This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the genesis and need for GST, the key benefits, and the constitutional amendment process. It also covers the core concepts of GST including the dual GST model and relevant definitions such as goods, services, consideration, reverse charge, and taxable person. The overview contains several tables and charts to illustrate the topics in a clear and visual manner.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) implemented in India including:
1) It describes the features and fundamentals of GST including how it is a dual tax system levied by both central and state governments.
2) It outlines the registration process and requirements to register under GST.
3) It explains the various GST returns required to be filed including monthly, annual, and other periodic returns along with due dates.
4) It provides answers to common questions about GST such as who needs to register, what the tax rates are, and how GST benefits consumers.
A quick guide to goods & services tax (GST)MD Hakim
GST is an indirect tax that will replace many indirect taxes in India. It aims to create a single market, reduce costs for businesses, and simplify tax compliance. The document provides details on key aspects of GST including the tax slabs, registration process, types of returns, and the roles of GSPs and ASPs who will provide support to taxpayers. GST is expected to boost economic growth and formalize more businesses and taxpayers in India.
Concept note of Goods & Service Tax (GST) in IndiaANAND GAWADE
The document provides an overview of the proposed Goods and Services Tax (GST) in India. Some key points:
- GST aims to simplify and harmonize India's indirect tax system by subsuming multiple taxes into a single tax applied to the supply of goods and services.
- It will be a dual GST with the Center and States concurrently levying taxes on every supply. Credits from taxes paid at earlier stages can be used to offset taxes on later stages.
- GST is expected to reduce costs, increase tax compliance, and foster a common Indian market to boost economic growth.
- A GST Council will be created to make recommendations on tax rates and ensure cooperation between the
The document provides an overview of the Goods and Services Tax (GST) system that is proposed to be implemented in India. It discusses what GST is, the need for GST to replace existing tax structures, the justification for GST at central and state levels, the proposed dual GST model, key features of GST including coverage, tax rates, registration requirements, invoices, and periodic tax payments. It also addresses taxes that may be subsumed under GST, treatment of exports and imports, inter-state transactions, and emerging issues related to implementation.
Proposed GST - Will it finally happen? - Dr Sanjiv AgarwalD Murali ☆
Proposed GST - Will it finally happen? - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document provides an overview of the key aspects of the Goods and Services Tax (GST) implemented in India including:
1) It describes the features and fundamentals of GST including how it is a dual tax system levied by both central and state governments.
2) It outlines the registration process and requirements to register under GST.
3) It explains the various GST returns required to be filed including monthly, annual, and other periodic returns along with due dates.
4) It provides answers to common questions about GST such as who needs to register, what the tax rates are, and how GST benefits consumers.
A quick guide to goods & services tax (GST)MD Hakim
GST is an indirect tax that will replace many indirect taxes in India. It aims to create a single market, reduce costs for businesses, and simplify tax compliance. The document provides details on key aspects of GST including the tax slabs, registration process, types of returns, and the roles of GSPs and ASPs who will provide support to taxpayers. GST is expected to boost economic growth and formalize more businesses and taxpayers in India.
Concept note of Goods & Service Tax (GST) in IndiaANAND GAWADE
The document provides an overview of the proposed Goods and Services Tax (GST) in India. Some key points:
- GST aims to simplify and harmonize India's indirect tax system by subsuming multiple taxes into a single tax applied to the supply of goods and services.
- It will be a dual GST with the Center and States concurrently levying taxes on every supply. Credits from taxes paid at earlier stages can be used to offset taxes on later stages.
- GST is expected to reduce costs, increase tax compliance, and foster a common Indian market to boost economic growth.
- A GST Council will be created to make recommendations on tax rates and ensure cooperation between the
The document provides an overview of the Goods and Services Tax (GST) system that is proposed to be implemented in India. It discusses what GST is, the need for GST to replace existing tax structures, the justification for GST at central and state levels, the proposed dual GST model, key features of GST including coverage, tax rates, registration requirements, invoices, and periodic tax payments. It also addresses taxes that may be subsumed under GST, treatment of exports and imports, inter-state transactions, and emerging issues related to implementation.
Proposed GST - Will it finally happen? - Dr Sanjiv AgarwalD Murali ☆
Proposed GST - Will it finally happen? - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document discusses Goods and Services Tax (GST) in India. It provides definitions of GST, explains the need for GST, and describes the existing and proposed indirect tax structures in India. It outlines the benefits of GST for the economy, government, and consumers. Key features of the GST model are explained, including the subsuming of existing taxes, rate structure, compliance procedures, and impact on industry.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the history and need for GST, how GST works, its key features and effects on the Indian economy. It also outlines what items are taxed and exempted under GST and notes that multiple Indian states accepted GST between August 2016 to September 2016. The conclusion emphasizes that GST aims to create a unified market by replacing existing indirect taxes and collecting tax on final consumption within each jurisdiction.
GST aims to simplify India's indirect tax system by introducing one indirect tax to replace multiple taxes. It faces challenges in balancing revenue sharing between the central and state governments. The new system introduces IGST to address inter-state transactions. It reduces compliance burdens by providing a single registration and return filing point. However, input tax credit claims are only allowed if matching invoices show the seller paid taxes, which may require contract modifications. Dual empowerment of central and state authorities to audit returns could lead to conflicting assessments.
Impact of government policies on taxation and cost of living for canadapaul young cpa, cga
Liberal, NDP and CPC taxation policies including analysis by major groups
1. Single
2. Single parent
3. Family
4. Seniors
*** includes taxation as well as household spending
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the Central and State governments. GST is proposed as a dual GST model where both the Central and State government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
Presentation on Goods and Services Tax by Taxpert ProfessionalsTAXPERT PROFESSIONALS
This document provides an overview of Goods & Services Tax (GST) compliance in India. It begins with a summary of the present indirect tax system, which includes both central and state levies on goods and services. It then outlines the key aspects of GST compliance, including registration, invoicing, logistics like e-way bills, payment of taxes, and returns. Specific topics covered in more depth include the concept of supply as the taxable event, time and place of supply, registration requirements, contents of tax invoices, transportation documents, and the concept of e-way bill generation. Overall, the document aims to explain the end-to-end flow of transactions and compliance requirements under the GST regime in India
As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the
public domain on 14th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable
way forward with optimism to see it implemented in full swing by April 2017.
