applicability, dual GST system with CGST, SGST and IGST, and input tax credit. GST rates will range from 0-28% with lower rates for essential items and highest for luxury goods. Agriculture is largely exempted from GST, but dairy products will see varying GST rates from 0-18%. The National Agricultural Market platform aims to promote transparent online trading of farm commodities exempt from GST and mandi taxes.
GST is a comprehensive indirect tax on the supply of goods and services throughout India that will replace existing taxes levied on goods and services by the central and state governments. It is expected to simplify and harmonize the indirect tax regime in India and provide a more efficient system of tax administration. Key benefits of GST include a wider tax base through elimination of cascading of taxes, simplification and rationalization of tax rates and structures, and improved compliance. The proposed GST model in India will follow a dual GST model with taxation powers shared between the central and state governments.
GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading of taxes and creating a unified market. However, its complex design involving both center and states coordinating poses administrative challenges. Overall, GST has the potential to simplify taxation and boost growth if its implementation addresses all stakeholders' concerns.
gstppt-160315173425.pdf for use of taxesGouravRana24
GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading taxes, providing seamless tax credits and improving ease of doing business. However, there are also challenges in its implementation like the complex federal structure requiring coordination between the center and states and developing robust IT infrastructure. Overall, GST aims to simplify indirect taxation in India.
GST (Goods and Services Tax) is a comprehensive indirect tax that will combine multiple taxes and levies into a single tax to be applied at every stage of sale or purchase of goods and services. It aims to create a unified national market, reduce the cascading burden of taxes, and improve compliance. The tax is proposed to be dual, with the center and states concurrently levying it on a common tax base. There are still some issues being discussed such as the GST rate, tax sharing between states and center, and treatment of inter-state transactions.
The document discusses Goods and Services Tax (GST) in India. It provides an overview of the current taxation system and its drawbacks. It describes the proposal for GST, which would combine multiple taxes into a single tax applied to goods and services. Key points include a dual GST model at the central and state levels, common tax base and forms, and input tax credits to reduce cascading effects. Concerns from traders are also summarized.
Goods and Service Tax (GST) aims to consolidate indirect taxes into a single tax, replacing multiple taxes and improving tax administration efficiencies. GST is a destination-based tax on the consumption of goods and services. It is based on a value-added tax system and will have two components - Central GST and State GST. The proposed GST reform in India is expected to integrate state economies, boost growth, increase tax revenues, and make the manufacturing sector more competitive through reduced costs.
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses what GST is, the need for GST to replace existing indirect taxes, how GST will work, including features like a dual GST model with Central and State components, taxable events, registration requirements, subsuming of existing taxes, rates, exemptions, inter-state transactions and more. It also covers the latest updates on GST implementation and emerging issues regarding transitioning to the new tax system. The conclusion emphasizes that GST aims to simplify indirect taxation by shifting the tax burden to final consumption from production and trade.
GST Overview - Know All About Goods and Service Tax Smart Taxation System in ...HostBooks Limited
GST Overview: Know about 'Goods and Service Tax' smart Taxation System in India. Learn about GST, Indirect Tax structure in India before GST, GST Rates, GST Compensation Cess, Input Tax Credit, GST Composition Scheme, GST Return, TCS in GST eWay Bill and GST Audit through our PPTs and PDFs.
The document discusses India's proposed Goods and Services Tax (GST). It provides an overview of India's economy and current tax structure, which includes direct taxes like income tax and indirect taxes like excise duties and VAT that are levied by both central and state governments. The current system suffers from issues like tax cascading, complexity, and tax evasion. GST is presented as a comprehensive indirect tax that will replace existing indirect taxes and be levied as CGST, SGST, and IGST depending on whether a good or service is transacted intra-state or inter-state. The GST is aimed to simplify taxation, reduce the compliance burden, increase tax collection, and create a common national market. While G
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
1. GOODS & SERVICES TAX - GSTGOODS & SERVICES TAX - GST
A PRESENTATIONA PRESENTATION
BYBY
CONFEDERATION OF ALL INDIA TRADERSCONFEDERATION OF ALL INDIA TRADERS
NEW DELHINEW DELHI
2. TAXATION POWERSTAXATION POWERS
OF CENTREOF CENTRE
• Income Tax – on income, other than agricultural income
• Excise Duty – on goods manufactured or produced in
India
• Custom Duty – on imports and exports
• Service Tax – on specified services
• Central Sales Tax – on inter-State sale of goods
• Rates of Stamp Duty on 10 specified instruments
CONCURRENT LIST OF BOTHCONCURRENT LIST OF BOTH
• Stamp Duties, not including rates of stamp duty on 10
specified instruments.
