This document provides an overview of the Goods and Services Tax (GST) system proposed to be implemented in India. It defines GST as a comprehensive indirect tax on the manufacture, sale and consumption of goods and services that will replace existing central and state level taxes. The document discusses the need for GST, its justification by replacing existing complex tax structures. It describes the key features of GST including the dual GST model, taxable events, persons, rates, treatment of imports and exports, and advantages of the proposed system.
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.
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
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.
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.
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.
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.
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
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.
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.
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.
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.
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.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
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 information about Goods and Services Tax (GST) in India, including:
1. It discusses the current indirect tax structure and reasons for introducing GST such as tax cascading and lack of uniformity.
2. It outlines the roadmap for GST implementation, targeting rollout by April 2017 which faces challenges around rate structure and exemptions.
3. It explains key aspects of GST including what it is, the proposed dual GST model, tax administration, and provides an example comparing the current and proposed tax regimes.
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.
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.
The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
The document discusses Goods and Services Tax (GST) and its impact on state government revenues. It explains that GST is a unified indirect tax that will replace multiple taxes currently levied by central and state governments. While some producing states may lose revenue initially due to changes in tax collection points, states will gain powers to tax services and benefit from increased overall tax collection and compliance. The central government will also compensate states for any revenue losses from GST implementation for a period of five years.
This document provides an introduction and overview of the Goods and Services Tax (GST) implemented in India. It begins by explaining that GST consolidates several indirect taxes into a single tax applied to the supply of goods and services. It highlights that GST eliminates the cascading effect of taxation. The document then outlines some of the key features of GST, including that it is a consumption-based tax applied at the location where goods or services are consumed. It also describes some of the major taxes subsumed under GST and compares the previous tax regime to GST. Finally, it discusses important aspects of GST such as taxable events, tax rates, input tax credit, and the treatment of inter-state transactions
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.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses what GST is, the need for GST to replace existing indirect taxes, how GST will work, including features like a dual GST model with Central and State components, taxable events, registration requirements, subsuming of existing taxes, rates, exemptions, inter-state transactions and more. It also covers the latest updates on GST implementation and emerging issues regarding transitioning to the new tax system. The conclusion emphasizes that GST aims to simplify indirect taxation by shifting the tax burden to final consumption from production and trade.
GST is a comprehensive indirect tax on the supply of goods and services that would replace multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. The introduction of GST would be a significant reform of indirect taxation in India and is expected to boost the country's economic growth.
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.
As everyone know that our country has recently taken a bold step to eliminate the all indirect taxes levied at different level by different government under the leadership of our energetic PM.
Therefore I have the view that Industry will take time to get settle down since yet some of the part of country engaged into strikes/ deadlocks.
Therefore to overcome that situation we have a detail & summarized presentation on the subject for beginners and every efforts have been put in to make it easy to understand.
This document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history and legislation behind GST, the types of taxes it replaces, key aspects like tax slabs and the GST Network, the registration process, and purposes and advantages/disadvantages of GST. The goal of GST is to merge multiple taxes into a single indirect tax system to reduce the cascading tax effect and create a common national market.
The document discusses Goods and Services Tax (GST) in India. It provides details on:
1) GST is a comprehensive tax on the manufacture, sale, and consumption of goods and services applied nationally. It is levied as a value-added tax at each stage, with the final consumer bearing the burden.
2) GST has two components - Central GST and State GST. It would subsume several other taxes currently levied on goods and services.
3) Introducing GST is imperative to replace existing complex multiple tax structures and integrate the Indian market through uniform tax rates across states. It is expected to boost tax collection and economic development in India.
Mazars - Indian budget 2014 - presentation 17 july 2014 - Nicolas RibolletNicolas Ribollet
The Indian budget for 2014-15 made several changes aimed at attracting foreign investment. It increased FDI limits in insurance and defense manufacturing to 49% from 26%. It committed to implementing the Goods and Services Tax by a still unspecified date. It acknowledged the need for caution with retrospective taxation but emphasized creating a stable and predictable tax regime. It also outlined plans to strengthen infrastructure, manufacturing, the power sector, and e-government initiatives through tax incentives and regulatory reforms.
this ppt is essentially helpful for beginners for a better understanding of the gst and also many legal and constitutional framework has been added so that u can also overview the law related matters in it.
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.
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.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
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 information about Goods and Services Tax (GST) in India, including:
1. It discusses the current indirect tax structure and reasons for introducing GST such as tax cascading and lack of uniformity.