GST is a destination based value added tax which will remove trade barriers and create one common Indian market. By providing
seamless credit of input tax across entire supply chain, it will remove the cascading effects of tax, thereby reducing the cost of
indigenous goods and services and making them more competitive in the international market.
GST is an indirect tax that will unify India's tax system and make it simpler. It aims to eliminate cascading taxes, increase tax collection, and formalize the economy. The document outlines the historical background, objectives, tax structure, types of taxes, and rates under GST. It discusses advantages like removing hidden taxes and the cascading effect. Disadvantages include increased costs for small businesses and the need for online compliance. The impact on GDP is estimated to be 0.9-1.7% increase initially, though some sectors like real estate may see short-term negative effects. Overall, GST has the potential to reform India's tax system but also poses challenges during implementation.
The document provides an analysis of the proposed Goods and Services Tax (GST) in India. It discusses the current status of the GST bill, which has been passed by the Lok Sabha but is pending in the Rajya Sabha. There are some issues still being debated, such as the GST rate. The document also analyzes how GST will work in India as a dual GST model with both central and state governments levying tax. It outlines the scope of goods and services to be taxed under GST and how the levy will be implemented. Overall the analysis finds that GST could boost economic growth and make India's tax regime more efficient and transparent.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST and explains that it is a comprehensive tax on the manufacture, sale, and consumption of goods and services. It also describes how GST will operate across states, the registration process, tax rates, items that may or may not be included, and benefits and challenges of implementing GST in India.
The document discusses Goods and Services Tax (GST) in India. It provides details about the current indirect tax structure and lists the taxes to be subsumed under GST. A dual GST model is proposed where both central and state governments will simultaneously levy GST across the country. This will help integrate taxes, remove cascading effect of taxes, and create a common national market. However, there are still challenges around revenue loss for some states, designing an optimal tax rate, and ensuring a conducive business environment under GST.
Goods and Services Tax(GST) vs Simple Tax SystemSachin Chauhan
This presentation provides an overview of Goods and Services Tax (GST) in India. It discusses the history of taxation in India, the current indirect tax system, and the key aspects of GST such as unified tax rate, subsuming of various indirect taxes, and dual GST model with CGST and SGST. It also compares GST with the current VAT and service tax system, and outlines some advantages like removing cascading effect of taxes as well as challenges of implementation like robust IT infrastructure and trained staff. Overall, GST is expected to boost India's GDP and have widespread economic impacts.
The document discusses Goods and Services Tax (GST) in India. It explains that GST is a comprehensive indirect tax on the supply of goods and services that will replace existing central and state level taxes. GST is proposed as a dual GST model with taxation shared between the central and state governments. There are still challenges to its implementation, including the need for constitutional amendments, IT infrastructure development, and consensus among states on tax rates.
Goods and Services Tax (GST) is an indirect tax on the sale, consumption, and manufacturing of goods and services throughout India. It aims to eliminate multiple indirect taxes and create a single, unified Indian market. Unlike other countries, Indian GST consists of three taxes - Central GST, State GST, and Integrated GST. India follows a dual GST model where both central and state governments levy GST concurrently on the same base of goods and services.
Does Goods and Services Tax (GST) Leads to Indian Economic Development?iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services that subsumes multiple taxes into a single tax. It was implemented in India on July 1, 2017 to simplify the indirect tax system and remove cascading effects of taxes. The key features of GST in India include a dual GST model with CGST, SGST and IGST; a GST council to make decisions; and different tax rates applied to goods and services. The document provides details on the history of GST in India, its regulatory framework, scope and benefits.
This document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history and objectives of GST, how it replaces previous indirect tax frameworks, applicable tax rates for goods and services, the registration process, and comparisons of taxes before and after GST. The impact on consumers is also addressed, noting some items may see reduced prices while the overall effect on monthly expenses depends on spending habits. Some challenges remain in fully implementing the new indirect tax system across India.
This document provides an overview and guide to understanding the impacts of the proposed Goods and Services Tax (GST) regime in India on dealer management systems (DMS). It discusses key aspects of GST including the tax components of central GST, state GST, and integrated GST. It also summarizes the potential functional, IT systems, governance, and operational impacts of GST compliance on DMS. Specifically, it outlines considerations for areas like master data, business applications and interfaces, reporting, and test builds. The document estimates the development effort required for GST compliance at 15-20% and total effort including testing at 35-40%. It provides recommendations on establishing a project plan and governance structure to effectively measure progress and ensure
The document discusses the levy and collection of goods and services tax (GST) in India. It provides details on:
- GST subsumed multiple indirect taxes and is levied on supply of goods and services across India.
- GST is levied and collected under the Central GST Act for intra-state supplies and the Integrated GST Act for inter-state supplies. The recipient is liable to pay tax on notified supplies under reverse charge.
- For intra-state supplies, CGST and SGST/UTGST are levied simultaneously by the Central and State Governments respectively. For inter-state supplies, IGST is levied by the Central Government.
GST UNIT 1 learning and practice of goods and serviceshpotter46103
The document discusses Goods and Services Tax (GST) in India. It provides an overview of GST, including that it replaced multiple indirect taxes and brought uniformity to the tax structure across states. GST is a consumption-based tax that is levied as Central GST, State GST, and Integrated GST on inter-state supplies. The document outlines several key features of GST like the input tax credit mechanism, threshold exemptions for small businesses, and an online compliance system. It also discusses the benefits of GST for government, businesses, and consumers in India.
The document discusses Goods and Services Tax (GST) in India. It provides definitions of GST, explains the need for GST, and describes the existing and proposed indirect tax structures in India. It outlines the benefits of GST for the economy, government, and consumers. Key features of the GST model are explained, including the subsuming of existing taxes, rate structure, compliance procedures, and impact on industry.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the history and need for GST, how GST works, its key features and effects on the Indian economy. It also outlines what items are taxed and exempted under GST and notes that multiple Indian states accepted GST between August 2016 to September 2016. The conclusion emphasizes that GST aims to create a unified market by replacing existing indirect taxes and collecting tax on final consumption within each jurisdiction.
