Businesses need to register for GST by September 30, 2017. Stock on hand as of June 30, 2017 can be taxed under GST, with credit given for prior taxes paid. Invoices under GST must include seller and buyer details as well as tax rates and amounts. There will be five GST tax rates: 0%, 5%, 12%, 18%, and 28%. Small businesses with under Rs. 75 lakhs turnover can register for the composition scheme with simplified compliance.
In this presentation, I tried to explain the term GST in brief.
If you have any query related to it, please ask, comment and contact. Don't forget to share.
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
GST In India An Overview and Impact.
Types of Taxes Covered in CGST, SGST, IGST
Benefits for Government and Customer
GDP growth rate
Many more to find in PPT
In this presentation, I tried to explain the term GST in brief.
If you have any query related to it, please ask, comment and contact. Don't forget to share.
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
GST In India An Overview and Impact.
Types of Taxes Covered in CGST, SGST, IGST
Benefits for Government and Customer
GDP growth rate
Many more to find in PPT
In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.
about gst in india. all about one nation,one tax,what are he tax rates . hoew it is different from previous tax. why it is better,what are its benefits and disadvantages . what will be its impact in indian economy
specially for class 11 eco project i made this and good marks
helps in understanding gst
Present Taxation Vs GST Scenario.
Difference between Taxation as per Excise/ Custom Duty, Service Tax, CST, VAT and Taxation after Goods and Service Tax.
Also Comparison of the effect of both the Tax Scenario.
Introduction /Concepts of GST
Existing & Proposed Tax Structure in India
Model/Components of GST
Benefits under GST
Applicability & Rate in GST Regime
Impact of GST
GST Set off Chain & its methodology
Functioning of GST
Others Areas of GST
Key Amendments in Bill
Sector Wise Impacts
Flaws of the GST Model
Conclusion.
This is a presentation for those people who wants to understands the basics of gst. This ppt includes how the gst works, Inpu ax Credit, Rates of GST, Composition Scheme etc.
Get an overview of GST in India. Know the basic definition of GST, taxes subsumed under it and how it basically works in India. Know the significance of GST tool.
In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.
about gst in india. all about one nation,one tax,what are he tax rates . hoew it is different from previous tax. why it is better,what are its benefits and disadvantages . what will be its impact in indian economy
specially for class 11 eco project i made this and good marks
helps in understanding gst
Present Taxation Vs GST Scenario.
Difference between Taxation as per Excise/ Custom Duty, Service Tax, CST, VAT and Taxation after Goods and Service Tax.
Also Comparison of the effect of both the Tax Scenario.
Introduction /Concepts of GST
Existing & Proposed Tax Structure in India
Model/Components of GST
Benefits under GST
Applicability & Rate in GST Regime
Impact of GST
GST Set off Chain & its methodology
Functioning of GST
Others Areas of GST
Key Amendments in Bill
Sector Wise Impacts
Flaws of the GST Model
Conclusion.
This is a presentation for those people who wants to understands the basics of gst. This ppt includes how the gst works, Inpu ax Credit, Rates of GST, Composition Scheme etc.
Get an overview of GST in India. Know the basic definition of GST, taxes subsumed under it and how it basically works in India. Know the significance of GST tool.
A Glance to GST Calculation in India | GST KeeperGSTKeeper
This presentation takes you to the overview of GST calculation in India. Know the federal nature of India, and the process of GST calculation in India.
Maintenance of Accounts and Records, GST compliances and process of GST return filings. Type of Return under GST. Return under CGST, SGST, IGST. GSTR1, GSTR2, GSTR3,
Goods and Services Tax is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
GST Filing is the process by which buyers and suppliers file their GST returns to the IT Department of the Indian government. A GST return is essentially a document that contains details regarding the taxpayer's income that helps IT officials calculate their liability for a particular period.
Registered GST dealers have to file GST returns for purchases, sales, Output GST, and Input Tax Credit. To complete the GST filing, dealers require compliant sales and purchase invoices. Read on to find out more about GST Filing, why it’s important and how to get it done.
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)
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.
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 .
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.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
2. Introduction to GST
GST (Goods and Service Tax) proposed to be implemented
from 01st day of July 2017 in all over India except the state of
Jammu and Kashmir.
Normally these questions come before a Businessman:
1) What is GST?
2) How to get ready for GST?
3) How to get registered under GST?
4) What will be the treatment of stock in hand as on 01st day
of July 2017?
5) What will be the invoice format under GST?
6) What will be the proposed tax structure?
7) What will be the tax rates on my products?
8) Composition Scheme
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3. 1) What is GST?
GST, as the name suggests, is a combination of Excise Duty,
Value Added Taxes (VAT), Entertainment Taxes and Service
Tax, as earlier leviable by different states, union territories and
Central Government.
Types of levies under GST Regime:
1) Union Territory/State Goods and Service Tax
(UTGST/SGST)
2) Central Goods and Service Tax (CGST)
3) Integrated Goods and Service Tax (IGST)
3
4. Applicability of different types of
GST
If Goods sold within the state – SGST/UTGST + CGST
If Goods sold outside the state - IGST
4
5. Migration to GST – For existing
Taxpayers
If already have Excise/VAT/Service Tax Registration:
Apply for Migration to GST
Prepare a list of stock items
Calculate Input credit allowable as per GST transitional
provisions
Apply for final registration under GST Act till 30th September
2017.
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6. Registration under GST – New
Taxpayers
If NOT registered Excise/VAT/Service Tax:
Apply for registration on GST portal (www.gst.gov.in)
The registration will be granted within 3 days from the date of
application
Physical verification of business premises can be conducted by
the Proper Officer as per his discretion.
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7. Treatment of Stock-in-hand as on
30.06.2017
Under the new GST regime, the taxpayers are eligible to claim
balance of input tax credit under the existing law.
The sale of stock on or after 01.07.2017 will be taxed as per new
GST Act.
Excise Duty paid on stock-in-hand as on 01.07.2017 will be
available to the assesse, subject to production of excise paid
invoices, Bill of Entry or any other admissible documents. Such
invoice, bill of entry or any other document shall not be older
than 12 months from 01.07.2017.
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8. If the Taxpayer doesn’t have proof regarding payment of duty on
the stock in hand as on 30.06.2017.
A credit of 40% on CGST payable on that product shall be
allowed after payment of such CGST.
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12. An Invoice shall contain the following particulars:
1) Name, Address, GSTIN and state code of the Seller
2) Name, Address, GSTIN and state code of the Purchaser
3) Name of the Item (HSN Code it turnover > 1.5 Crore)
4) Quantity, Rate and Value of the Item
5) SGST, CGST or IGST Rates and amount (as applicable)
6) Total Invoice Value
Invoice Format
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14. Five types of tax rates are defined under GST Act:
1) 0 %
2) 5 %
3) 12 %
4) 18 %
5) 28 %
To know the rates applicable on your product, logon to CBEC
website www.cbec.gov.in
Tax Rates
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15. Eligibility:
For availing registration under composition scheme, the taypayer
is required to fulfil the following conditions:
1) Turnover should not exceed Rs. 75 Lakhs
2) Not engaged in selling through E-Commerce portals
3) Not engaged in interstate outward supply
Composition Scheme
15
16. Presentation by:
Amit Kumar Aggarwal
B.Com, ACA
Can be reached at:
Contact: 91-9711544142
91-11-45574142
Email: expertchartered@gmail.com
amit.aggarwal@hotmail.com
Disclaimer: The use of presentation depends on the circumstances. The Author will not be responsible for any action taken on behalf of
this presentation.
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