GST stands for Goods and Services Tax, India.
It is a comprehensive tax levied by the government on the supply of goods and services. It is also an indirect tax, replacing other central and state levied indirect taxes. GST has brought the whole India under one tax regime, saving time and resulting in a low tax burden.
The Goods and Services Tax was implemented in July 2017 in an effort to subsume multiple indirect taxes. The new tax regime has been adopted quite well by businesses across the country since its implementation. The Goods and Services Act will also have a great impact on the tax system in India by reducing the unfavorable effect of tax on the cost of goods and services. It is expected that the creation of the Goods and Services Tax Act and its implementation will have a great impact on various aspects of business in India by changing the traditional pattern of pricing the products and services.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
The Goods and Services Tax was implemented in July 2017 in an effort to subsume multiple indirect taxes. The new tax regime has been adopted quite well by businesses across the country since its implementation. The Goods and Services Act will also have a great impact on the tax system in India by reducing the unfavorable effect of tax on the cost of goods and services. It is expected that the creation of the Goods and Services Tax Act and its implementation will have a great impact on various aspects of business in India by changing the traditional pattern of pricing the products and services.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
OBJECTIVE
Import of all kinds of goods and the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall deal with provisions relating to prosecutions and penalties levied on the person for any offences.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
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 presentation is on GST (Goods and Services Tax), it is about the new taxation system implemented in India. I have tried to keep all information about GST India.
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
OBJECTIVE
Import of all kinds of goods and the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall deal with provisions relating to prosecutions and penalties levied on the person for any offences.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
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 presentation is on GST (Goods and Services Tax), it is about the new taxation system implemented in India. I have tried to keep all information about GST India.
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
Traditionally India’s tax regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till tax reforms were undertaken during nineties. The major argument put forth for heavy reliance on indirect taxes was that the India’s majority of population was poor and thus widening base of direct taxes had inherent limitations. But the Indian system of indirect taxation is characterized by cascading, distorting tax on production of goods and services which leads to hampering productivity and slower economic growth. There are endless taxes in present system few levied by Centre and rest levied by state, to remove this multiplicity of taxes and reducing the burden of the tax payer a simple tax is required and that is Goods and Service Tax (GST). This paper throws an insight into the Goods and Service Tax concept, advantages, disadvantages and international scenario
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION.
STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED .
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more information, visit us at:-
https://medium.com/@OnlineAccountingCourses/top-20-gst-interview-questions-and-answers-in-2023-753f0430a16e
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more information, visit us at:-
https://medium.com/@OnlineAccountingCourses/top-20-gst-interview-questions-and-answers-in-2023-753f0430a16e
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more info, visit us at:-
https://academy.tax4wealth.com/blog/gst-interview-questions-and-answers
Top 20 GST Interview Questions and Answers in 2023 | Academy Tax4wealthAcademy Tax4wealth
Top 20 GST Interview Questions and Answers in 2023. Goods and Service Tax (GST) is a broad, multi-stage, tax applied at every stage where value is added. GST is the only indirect domestic tax for the entire country. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/gst-interview-questions-and-answers
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Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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DNA Testing in Civil and Criminal Matters.pptxpatrons legal
Get insights into DNA testing and its application in civil and criminal matters. Find out how it contributes to fair and accurate legal proceedings. For more information: https://www.patronslegal.com/criminal-litigation.html
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
2. INTRODUCTION
The Goods and Services Tax (GST) is the most-talked about
upcoming comprehensive indirect tax in our country subsuming the
major indirect taxes like Customs duty, Excise duty, Service tax
and Value Added Tax (VAT).
Based on recent newspaper reports, one would realize that it has
become so controversial that the opposition political parties are not
supporting the same despite several attempts by the government in
power. This non-cooperation explains the delay in passing the bill.
In my view, GST is simply the streamlining of various indirect
taxes in order to avoid the effect of cascading so that the final cost
to customer will go down. The proposed GST is an attempt by the
BJP Government to bring all the major indirect taxes under single
roof in their quest to simplify the levy and collection of taxes.
3. PRE-GST TAX STRUCTURE IN
INDIA
Tax Structure
Direct Tax
Income Tax Wealth Tax
Indirect Tax
Central Tax
Excise Service Tax Customs
State Tax
VAT
Entry Tax, luxury
tax, Lottery Tax,
etc.
4. What is GST?
One Tax
For
Manufacturing
Trading
Services
ONE NATION: ONE TAX
5. BASIC UNDERSTANDING THE
CONCEPT
GST concept can be easily explained with the help of
following example:
A Person has 4 sim cards of different network
operators, which he uses regularly. Hence, he has to
recharge his numbers regularly. Also the data packages
are offered at different prices, validity and quantity. So,
for him, knowing various offers offered by his 4 network
operators is very important but not so easy. He used to
have a glance at charts of different network operators.
Also, while using different Sims, he missed the
opportunity to get talk time offers, which are given to
two users of same network (e.g.: Idea to Idea talk time
offers). Hence his expenditure on mobile recharge used
to be high. To overcome these difficulties, he has
chosen a network operator and ported the rest into the
same network. This has helped him in reducing burden
of knowing offers offered by different network operators
and expenditure on recharges.
7. TYPES OF GST
There are three types of GST:
SGST – State GST, collected by the State Govt.
CGST – Central GST, collected by the Central
Govt.
IGST – Integrated GST, collected by the Central
Govt .