GST aims to simplify India's indirect tax system by introducing one indirect tax to replace multiple taxes. It faces challenges in balancing revenue sharing between the central and state governments. The new system introduces IGST to address inter-state transactions. It reduces compliance burdens by providing a single registration and return filing point. However, input tax credit claims are only allowed if matching invoices show the seller paid taxes, which may require contract modifications. Dual empowerment of central and state authorities to audit returns could lead to conflicting assessments.
Impact of government policies on taxation and cost of living for canadapaul young cpa, cga
Liberal, NDP and CPC taxation policies including analysis by major groups
1. Single
2. Single parent
3. Family
4. Seniors
*** includes taxation as well as household spending
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the Central and State governments. GST is proposed as a dual GST model where both the Central and State government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
Presentation on Goods and Services Tax by Taxpert ProfessionalsTAXPERT PROFESSIONALS
This document provides an overview of Goods & Services Tax (GST) compliance in India. It begins with a summary of the present indirect tax system, which includes both central and state levies on goods and services. It then outlines the key aspects of GST compliance, including registration, invoicing, logistics like e-way bills, payment of taxes, and returns. Specific topics covered in more depth include the concept of supply as the taxable event, time and place of supply, registration requirements, contents of tax invoices, transportation documents, and the concept of e-way bill generation. Overall, the document aims to explain the end-to-end flow of transactions and compliance requirements under the GST regime in India
As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the
public domain on 14th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable
way forward with optimism to see it implemented in full swing by April 2017.
GST is a destination based value added tax which will remove trade barriers and create one common Indian market. By providing
seamless credit of input tax across entire supply chain, it will remove the cascading effects of tax, thereby reducing the cost of
indigenous goods and services and making them more competitive in the international market.
GST is an indirect tax that will unify India's tax system and make it simpler. It aims to eliminate cascading taxes, increase tax collection, and formalize the economy. The document outlines the historical background, objectives, tax structure, types of taxes, and rates under GST. It discusses advantages like removing hidden taxes and the cascading effect. Disadvantages include increased costs for small businesses and the need for online compliance. The impact on GDP is estimated to be 0.9-1.7% increase initially, though some sectors like real estate may see short-term negative effects. Overall, GST has the potential to reform India's tax system but also poses challenges during implementation.
The document provides an analysis of the proposed Goods and Services Tax (GST) in India. It discusses the current status of the GST bill, which has been passed by the Lok Sabha but is pending in the Rajya Sabha. There are some issues still being debated, such as the GST rate. The document also analyzes how GST will work in India as a dual GST model with both central and state governments levying tax. It outlines the scope of goods and services to be taxed under GST and how the levy will be implemented. Overall the analysis finds that GST could boost economic growth and make India's tax regime more efficient and transparent.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST and explains that it is a comprehensive tax on the manufacture, sale, and consumption of goods and services. It also describes how GST will operate across states, the registration process, tax rates, items that may or may not be included, and benefits and challenges of implementing GST in India.
The document discusses Goods and Services Tax (GST) in India. It provides details about the current indirect tax structure and lists the taxes to be subsumed under GST. A dual GST model is proposed where both central and state governments will simultaneously levy GST across the country. This will help integrate taxes, remove cascading effect of taxes, and create a common national market. However, there are still challenges around revenue loss for some states, designing an optimal tax rate, and ensuring a conducive business environment under GST.
Goods and Services Tax(GST) vs Simple Tax SystemSachin Chauhan
This presentation provides an overview of Goods and Services Tax (GST) in India. It discusses the history of taxation in India, the current indirect tax system, and the key aspects of GST such as unified tax rate, subsuming of various indirect taxes, and dual GST model with CGST and SGST. It also compares GST with the current VAT and service tax system, and outlines some advantages like removing cascading effect of taxes as well as challenges of implementation like robust IT infrastructure and trained staff. Overall, GST is expected to boost India's GDP and have widespread economic impacts.
The document discusses Goods and Services Tax (GST) in India. It explains that GST is a comprehensive indirect tax on the supply of goods and services that will replace existing central and state level taxes. GST is proposed as a dual GST model with taxation shared between the central and state governments. There are still challenges to its implementation, including the need for constitutional amendments, IT infrastructure development, and consensus among states on tax rates.
Goods and Services Tax (GST) is an indirect tax on the sale, consumption, and manufacturing of goods and services throughout India. It aims to eliminate multiple indirect taxes and create a single, unified Indian market. Unlike other countries, Indian GST consists of three taxes - Central GST, State GST, and Integrated GST. India follows a dual GST model where both central and state governments levy GST concurrently on the same base of goods and services.
Does Goods and Services Tax (GST) Leads to Indian Economic Development?iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services that subsumes multiple taxes into a single tax. It was implemented in India on July 1, 2017 to simplify the indirect tax system and remove cascading effects of taxes. The key features of GST in India include a dual GST model with CGST, SGST and IGST; a GST council to make decisions; and different tax rates applied to goods and services. The document provides details on the history of GST in India, its regulatory framework, scope and benefits.
This document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history and objectives of GST, how it replaces previous indirect tax frameworks, applicable tax rates for goods and services, the registration process, and comparisons of taxes before and after GST. The impact on consumers is also addressed, noting some items may see reduced prices while the overall effect on monthly expenses depends on spending habits. Some challenges remain in fully implementing the new indirect tax system across India.
This document provides an overview and guide to understanding the impacts of the proposed Goods and Services Tax (GST) regime in India on dealer management systems (DMS). It discusses key aspects of GST including the tax components of central GST, state GST, and integrated GST. It also summarizes the potential functional, IT systems, governance, and operational impacts of GST compliance on DMS. Specifically, it outlines considerations for areas like master data, business applications and interfaces, reporting, and test builds. The document estimates the development effort required for GST compliance at 15-20% and total effort including testing at 35-40%. It provides recommendations on establishing a project plan and governance structure to effectively measure progress and ensure
The document discusses the levy and collection of goods and services tax (GST) in India. It provides details on:
- GST subsumed multiple indirect taxes and is levied on supply of goods and services across India.
- GST is levied and collected under the Central GST Act for intra-state supplies and the Integrated GST Act for inter-state supplies. The recipient is liable to pay tax on notified supplies under reverse charge.