3. TAXATION POWERS OF STATESTAXATION POWERS OF STATES
• VAT/Sales Tax - on purchase or sale of goods, other than
newspapers, within a State
• Excise duty - on alcoholic liquor for human consumption
• Rates of Stamp Duty – on other than 10 specified instruments
• Land Revenue
• Tax – on agricultural income
• Toll tax
• Taxes on:
• Land and buildings
• Entry of goods in a local Area (Entry Tax or Octroi)
• Consumption or sale of electricity
• Goods and passengers carried by road or inland waterways
• Vehicles
• Professions, Trades, Callings and Employments
• Luxuries, including taxes on entertainment, betting and gambling
4. DRAWBACKS OFDRAWBACKS OF
CURRENT SYSTEMCURRENT SYSTEM
– Confusion and Mistrust
– Complex and lacking in stability
– Hidden tax on exports, no state tax on
imports
– High transaction costs
– Narrow base
5.
6. TASK FORCE FOR TAX REFORMSTASK FORCE FOR TAX REFORMS
• A ‘Grand Bargain’. One VAT – The Goods and Services Tax
(GST)
• The Kelkar Task Force was constituted with the mandate to
recommend measures to enable the Government of India to
implement the Fiscal Responsibility and Budget Management
(FRBM) Act, 2003, which seeks to eliminate revenue deficit by
March 31, 2008.
• As the main proposal for tax reform, Dr.Vijay Kelkar and his team
have recommended a single GST (Goods and Services Tax) –
replacing the Cenvat/excise duty, sales tax, service tax, etc. It
would use the VAT principle to tax consumption of almost all
goods and services – with full tax
• Credits for tax paid on purchase of all goods and services will be
available.
7. What is GOODS AND SERVICE TAXWhat is GOODS AND SERVICE TAX
• Goods and Service Tax is a tax on goods and services.
• It is leviable at each point of sale or provision of
service.
• At the time of sale of goods or providing the services
the seller or service provider can claim the input
credit of tax which he has paid while purchasing the
goods or procuring the service
• This is simply very similar to VAT.
• It can be termed as National level VAT on Goods and
Services.
• Only difference in this system is that not only goods
but also services are involved.
• The rate of tax on goods and services are generally the
same.
8. GST-AT A GLANCEGST-AT A GLANCE
Roadmap to GSTRoadmap to GST
Recommend united effort for mega tax reformRecommend united effort for mega tax reform
To develop roadmap & milestonesTo develop roadmap & milestones
To build consensus with States, Center & Empowered CommitteeTo build consensus with States, Center & Empowered Committee
Create awareness and acceptance for GSTCreate awareness and acceptance for GST
VAT
GST
Extend scope to
Inter-state Sales
Bring AED items
under VAT
CST phase-out
Move to single VAT
rate of 8%
Extend scope to
Inter-state Sales
Shift to destination
based VAT
Integrate Services, Imports & CENVAT
9. GST: A UNIFICATION OF TAXESGST: A UNIFICATION OF TAXES
• A GST classically entails unification of all levies on goods
and services. In the Indian context, this would mean
merging the following:
• Tax on manufacture of goods (excise duty levied by the
Centre).
• Tax on sale of goods (CST / VAT levied by both Centre and
states).
• Tax on services (levied by Centre and to some extent by
states such as Entertainment tax, electricity cess, etc).
10. GST WORLD WIDEGST WORLD WIDE
• In most countries of the world, a single VAT exist
which covers both goods and services
• All sectors are taxed with very few exceptions/
exemptions.
• Full tax credits on inputs –100% set off
• Canada and Brazil alone have a dual VAT
• India also likely to adopt dual GST Model based
on GST model of Canada w.e.f. 1st April 2010.
11. GST-KNOW TAXES PAID BY YOUGST-KNOW TAXES PAID BY YOU
• We all will pay GST on every product or service we buy.
• Since all indirect taxes levied by the States and the Centre will be
merged into one GST, we would exactly know how much tax we
pay which at present is difficult to understand.