Present excise duty and service tax will be
replaced by CGST at single rate. VAT will be
replaced by SGST. IGST is for inter state
sales/stock transfers. In case of imports, both
CGST and SGST are levied. Rate structure of
GST will be same as the rate structure of VAT.
There will be a lower rate for essential
commodities and relatively higher rate for
10. GST TAX SLAB
TAX RATES: PRODUCTS
GST EXEMT/NIL
(0%)
Agriculture Products, Electricity, Salt, fresh fruits,
plastic bangles, passenger baggage etc
0.25% Cut and semi-polished stones are included under this tax slab.
5% Household necessities such as edible oil, sugar, spices, tea,
and coffee (except instant) are included. Coal, Mishti/Mithai
(Indian Sweets) and Life-saving drugs are also covered under
this GST slab.
12% This includes computers and processed food
18% Hair oil, toothpaste and soaps, capital goods and industrial
intermediaries are covered in this slab.
28% Luxury items such as small cars, consumer durables like AC
and Refrigerators, premium cars, cigarettes and aerated drinks,
High-end motorcycles are included here.
CESS Applicable for all individual tax payers:
Cess at the rate of 4% is applicable on the income tax amount.
Surcharge at different rates on the income tax is applicable
before the levy of cess if the total income exceeds Rs 50 lakh in
a financial year.
11. Good & Service Tax
NUMBER
GST Registration number consists of a 15 digit identification number.
The allocation of the number to the taxpayer was based on PAN and State
of the applicant. In a GST registration number, the first two digits
represent the State Code. The following next 10 digits represent the
PAN of the applicant. In addition, one digit represents entity code, one
digit is left blank and the last digit is a check digit.
12. GST Law
GST Law comprising
(i) Central Goods and Services Tax Act, 2017 including
Central Goods and Services Tax (Extension to Jammu
and Kashmir) Act, 2017,
(ii) State Goods and Services Tax Act, 2017 as notified by
respective States,
(iii) Union Territory Goods and Services Tax Act, 2017,
(iv) Integrated Goods and Services Tax Act, 2017
including Integrated Goods and Services Tax (Extension
to Jammu and Kashmir Act, 2017),
(v) Goods and Services Tax (Compensation to States) Act,
2017 (hereinafter referred as CGST, SGST, UTGST,
IGST and CESS respectively at the GST portal) and
(vi) Rules, Notifications, Amendments and Circulars
issued under the respective Acts.
14. POSITIVE SIDE OF GST
State level VAT has been introduced in our country mainly to eradicate the
cascading effect i.e. tax on tax which used to happen in sales tax. After
introduction of VAT, dealers are able to claim input VAT against output VAT. But the
main drawback in VAT is, it is levied after the levy of excise duty and service tax,
and is again causing the effect of cascading. Hence, effective implementation of
GST will help in eradicating cascading effect.
Instead of maintaining big records, returns and reporting under different statutes,
all assessees will find comfortable under GST, as the compliance cost will be
reduced. It also simplifies the procedure of claiming input tax credit.
Due to full and seamless credit, manufacturers or traders do not have to include
taxes as a part of their cost of production, which is a very big reason to say that
we can see a reduction in prices. Hence GST leads to decrease in prices and
helps price sensitive consumers. However, if the government seeks to introduce
GST with a higher rate, this might be lost.
Export of goods/services is not going to be taxed under GST. Hence, It is good for
export-oriented businesses and Indian goods can withstand global competition
comfortably since their prices will comparatively decrease. This will result in rise in
GDP and also favourable BOP.
By bringing all the indirect taxes into single basket, government will be able to
cover each and every manufacturer, service provider, seller who are not made
liable to tax earlier due to different exemptions from various laws. Also, simplified
procedure also encourages dealers to comply with tax rules and procedures.
15. DOWNSIDE OF GST
VAT has been first introduced in 1998, though it came into
force in 2005. This type of a delay may become a potential
threat to GST since many changes take place between law
formulation and actual implementation.
GST is a consumption-based tax. This results in increase in
revenue of state governments where consumption is
comparatively high.
GST will really result in benefit the end consumers only if the
laws formulated are followed and implemented both in letter
and spirit.
A high GST rate will create even more problems rather than
solving existing problems to the consumers. Similar to VAT, if
different states opt for different SGST rates, the very purpose
of introducing GST will be defeated.
Govt is not providing any guarantee that, after implementation
of GST, prices of various goods and services will surely
reduce. Unless govt. makes any rule or law, price hike or
reduction is the prerogative of seller/manufacturer/service
provider.
16. CONCLUSION
In my view, GST is not only a combination of
VAT and other indirect taxes but also a step
taken to eradicate the problems and to plug
out the loopholes in the present indirect tax
system. Implementation of GST, though, is
likely to cause inflation in the initial stages,
will surely result in more employment
opportunities and economic growth in our
country and Indians will become employment
providers rather than employment seekers in
near future. In the end, its can easily be
concluded that GST is much more helpful and
convenient than the past Tax system i.e. Tax
given for particular thing.
Editor's Notes
Cess is a form of tax charged/levied over and above the base tax liability of a taxpayer. A cess is usually imposed additionally when the state or the central government looks to raise funds for specific purposes. For example, the government levies an education cess to generate additional revenue for funding primary, secondary, and higher education. Cess is not a permanent source of revenue for the government, and it is discontinued when the purpose levying it is fulfilled. It can be levied on both indirect and direct taxes.