- For intra-state supplies, CGST and SGST/UTGST are levied simultaneously by the Central and State Governments respectively. For inter-state supplies, IGST is levied by the Central Government.
GST UNIT 1 learning and practice of goods and serviceshpotter46103
The document discusses Goods and Services Tax (GST) in India. It provides an overview of GST, including that it replaced multiple indirect taxes and brought uniformity to the tax structure across states. GST is a consumption-based tax that is levied as Central GST, State GST, and Integrated GST on inter-state supplies. The document outlines several key features of GST like the input tax credit mechanism, threshold exemptions for small businesses, and an online compliance system. It also discusses the benefits of GST for government, businesses, and consumers in India.
The document provides an overview of key aspects of the Goods and Services Tax (GST) introduced in India, including:
1) GST is an indirect tax reform that replaced existing indirect taxes and aims to create a single, unified Indian market. It is a dual GST model where tax is imposed concurrently by the Central and State governments.
2) The 101st Constitutional Amendment paved the way for GST by giving concurrent powers to Parliament and State Legislatures to make laws governing goods and services.
3) GST is composed of Central GST (CGST), State GST (SGST), Union Territory GST (UTGST), and Integrated GST (IGST) which is
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.
The document provides an overview of the Goods and Services Tax (GST) that is proposed to be implemented in India. It discusses that GST aims to create a single, unified indirect tax by subsuming multiple taxes into one. It will be levied as Central GST (CGST) and State GST (SGST) on intra-state supplies, and as Integrated GST (IGST) on inter-state supplies. The document outlines the proposed GST rate structure and registration process, and explains how input tax credit will work under GST.
The document provides an overview of the Goods and Services Tax (GST) in India. It discusses that GST is a comprehensive indirect tax replacing multiple taxes. The key points covered are the constitutional amendment for GST, the legislative framework establishing central, state and integrated GST, features of GST including the tax structure and benefits of GST such as creating a unified market, removing cascading effects of taxes, and boosting the 'Make in India' initiative.
Embark on an insightful journey into the world of Goods and Services Tax (GST) with a special focus on the tech giant, Google. This presentation aims to demystify the complexities of GST, shedding light on its principles, implications, and the transformative impact it has on businesses worldwide.
The journey begins with an overview of GST, unraveling its fundamental concepts and its role in streamlining the taxation system. We explore how GST simplifies the tax structure, promotes transparency, and eliminates cascading effects, providing a comprehensive understanding of its benefits for businesses and consumers alike.
Zooming in on Google, we analyze how this global tech powerhouse navigates the intricacies of GST. From compliance to strategic financial planning, we delve into Google's approach to GST, offering real-world insights into how one of the most influential companies in the digital landscape manages its tax responsibilities.
Visual aids and infographics will illustrate the key components of GST, making the information accessible and engaging. Case studies and examples related to Google's experiences with GST will provide a practical dimension to the theoretical framework, offering a unique perspective on the challenges and opportunities presented by GST in the digital realm.
This document provides an overview of the Goods and Services Tax (GST) and its impact on Centre-State financial relations in India. Some key points:
- GST requires a constitutional amendment to allow the Centre and States to concurrently levy GST. This led to the 101st Constitutional Amendment.
- GST follows a dual model with the Centre levying CGST and States levying SGST on intra-state supplies. Inter-state supplies are taxed via IGST which is collected by the Centre and shared with States.
- The GST regime subsumed many Central and State taxes into a single tax. It aims to reduce the cascading effect of taxes and simplify tax compliance.
The document provides an overview of the Goods and Services Tax (GST) Constitutional Amendment Bill in India. It explains that GST will create a single, unified indirect tax replacing existing central and state taxes. It will function as a dual GST with both central and state components administered jointly through a GST Council. The bill faces opposition from the Congress party over demands like capping the GST rate and changing the Council's composition.
This document provides an overview of the Goods and Services Tax (GST) session presented by CMA Ashok B Nawal. Some key points summarized:
1. GST will subsume many current central and state taxes like excise duty, VAT, service tax, etc. into two taxes - Central GST and State GST. Inter-state transactions will be levied with Integrated GST.
2. The GST model in India follows a dual GST structure being levied concurrently by the Center and States. A GST Council has been constituted to make recommendations on taxes subsumed, rates, threshold limits, and other aspects.
3. GST will be applicable across
This document provides an overview of the Goods and Services Tax (GST) model being implemented in India. It discusses the need for GST due to issues with the current indirect tax system, including cascading taxes and compliance burdens. It outlines the taxes that will be subsumed under GST and the proposed GST rates and structure. It also summarizes the role and powers of the GST Council in determining GST policies and rates. Finally, it provides a roadmap of steps taken by the GST Council to finalize the GST laws and transition to the new system.
Gst overview, gst concept and status caknowledgeRaju Choudhary
The introduction of Goods and Services Tax on 1 st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market. caknowledge.com provide latest updates on GST in India
GST is a comprehensive indirect tax regime introduced in India on July 1, 2017 that replaced multiple indirect taxes. It is levied as CGST, SGST, and IGST depending on whether a supply of goods or services is intra-state or inter-state. GST is a destination-based tax collected on value addition at every stage of supply. It aims to reduce the overall tax burden through input tax credit and eliminate cascading of taxes.
This document provides an overview of goods and services tax (GST) implementation in India. It discusses the complex indirect tax structure that previously existed, with various central and state taxes. GST was introduced on July 1, 2017 to simplify and harmonize India's tax system. The GST Council was established to make recommendations around GST design and administration, with decisions requiring a 3/4 majority. GST aims to make India a unified market by reducing economic distortions caused by the prior complex tax regime.
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.
GST: Freedom from multiple taxes - Dr Sanjiv AgarwalD Murali ☆
GST: Freedom from multiple taxes - Dr Sanjiv Agarwal - Article published in Business Advisor, dated August 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document outlines the journey of goods and services tax (GST) implementation in India, including key milestones like constitutional amendments, legislation passed, and decisions made by the GST Council. It describes the main features of the GST system like the tax rates recommended, registration requirements, filing procedures, and benefits of GST like simplifying the tax regime and reducing cascading of taxes. The GST network and the role of the Central Board of Excise and Customs in administering GST are also summarized.
The Central Board of Excise and Customs has made available a FAQ that answers all your questions about the Goods and Services Tax that will come to effect starting July 1.