• No distinction would be made between imported or Indian goods
and they would be taxed at the same rate.
•
• The sellers or service providers collect the tax from their
customer.
• Before depositing the same to the exchequer, they deduct the tax
they have already paid.
• The success of GST would rest upon efficiency, equity and
simplicity.
12. Why do we needWhy do we need
GST todayGST today
• In Indian economy the service sector
contributes over 55%.
• Separate taxation of goods and
services is neither viable nor desirable
• Value added in manufacture and sale of
goods require inputs of both — goods
and services and vice versa, which is
often not separable
13. GST In India – A REALITYGST In India – A REALITY
• The stage looks all set for the
introduction of unified Goods and
Services Tax (GST) from 2010.
• The Empowered Committee of State
Finance Ministers has proposed a
dual GST — both at Central and
State level.
14. GST- HOW IT WORKSGST- HOW IT WORKS
• The dealers registered under GST (Manufacturers,
Wholesalers and retailers and service providers) will
charge GST on the price of goods and services from
their customers.
• They will claim credits for the GST included in the
price of their own purchases of goods and services
used by them.
• The sellers or service providers collect the tax from
their customer, who may or may not be the ultimate
customer, and before depositing the same to the
exchequer, they deduct the tax they have already
paid.
15. GST- WHAT ALL ITGST- WHAT ALL IT
INCLUDESINCLUDES
1. A sale or supply includes a sale of goods
2. Lease of premises
3. Hire of equipment
4. Giving advice
5. Export of goods and supply of other things.
6. A purchase includes an acquisition of goods or
services such as trading stock a lease,
consumables and other things.
16. GST- HOW IT WORKSGST- HOW IT WORKS
• If a business is registered for GST it must include GST in
the price of goods, services and other things they sell to
others in the course of business. These are called ‘taxable
sales’.
• There are other types of sales where GST is not included in
the price.
• These are either ‘input taxed’ sales or ‘GST-free’ sales.
• GST may be included in the price of purchases (including
importations) made by a business, and it’s a good idea to
allow for it when setting prices.
•
• When a business is registered for GST, they can generally
claim a credit for any GST included in the price they pay for
things purchased by the business. This is called a GST
credit.
17. • China - 17%
• Indonesia - 10%
• Philippines -10%
• Taiwan (Chinese Taipei) - 5%
• UK -17.5%
• Australia -10%
• France -19.6%
• Germany -16%
• Denmark -25%
GST- RATES WORLD WIDEGST- RATES WORLD WIDE
No. of Countries : 140No. of Countries : 140
18. • Central Taxes
Excise Duty
Additional Excise duty
Service Tax
CVD, SAD
Surcharge
• State Taxes
VAT
Entertainment tax levied by states
Luxury Tax
Tax on Lottery
Entry tax other than for local bodies
TAXES Proposed TO BETAXES Proposed TO BE
SUBSUMED IN GSTSUBSUMED IN GST
19. • Central Taxes
Specific Cess
Excise duty on tobacco products
• State Taxes
Items containing alcohol
Entertainment tax (Local Bodies)
Entry tax for local bodies
Electricity duty
TAXES NOT BE INCLUDEDTAXES NOT BE INCLUDED
IN GSTIN GST
20. • Dual GST : Central GST & State GST
• Destination based State GST
• Common Base
• Uniform Classification
• Uniform Forms – Returns, Challans etc
• No cascading of Central and State taxes
• Cross credit between Centre and State not allowed
• Tax levied from production to consumption
GST : KEY FEATURESGST : KEY FEATURES
21. • 2 Rate Structure : Lower and Standard Rate
• Precious metals and stones very low rate
• GST Exemption for some times
• Some Goods at lower rate (excludes Ind. Inputs)
• Petroleum products, liquor and narcotics excluded
from GST regime
PROPOSED GST RATESPROPOSED GST RATES
22. • Exempted products :
– Food Grains, Bread, Salt, Milk, Vegetable, Meat,
Fish
• Goods at Lower Rate :
– Tea, Milk Powder, Coffee beans, Toy, Beedi,
Bicycles
• Govt. aided public health and education
exempted
INDICATIVE GST RATESINDICATIVE GST RATES
23. User Charges likely toUser Charges likely to
be out of GSTbe out of GST
It has also suggested keeping levies like the toll tax,
environment tax and road tax outside the GST ambit, as these
are user charges
Likely Rate – 16 percent TotalLikely Rate – 16 percent Total
• It is envisaged that the framework of dual GST would
embody multiple rate of taxes for goods , but a single
rate for services within a state . There are indications
that the rate could be in the range of 16-20 per cent.