2. It outlines the roadmap for GST implementation, targeting rollout by April 2017 which faces challenges around rate structure and exemptions.
3. It explains key aspects of GST including what it is, the proposed dual GST model, tax administration, and provides an example comparing the current and proposed tax regimes.
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.
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.
The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
The document discusses Goods and Services Tax (GST) and its impact on state government revenues. It explains that GST is a unified indirect tax that will replace multiple taxes currently levied by central and state governments. While some producing states may lose revenue initially due to changes in tax collection points, states will gain powers to tax services and benefit from increased overall tax collection and compliance. The central government will also compensate states for any revenue losses from GST implementation for a period of five years.
This document provides an introduction and overview of the Goods and Services Tax (GST) implemented in India. It begins by explaining that GST consolidates several indirect taxes into a single tax applied to the supply of goods and services. It highlights that GST eliminates the cascading effect of taxation. The document then outlines some of the key features of GST, including that it is a consumption-based tax applied at the location where goods or services are consumed. It also describes some of the major taxes subsumed under GST and compares the previous tax regime to GST. Finally, it discusses important aspects of GST such as taxable events, tax rates, input tax credit, and the treatment of inter-state transactions
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.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses what GST is, the need for GST to replace existing indirect taxes, how GST will work, including features like a dual GST model with Central and State components, taxable events, registration requirements, subsuming of existing taxes, rates, exemptions, inter-state transactions and more. It also covers the latest updates on GST implementation and emerging issues regarding transitioning to the new tax system. The conclusion emphasizes that GST aims to simplify indirect taxation by shifting the tax burden to final consumption from production and trade.
GST is a comprehensive indirect tax on the supply of goods and services that would replace multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. The introduction of GST would be a significant reform of indirect taxation in India and is expected to boost the country's economic growth.
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.
As everyone know that our country has recently taken a bold step to eliminate the all indirect taxes levied at different level by different government under the leadership of our energetic PM.
Therefore I have the view that Industry will take time to get settle down since yet some of the part of country engaged into strikes/ deadlocks.
Therefore to overcome that situation we have a detail & summarized presentation on the subject for beginners and every efforts have been put in to make it easy to understand.
This document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history and legislation behind GST, the types of taxes it replaces, key aspects like tax slabs and the GST Network, the registration process, and purposes and advantages/disadvantages of GST. The goal of GST is to merge multiple taxes into a single indirect tax system to reduce the cascading tax effect and create a common national market.
The document discusses Goods and Services Tax (GST) in India. It provides details on:
1) GST is a comprehensive tax on the manufacture, sale, and consumption of goods and services applied nationally. It is levied as a value-added tax at each stage, with the final consumer bearing the burden.
2) GST has two components - Central GST and State GST. It would subsume several other taxes currently levied on goods and services.
3) Introducing GST is imperative to replace existing complex multiple tax structures and integrate the Indian market through uniform tax rates across states. It is expected to boost tax collection and economic development in India.
Mazars - Indian budget 2014 - presentation 17 july 2014 - Nicolas RibolletNicolas Ribollet
The Indian budget for 2014-15 made several changes aimed at attracting foreign investment. It increased FDI limits in insurance and defense manufacturing to 49% from 26%. It committed to implementing the Goods and Services Tax by a still unspecified date. It acknowledged the need for caution with retrospective taxation but emphasized creating a stable and predictable tax regime. It also outlined plans to strengthen infrastructure, manufacturing, the power sector, and e-government initiatives through tax incentives and regulatory reforms.
this ppt is essentially helpful for beginners for a better understanding of the gst and also many legal and constitutional framework has been added so that u can also overview the law related matters in it.
The document provides information about Goods and Services Tax (GST) in India. It discusses what GST is, the objectives of implementing GST, taxes that will be subsumed under GST, timeline of GST implementation, GST structure and rates, impact of GST on various sectors of the economy, expert opinions on GST, and potential positive and negative impacts of GST on India's GDP. Key points include that GST is an indirect tax for the entire nation aimed at creating a single market, it will subsume many indirect taxes at the central and state levels, the target implementation date was July 2017, and studies estimate that GST could increase India's GDP by 0.9-1.7
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
GST (Goods and Services Tax) is a major tax reform that will transform India into a unified market and manufacturing hub. It will replace multiple indirect taxes and is expected to increase GDP by 1-2% by creating more jobs and opportunities. The GST bill was introduced in Parliament in 2015 and passed in 2016. GST will lower prices for many goods while increasing prices for some services. It will benefit the economy overall but some sectors like banking, medical and IT may see higher costs initially. Careful implementation of tax rates between states and inclusion of petroleum products is needed for GST to be a success in India.