This document provides an overview of Goods and Service Tax (GST) in India. It discusses the history of GST in India from 2000 to 2017 when it was implemented. It describes key features of GST such as applying a dual GST model concurrently by the central and state governments, categorizing goods and services into five tax slabs, and exempting certain items like petroleum from GST. The goals of GST are to replace existing indirect taxes and harmonize tax rates and structures across the country.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
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This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
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In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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A Survey of Techniques for Maximizing LLM Performance.pptx
Gst for Nov 2017
1. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 1
For CA Final November 2017 (10 marks)
INDEX
S No. Particulars Page No.
1. Introduction – GST in India 2-5
2. Concept of GST 6-7
3. Relevant Definitions 8-11
4. Levy & Collection of GST 12-13
5. Taxable Event – Supply 14-17
6. Composite and Mixed Supplies 18
(Complete portion with maximum number of colourful charts and tables)
CA Aashish Moktan
Overview of
GOODS AND SERVICES TAX
2. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 2
INTRODUCTION - GST IN INDIA
1. Genesis of GST in India
2. Need for GST in India
3. Benefits of GST
4. Constitutional Amendment
1. Genesis of GST in India
16.07.2004
•Kelkar Task Force recommended the fully integrated GST on a national basis.
28.02.2006
•The then Union FM, Shri P. Chidambaram, announced that GST to be introduced from
01.04.2010 in Budget 2007-2008.
19.12.2014
•NDA Government tabled the Constitution (122nd Amendment) Bill, 2014 on GST in the
Parliament.
06.05.2015
•The Lok Sabha passed the Constitution (122nd Amendment) Bill, 2014.
03.08.2016
•Rajya Sabha passed the Constitution (122nd Amendment) Bill, 2014.
08.09.2016
•Constitution (122nd Amendment) Bill, 2014 received the assent of the President and became
Constitution (101st Amendment) Act, 2016.
27.03.2017
•The Central GST legislations - Central Goods and Services Tax Bill, 2017, Integrated
Goods and Services Tax Bill, 2017, Union Territory Goods and Services Tax Bill, 2017 and
Goods and Services Tax (Compensation to States) Bill, 2017 were introduced in Lok Sabha.
29.03.2017
•Lok Sabha passed these above mentioned three bills.
12.04.2017
•The above mentioned three bills received the President's assent and the Bills were enacted.
01.07.2017
•Implementation of GST across India.
3. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 3
France was the first country to implement GST in the year 1954 and within 62 years of its advent, about
160 countries across the world have adopted GST.
2. Need for GST in India
The deficiencies in the existing value added taxation system has led to a comprehensive tax
structure covering both goods and services i.e. GST.
Deficiencies in the existing value
added taxation
Cascading Effect
due to
Inclusion of Excise duty
in computation of VAT.
Non-integration of VAT
& Service Tax.
Levy of non-VATable
CST.
Non-allowance of credit of
several local levies like luxury
tax, entertainment tax, etc.
Double taxation of a
transaction as both
goods & services.
No national market
due to barriers of
CST and Entry tax.
4. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 4
3. Benefits of GST
GST is a win-win situation for the entire country. The significant benefits of GST are listed below.
4. Constitutional Amendment
Constitution (122nd Amendment) Bill, 2014 received the assent of the President and became
Constitution (101st Amendment) Act, 2016 on 8th September, 2016.
Following are the significant amendments made by the Constitution (101st Amendment) Act, 2016:
•Allowing a set-off of prior-stage taxes for the transactions across the entire value chain.
Mitigation of ill effects of cascading
•Majority of existing indirect tax levies will be subsumed both at Central and State level into one
tax i.e. GST.
Elimination of multiple taxes and double taxation
•A common market with common tax rates and procedures.
Creation of unified national market
•Widening the tax base and improving the taxpayer compliance.
Buoyancy to the Government Revenue
•Making goods and services produced in India competitive in the national as well as international
market.
Boost to ‘Make in India' initiative
•It will lower the cost of goods and services, give a boost to the economy and make the products
and services globally competitive.
Benefits to Consumers
5. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 5
Concurrent powers on Parliament and State Legislatures to make laws governing goods and
services. Levy of IGST on inter-State transactions of goods and services to be levied and
collected by the Central Government and apportioned between the Union and the States.
GST will be levied on all supply of goods and services except alcoholic liquor for
human consumption.
GST shall not be levied till a date to be notified on the recommendations of the
GST Council on the following products:
Petroleum Crude, High Speed Diesel , Motor Spirit (commonly known as Petrol),
Natural Gas and Aviation Turbine Fuel.
The Union Government shall retain the power to levy duties of excise on the
aforesaid products besides tobacco and tobacco products manufactured or
produced in India.
Article 279A of the Constitution empowers the President to constitute a joint forum of
the Centre and States namely, Goods & Services Tax Council (GST Council).
President constituted the GST Council on 15th September, 2016.
GST Council consists of the following:
Union Finance Minister (Chairman), Ministers in charge of Finance/Taxation or any
other Minister nominated by each of the States & UTs with Legislatures, Union
Minister of State in charge of Revenue or Finance.
The function of the Council is to make recommendations to the Union and the States on
important issues like tax rates, exemptions, threshold limits, dispute resolution etc.
6. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 6
CONCEPT OF GST
1. Concept of GST
2. Dual GST Model
1. Concept of GST
GST is a path breaking indirect tax reform which will create a common national market by
dismantling inter-State trade barriers. GST has subsumed multiple indirect taxes like excise duty, service
tax, VAT, CST, luxury tax, entertainment tax, entry tax, etc.
The following are the basic features of GST:
GST will extend to whole of India except the State of Jammu and Kashmir.
Taxes to be subsumed in GST
Central Excise Duty &
Additional Excise Duties
ServiceTax
Excise Duty under Medicinal &
Toilet Preparation Act
CVD & Special CVD
Central Sales Tax
Surcharges and Cesses in so far
as they relate to supply of
goods & services
Central
Levies
State surcharges and cesses in so
far as they relate to supply of
goods & services
EntertainmentTax (except those
levied by local bodies)
Tax on lottery, betting and
gambling
EntryTax (AllForms) &
PurchaseTax
VAT/Salestax
LuxuryTax
Taxes on advertisements
State
Levies
Value added tax
Continuous chain of Tax Credits
Ultimate burden on final consumer
No cascading of Taxes since, only the
value added at each stage is taxed
under GST.