The government is expected to come out with a white
paper on the transition to GST shortly .
24. GST : KEY FEATURESGST : KEY FEATURES
• HSN to be applied for goods
• Uniform return & collection procedure for
central and state GST
• 13 digit PAN based common TIN
Registration
• TINXSYS to track transactions
25. GST : AUTHORITIESGST : AUTHORITIES
• CGST – To be administered by Central
Government.
• SGST – To be administered by State
VAT Department
• Inter State Transaction – To be
administered by A common Centralized
Authority
26. GST- AS WE LOOK ATGST- AS WE LOOK AT
• India to have only two indirect taxes namely GST,
both Central GST & State GST, and Customs duty.
• Central GST to include central excise, service tax
and education cess.
• State GST to include a combination of all taxes
presently levied by the state and octroi by
municipalities. CST needs to be phased out before
introduction of GST.
• Both Central GST and State GST to be levied on the
common base price from manufacturing stage to
retail stage on goods and similarly on services.
• Tax on sale of property to be levied on the value
addition under state GST and not on the total
amount as applicable presently
27. GST- AS WE LOOK ATGST- AS WE LOOK AT
• Input tax credit to be available for Central GST as well
as State GST paid irrespective of the collecting agency.
• Selection of services for imposing GST should continue
with the Central Government. States can be allowed to
collect dual GST on certain services, which are directly
consumed like beauty treatment, health club etc. State
should Choose and not the Centre should impose such
services on them?
• Dual GST should be levied on imports also with facility
of credit for the tax paid.
• 9.Exports must be zero rated i.e. there should be no tax
element in the price of goods exported.
28. TAXING OF INTERTAXING OF INTER
STATE TRANSACTIONSTATE TRANSACTION
• Tax payment by exporting dealer to the
account of receiving state
• Credit allowed to the buying dealer by
receiving state on verification
• Retention by receiving state on sale to non
dealer
• Declaration form to be discontinued
29. SEAMLESS CREDIT…SEAMLESS CREDIT…
• It will also end the distortion in
differential tax treatment of various
goods and services. GST is going to
be pinnacle of achieving an
integration of excise duties, service
tax, State value added tax and other
local taxes. With GST, uniformity of
levy of indirect taxes will be ensured
across the country.
30. SEAMLESS CREDITSEAMLESS CREDIT
MECHANISMMECHANISM
• Input tax credit to be available for
Central GST as well as State GST
paid irrespective of the collecting
agency
• Create a nationwide clearinghouse
mechanism to facilitate transfer of
Central and State GST and allow
credit for tax paid
32. TAX EXEMPTIONSTAX EXEMPTIONS
• Area Based
To be discontinued after current
eligibility period
• Product Based
To be converted in to refund route
• Limited Flexibility
To Centre & States barring few exceptions
33. GST- IT’S SYSTEMGST- IT’S SYSTEM
Invoice System:
• In this system, the credit of GST paid is claimed on the
basis of invoice.
• It is claimed when the invoice is received.
• It is immaterial whether payment is made or not.
• The GST (Output) is accounted for when invoice is raised.
• The time of receipt of payment is immaterial.
• The advantage of invoice system is that the input credit
can be claimed without making the payment.
• The disadvantage of the invoice system is that the GST
has to be paid without receiving the payment.
34. GST-HOW OTHER COUNTRIES DOGST-HOW OTHER COUNTRIES DO
• More than 130 countries have introduced GST in some
form.
• It has been a part of the tax landscape in Europe for
the past 50 years.
• It is fast becoming the preferred form of indirect tax in
the Asia-Pacific region.
• It is interesting to note that there are over 40 models
of GST currently in force, each with its own
peculiarities.
• While countries such as Singapore and New Zealand
tax virtually everything at a single rate, Indonesia has
five positive rates, a zero rate and over 30 categories
of exemptions.
• In China, GST applies only to goods and the provision
of repairs, replacement and processing services.
• It is only recoverable on goods used in the production
process, and GST on fixed assets is not recoverable.