•GST is a value added tax levied on
manufacture, sale and consumption of
goods and services.
• GST offers continuous chain of tax
credits from the producer's point/service
provider's point upto the retailer's
level/consumer’s level.
•Only the final consumer bears the GST
charged by the last supplier in the supply
chain, with set-off benefits at all the
previous stages.
7. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 7
2. Dual GST Model
Resultantly, Goods and Services Network (GSTN)- a Special Purpose Vehicle – has been set to
provide a shared IT infrastructure and services to Central and State Governments, taxpayers and other
stakeholders for implementation of GST.
The functions of the GSTN include:
i. Facilitating registration,
ii. Forwarding the returns to Central and State authorities,
iii. Computation and settlement of IGST,
iv. Matching of tax payment details with banking network,
v. Providing various MIS reports to the Central and the State Governments based on the taxpayer
return information,
vi. Providing analysis of taxpayers' profile and
vii. Running the matching engine for matching, reversal and reclaim of input tax credit.
•India will adopt a dual GST which will be imposed concurrently by the Centre and States
i.e. Centre and States will simultaneously tax goods and services.
Dual GST
•GST in India will comprise of Central Goods and Service Tax (CGST) - levied and
collected by Central Government, State Goods and Service Tax (SGST) - levied and
collected by State Governments/Union Territories with State Legislatures and Union
Territory Goods and Service Tax (UTGST) - levied and collected by Union Territories
without State Legislatures, on intra-State supplies of taxable goods and/or services. Inter-
State supplies of taxable goods and/or services will be subject to Integrated Goods and
Service Tax (IGST). IGST will approximately be a sum total of CGST and SGST/UTGST
and will be levied by Centre on all inter-State supplies.
CGST/SGST/UTGST/IGST
•There is single legislation – CGST Act, 2017 - for levying CGST. Similarly, Union Territories
without State legislatures [Andaman and Nicobar Islands, Lakshadweep, Dadra and Nagar
Haveli, Daman and Diu and Chandigarh] will be governed by UTGST Act, 2017 for
levying UTGST. States and Union territories with their own legislatures [Delhi and
Puducherry] have to enact their own GST legislation for levying SGST.
Legislative Framework
•Cross utilization of credit of CGST and SGST/UTGST will not be possible i.e. CGST credit
cannot be utilized for payment of SGST/UTGST and SGST/UTGST credit cannot be
utilized for payment of CGST. However, cross utilization will be allowed between
CGST/SGST/UTGST and IGST i.e. credit of IGST can be utilized for the payment of
CGST/SGST/UTGST and vice versa.
Manner of Utilization of ITC
•In GST regime, tax (i.e. CGST and SGST/UTGST for intra-State supplies and IGST for
inter-State supplies) shall be paid by every taxable person and in this regard provisions
have been prescribed in the law. However, for providing relief to small businesses,
following provisions have been made:
•Threshold Exemption to supplier having aggregate turnover upto ₹ 20 lakhs (for North
Eastern States and Sikkim, the limit is ₹ 10 lakhs).
•Composition Scheme to supplier having aggregate turnover upto ₹ 50 lakhs in the
preceding year.
Threshold Exemption & Composition Scheme
8. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 8
RELEVANT DEFINITIONS
S. No. Sec of
CGST Act
Definitions
1. 2(52) Goods
2. 2(45) E-Commerce Operator (ECO)
3. 2(47) Exempt Supply
4. 2(17) Business
5. 2(31) Consideration
6. 2(84) Person
7. 2(90) Principal Supply
8. 2(93) Recipient
9. 2(56) India
10. 2(98) Reverse Charge
11. 2(102) Services
12. 2(105) Supplier
13. 2(108) Taxable Supply
14. 2(78) Non-taxable Supply
15. 2(107) Taxable Person
1. Goods
Goods means every kind of movable property other than money and securities but includes
actionable claim, growing crops, grass and things attached to or forming part of the land which are
agreed to be severed before supply or under a contract of supply.
2. E-Commerce Operator (ECO)
ECO means any person who owns, operates or manages digital or electronic facility or platform for
electronic commerce.
3. Exempt Supply
Exempt supply means supply of any goods or services or both which attracts nil rate of tax or which
may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and
Services Tax Act, and includes non-taxable supply.
4. Business
Business includes:
(a) any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar
activity, whether or not it is for a pecuniary benefit;
(b) any activity or transaction in connection with or incidental or ancillary to (a) above;
(c) any activity or transaction in the nature of (a) above, whether or not there is volume, frequency,
continuity or regularity of such transaction;
(d) supply or acquisition of goods including capital assets and services in connection with
commencement or closure of business;
9. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 9
(e) provision by a club, association, society, or any such body (for a subscription or any other
consideration) of the facilities or benefits to its members, as the case may be;
(f) admission, for a consideration, of persons to any premises; and
(g) services supplied by a person as the holder of an office which has been accepted by him in the
course or furtherance of his trade, profession or vocation;
(h) services provided by a race club by way of totalisator or a licence to book maker in such club
(i) any activity or transaction undertaken by the Central Government, a State Government or any
local authority in which they are engaged as public authorities.
5. Consideration
Consideration in relation to the supply of goods or services or both includes:
i. any payment made or to be made, whether in money or otherwise, in respect of, in response
to, or for the inducement of, the supply of goods or services or both, whether by the recipient
or by any other person but shall not include any subsidy given by the Central Government
or a State Government,
ii. the monetary value of any act or forbearance, in respect of, in response to, or for the
inducement of, the supply of goods or services or both, whether by the recipient or by any
other person but shall not include any subsidy given by the Central Government or a State
Government.
However, a deposit given in respect of the supply of goods or services or both shall not be considered
as payment made for such supply unless the supplier applies such deposit as consideration for the said
supply.
6. Person
Person includes:
i. An individual
ii. A Hindu undivided family
iii. A company
iv. A firm
v. A Limited Liability Partnership
vi. An association of persons or a body of individuals, whether incorporated or not, in India or
outside India
vii. Any corporation established by/under any Central, State or Provincial Act or Government
company as defined in section2(45) of CompaniesAct,2013
viii. Any body corporate incorporated by or under the laws of a country outside India
ix. A co-operative society registered under any law relating to cooperative societies
x. A local authority
xi. Central Government or a State Government
xii. Society as defined under the Societies Registration Act, 1860
xiii. Trust
xiv. Every artificial juridical person, not falling within any of the above.
10. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 10
7. Principal Supply
Principal supply means the supply of goods or services which constitutes the predominant element of
a composite supply and to which any other supply forming part of that composite supply is ancillary.
8. Recipient
Recipient of supply of goods and/or services means-
(a) where a consideration is payable for the supply of goods or services or both, the person who is
liable to pay that consideration,
(b) where no consideration is payable for the supply of goods, the person to whom the goods are
delivered or made available, or to whom possession or use of the goods is given or made
available, and
(c) where no consideration is payable for the supply of a service, the person to whom the service is
rendered,
and any reference to a person to whom a supply is made shall be construed as a reference to the
recipient of the supply
and shall include an agent acting as such on behalf of the recipient in relation to the goods or services
or both supplied.
9. India
India means:
i. Territory of India as referred to in article 1 of the Constitution,
a. Its territorial waters, seabed and sub-soil underlying such waters, continental shelf,
exclusive economic zone or any other maritime zone as referred to in the Territorial
Waters, Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act,1976,
ii. The air space above its territory and territorial waters.
10. Reverse Charge
Reverse charge means the liability to pay tax by the recipient of supply of goods or services or both
instead of the supplier of such goods or services or both under section 9(3)/9(4), or under section
5(3)/5(4) of the IGST Act.
11. Services
Services means anything other than goods, money and securities but includes activities relating to the
use of money or its conversion by cash or by any other mode, from one form, currency or denomination,
to another form, currency or denomination for which a separate consideration is charged.
12. Supplier
Supplier in relation to any goods or services or both, shall mean the person supplying the said goods
or services or both and shall include an agent acting as such on behalf of such supplier in relation to the
goods or services or both supplied.
11. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 11
13. Taxable Supply
Taxable supply means a supply of goods and/or services which is chargeable to tax under CGST
Act.
14. Non-taxable Supply
Non-taxable supply means a supply of goods or services or both which is not leviable to tax under
CGST Act or under IGST Act.
15. Taxable Person
Taxable person means a person who is registered or liable to be registered under section 22 or section
24.
12. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 12
LEVY AND COLLECTION OF GST
CGST Act/SGST Act/UTGST Act levies tax on all intra-State supplies of goods and/or services
while IGST Act levies tax on all inter-State supplies of goods and/ or services.
Location of the supplier
and the place of supply
of goods or services are
in the same State/Union
territory.
CGST/SGST/UTGST
Intra-State
Supply Location of the supplier
and the place of supply
of goods or services are
in (i) two different States
or (ii) two different Union
Territories or (iii) a State
and a Union territory.
IGST
Inter-State
Supply
13. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 13
Value and Rates for levy
Value for levy: Transaction value under section 15 of the CGST Act.
Rates of CGST/IGST/SGST/UTGST: Rates for CGST/UTGST/SGST are rates as may be notified by the
Government on the recommendations of the GST Council [Rates notified are 5%, 12%, 18% and 28%]. IGST
will be approximately the sum total of CGST and SGST/UTGST. Maximum rate of CGST will be 20% while
for IGST, maximum rate will be 40%.
Reverse Charge
GST shall be paid by the recipient of goods or services or both, on reverse charge basis, in the following
cases:
1. Supply of goods or services or both, notified by the Government on the recommendations of the GST
Council.
2. Supply of taxable goods or services or both by an unregistered supplier to a registered person.
Electronic Commerce Operator (ECO)
The Government may notify specific categories of services the tax of which shall be paid by the ECO.
1. If the ECO is located in taxable territory- Person liable to pay tax is the ECO.
2. If the ECO does not have physical presence in the taxable territory- Person liable to pay tax is the person
representing the ECO.
3. If the ECO has neither the physical presence nor any representative in the taxable territory- Person liable to pay
tax is the person appointed by the ECOfor the purpose of paying the tax.
14. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 14
TAXABLE EVENT - SUPPLY
1. Taxable Event
2. Concept of Supply (Section 7 of CGST Act)
3. Schedule I
4. Schedule II
5. Schedule III (Negative List under GST)
1. Taxable Event
The incidence of tax is the foundation stone of any taxation system. It determines the point at which
tax would be levied i.e. the taxable event.
2. Concept of Supply (Section 7 of CGST Act)
Sub Section Clause Particulars
1. Supply includes
(a) all forms of supply of goods or services or both such as sale, transfer, barter,
exchange, licence, rental, lease or disposal made or agreed to be made for a
consideration by a person in the course or furtherance of business,
(b) importation of services, for a consideration whether or not in the course or
furtherance of business,
(c) the activities specified in Schedule I, made or agreed to be made without a
consideration,
(d) the activities to be treated as supply of goods or supply of services as referred
to in Schedule II.
2. Notwithstanding anything contained in sub-section (1),
(a) activities or transactions specified in Schedule III or
(b) such activities or transactions undertaken by the Central Government, a State
Government or any local authority in which they are engaged as public
authorities, as may be notified by the Government on the recommendations of
the Council, shall be treated neither as a supply of goods nor a supply of
services
3. Subject to sub-sections (1) & (2), the Government may, on the recommendations of the
Council, specify, by notification, the transactions that are to be treated as —
(a) a supply of goods and not as a supply of services; or
Service Tax:
Rendering of
Services
Excise:
Manufacture of
Goods
VAT/CST: Sale
of Goods
Taxable
Event
under Old
Laws
Supply of
Goods or
Services or
both
Taxable
event
under
GST
15. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 15
(b) a supply of services and not as a supply of goods.
3. Schedule I
This includes all supplies by a taxable person to a taxable or non-taxable person, even if the
same is without consideration.
Schedule I
Permanent
Transfer/Disposal
of Business Assets
Any kind of
disposal or
transfer of
business assets
made by an
entity on
permanent basis
even though
without
consideration.