• There is a separate business tax in the form of VAT.
35. GST-CAN WE ADOPT ITGST-CAN WE ADOPT IT
• An information network allowing states to cross-check
payment information (TINXSYS) has been put to trial and
is expected to improve compliance and reduce evasion.
• What is needed is an IT system like the Tax Information
Network (TIN), where the TDS or the VAT credit is
recorded in a central database.
• Through this, paper bills and fraud are largely eliminated.
• It is unfair to expect such an initiative to come from the
committee working on state VAT, given the lack of
sustained organisational capacity required.
36. ISSUES FROM TRADER’SISSUES FROM TRADER’S
PERSPECTIVEPERSPECTIVE
• Dialogue with Trade & Industry and all other stake holders
• GST code to be made public atleast 6-9 months before
implementation.
• Industrial inputs, Capital goods at lowest rate, say 1%
• List of exempted goods – specific/common across states
• Stock transfers should be exempted monitors thru system based
controls
37. ISSUES FROM TRADER’SISSUES FROM TRADER’S
PERSPECTIVEPERSPECTIVE
• All declaration forms (Form F, C) should be abolished
• Monitoring through system based controls
• Full set of Input tax credit to the assesses/entity, based on
principle of business cost and expenditure.
• Immediate credit of stock transfers, without one-to-one co-
relation
• Set-off should be on entity/concern basis.
• Refunds, if any, should be automatic through system based
controls.
38. GST-NO TAX EVASIONGST-NO TAX EVASION
• To check tax evasion, the Task Force has
proposed an IT-intensive 'Risk Intelligence
Network' (RIN).
• This would put three sets of databases
together – what the firm tells CBDT, what
it tells CBEC and what it puts forth to the
public, including shareholders.
39. ISSUES YET TO BEISSUES YET TO BE
DECIDEDDECIDED
• Constitutional amendment authorizing state
to collect and retain tax on services.
• Integration of certain Central & State
taxes (Various Cess, Electricity duty,
Entertainment tax etc.)
• Taxation of inter state services and
their method of taxation
• Stock transfer
• Road permits and check posts
40. ADMINISTATIVEADMINISTATIVE
ISSUES / BottlenecksISSUES / Bottlenecks
• Grant of ITC for inter-state transactions by receiving
state depends on efficient banking and related
mechanism
• Lack of IT preparedness of certain States is a key
bottleneck
• Success of the proposed GST structure critically
depends on operation of the effective IT system
• Getting tax refunds for exempted goods based on
budgetary allocation may delay refunds
41. WHAT CAIT DEMANDSWHAT CAIT DEMANDS
• Traders are tax collectors & not the tax
payers. Therefore they should be correctly
defined as Tax Collectors under GST Taxation
System.
• Traders should be reimbursed by the Govt. for
expenses incurred on collection of GST.
• Some sort of effective mechanism has to be
developed to ensure that benefit of reduction
in cost must be passed to end consumer. The
large manufacturers & companies may be
advised by virtue of law to declare their Pre-
GST & Post-GST cost of production to the
respective State taxation department.
42. WHAT CAIT DEMANDSWHAT CAIT DEMANDS
• Beside central & state taxes, the local Governing bodies like
Municipal Corporation etc are also levying several commercial
taxes. Either such taxes may also be amalgamated in GST or
a lowest uniform tax structure may be levied to avoid any
kind of disparity in taxes & rates between local bodies of
different states.
• The VAT registration Number should itself be construed as
GST no. & traders should not be asked to apply afresh.
Further, the procedure of obtaining new GST registration
numbers should be made simple & easy.
• The refund procedure in GST should be made quite simple &
it is to be ensured that within much reasonable time, the
traders should get back their refund and in case of delay, the
traders should be compensated with interest by the
department.
43. WHAT CAIT DEMANDSWHAT CAIT DEMANDS
• In order to make the stakeholders aware about modalities of
GST and other related issues, an intensive nationwide publicity
campaign inclusive of workshops, seminars etc may also be
planned with the active assistance of trade associations.
• A special working group on GST may be formed both at Centre
& state levels with representatives of trade & industry for
preparing final roadmap of GST & its implementation.
• Since GST will be based on computerization system, it is
suggested that computer may be made available to traders on
subsidy to be provided by the Government.
• It is also suggested that GST software may be made available
to all traders & others section of the society free of cost.