Note that this
provision would
apply if input
tax credit has
been availed on
such assets.
Supply between
related person or
distinct persons made in
the course or
furtherance of business
Related Persons
1. such persons are
officers or directors of
one another’s businesses
2. such persons are
employer and employee
3. one of them directly
or indirectly controls the
other
4. together they directly
or indirectly control a
third person or they are
members of the same
family
5. such persons are
legally recognised
partners in business
6. any person directly or
indirectly owns, controls
or holds 25 % or more
of the outstanding voting
stock or shares of both
of them
7. both of them are
directly or indirectly
controlled by a third
person
8. Persons who are
associated in the
business of one another
in that one is the sole
agent or sole distributor
or sole concessionaire,
howsoever described,of
the other,shall be
deemed to be related.
Distinct Persons
under section 25
A person who has
obtained/is required
to obtain more than
one registration,
whether in one
State/Union territory
or more than one
State/Union territory
shall, in respect of
each such
registration, be
treated as distinct
persons. Further,
where a person who
has obtained or is
required to obtain
registration in a
State or Union
territory in respect of
an establishment, has
an establishment in
another State or
Union territory, then
such establishments
shall be treated as
establishments of
distinct persons.
Principal – Agent
Supply of goods
by a principal to
his agent, without
consideration,
where the agent
undertakes to
supply such goods
on behalf of the
principal is
considered as
supply. Similarly,
supply of goods
by an agent to his
principal, without
consideration,
where the agent
undertakes to
receive such goods
on behalf of the
principal is
considered as
supply.
Importation of
services
Import of
services by a
taxable person
from a related
person or from
his
establishments
located outside
India, in the
course or
furtherance of
business shall be
treated as
“supply”.
16. OVERVIEW OF GST
COMPILED BY CA AASHISH MOKTAN 16
4. Schedule II
Section 7(1)(d) of the Act refers to Schedule II for determining whether a particular transaction is a
supply of goods or service. This helps in mitigating ambiguities in existing laws.
S.N. Transaction Particulars Nature of Supply
1. Transfer Title in goods Supply of Goods
Right in goods/ undivided share in goods without transfer
of goods
Supply of Services
Title in goods under an agreement which stipulates that
property shall pass at a future date.
Supply of Goods
2. Land and
Building
Lease, tenancy, easement, licence to occupy land Supply of Services
Lease or letting out of building wholly or partly Supply of Services
3. Treatment or
Process
Applied to other person’s goods Supply of Services
4. Transfer of
Business Assets
Goods forming part of business assets are transferred or
disposed of by/under directions of person carrying on the
business, whether or not for consideration
Supply of Goods
Goods held/used for business are put to private use or are
made available to any person for use for any purpose
other than business, by/under directions of person carrying
on the business, whether or not for consideration
Supply of Services
Goods forming part of assets of any business carried on by
a person who ceases to be a taxable person, shall be
deemed to be supplied by him, in the course or furtherance
of his business, immediately before he ceases to be a
taxable person
Supply of Goods
5. Renting of immovable property Supply of Services
Construction of complex, building, civil structure, etc.
Temporary transfer or permitting use or enjoyment of any
intellectual property right
Development, design, programming, customisation,
adaptation, upgradation, enhancement, implementation of
IT software
Agreeing to obligation to refrain from an act, or to tolerate
an act or situation, or to do an act.
Transfer of right to use any goods for any purpose
6. Following composite supplies: -
1.Works contract services
2.Supply by way of or as part of any other service or in
any other manner whatsoever, of goods, being food or any
other article for human consumption or any drink
Supply of Services
7. Supply of goods by an unincorporated association or body
of persons to a member thereof for cash, deferred payment
or other valuable consideration.
Supply of Goods
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5. Schedule III (Negative List under GST)
This schedule specifies transactions/ activities which shall be neither treated as supply of goods nor a
supply of services.
S. No. Activities or transactions which shall be treated neither as a supply of goods nor a
supply of services
1. Services by an employee to the employer in the course of or in relation to his employment.
2. Services by any court or Tribunal established under any law for the time being in force.
3. (a) Functions performed by the Members of Parliament, Members of State Legislature,
Members of Panchayats, Members of Municipalities and Members of other local authorities;
(b) Duties performed by any person who holds any post in pursuance of the provisions of the
Constitution in that capacity; or
(c) Duties performed by any person as a Chairperson or a Member or a Director in a body
established by the Central Government or a State Government or local authority and who is
not deemed as an employee before the commencement of this clause.
4. Services of funeral, burial, crematorium or mortuary including transportation of the deceased.
5. Sale of land and, subject to paragraph 5(b) of Schedule II, sale of building.
6. Actionable claims, other than lottery, betting and gambling.
Explanation - For the purposes of paragraph 2, the term "Court" includes District Court, High
Court and Supreme Court.
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COMPOSITE AND MIXED SUPPLIES
1. Statutory Provisions (Section 8)
2. Composite Supplies
3. Mixed Supplies
1. Statutory Provisions (Section 8)
Section 8 Tax liability on composite and mixed supplies
Clauses Particulars
The tax liability on a composite or a mixed supply shall be determined in the following
manner, namely: -
(a) a composite supply comprising two or more supplies, one of which is a principal supply,
shall be treated as a supply of such principal supply; and
(b) a mixed supply comprising of two or more supplies shall be treated as supply of that
particular supply that attracts highest rate of tax.
2. Composite Supplies
In order to determine whether the supplies are ‘composite supplies’ or ‘mixed supplies’, one needs
to determine whether the supplies are naturally bundled or not naturally bundled in ordinary course of
business.
Composite supply means a supply made by a taxable person to a recipient and comprises two or
more taxable supplies of goods or services or both, or any combination thereof. are naturally bundled
and supplied in conjunction with each other, in the ordinary course of business.
A composite supply comprising of two or more supplies, one of which is a principal supply, shall be
treated as a supply of such principal supply.
3. Mixed Supplies
Mixed supply means two or more individual supplies of goods or services, or any combination
thereof, made in conjunction with each other by a taxable person for a single price where such supply
does not constitute a composite supply.
The individual supplies are independent of each other and are not naturally bundled.
A mixed supply comprising of two or more supplies shall be treated as supply of that particular
supply that attracts highest rate of tax.