This presentation is made to give a brief of changes that are likely to happen in GST and impact of such changes on some of the sectors. It contains a compairison of present and proposed structure of taxation. We have aslo added place of supply rules, treatment of composite supplies, transitional issues and global experience for GST.
Find out the detailed explanation of the provisions related to Place of Supply under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
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.
The document provides updates on India's implementation of the Goods and Services Tax (GST), including:
1) The GST rollout date has been delayed by 3 months to July 1, 2017 to allow industries more time to prepare for changes.
2) Key recommended GST tax slab rates by the GST council are 28%, 18%, 12%, and 5%, and the service tax rate is expected to increase from 15% to 18%.
3) Industries will need to ensure price reductions from GST benefits are passed to consumers to comply with anti-profiteering provisions.
This document provides an overview of the proposed Goods and Services Tax (GST) model in India. It discusses the perceived benefits of GST, the existing indirect tax structure, key features of the Constitution Amendment Bill, the proposed GST model including features of the draft GST law, the role of the GST Network and Central Board of Excise and Customs, and the next steps toward implementation. The key aspects covered are the dual GST structure of CGST and SGST/IGST, the proposed tax rates and compliance requirements, and the transition process.
The document discusses India's Goods and Services Tax (GST) system. It provides an overview of GST and its history in India. It also summarizes the key areas of impact for businesses, including tax registration, configuration, documentation, and reporting requirements under GST.
The document discusses the proposed introduction of Goods and Services Tax (GST) in India, which would replace multiple indirect taxes with a single, comprehensive tax. Key points:
1. GST is proposed as a single, indirect tax on the supply of goods and services, with taxation levied at the place of consumption. It aims to remove cascading effects of taxes and create a unified national market.
2. GST will have two components - Central GST and State GST. Taxes will be applicable on all transactions of goods and services within a state. Inter-state transactions will be taxed by Integrated GST.
3. GST is expected to simplify and harmonize the
The document provides an overview of the Goods and Services Tax (GST) in India. It discusses the existing indirect tax structure, the taxes that will be subsumed under GST, key features of GST including benefits, tax rates, and timelines for implementation. Important concepts under GST like supply, consideration, location of supplier and receiver, and time and place of supply are also summarized.
This document provides an overview of the proposed Goods and Services Tax (GST) system in India. It discusses the limitations of the current indirect tax system, including cascading taxes and lack of centralized administration. The proposed GST system would create a unified tax structure with three components - CGST, SGST, and IGST. This would simplify compliance, reduce costs, and promote a unified national market. The bill has passed the Lok Sabha and is currently tabled in the Rajya Sabha. Implementation of GST is expected to boost investment, employment, and economic growth in India by simplifying taxes and widening the tax base.
The document discusses Goods and Services Tax (GST) in India. It defines GST and explains its key components. It discusses the need for GST to replace existing indirect tax structures. It outlines the justification for GST at central and state levels. It describes the proposed dual GST model and some salient features of GST including chargeability, taxable events, persons, rates, and registration. It also discusses subsuming of existing taxes, exemptions, treatment of exports and imports, and inter-state transactions under GST.
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.
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. GST will be levied at every stage of supply of goods and services based on the input tax credit method. This will ensure a seamless transfer of input tax credit between the central GST and state GST.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST as a comprehensive tax on the manufacture, sale, and consumption of goods and services at the national level. It discusses the need for GST to replace existing multiple tax structures and simplify taxation. The document outlines the key features of GST, including that it will have dual components of Central GST and State GST, and covers topics such as taxable events, persons, rates, and subsuming of existing taxes. It provides the latest updates regarding proposals for an optional GST and other recommendations from a parliamentary panel.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the constitution of the GST Council, the journey to implementing GST, the need for a constitutional amendment, benefits of GST, the proposed dual GST model, key features of GST including chargeability, taxable events, persons, rates, and registration. It also outlines taxes that would be subsumed under GST and those that would be out of the GST regime. The latest updates on GST and emerging implementation issues are also summarized.
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 .
This document provides an overview of goods and services tax (GST) in India. It defines GST and explains how it will combine multiple taxes into a single tax applied to goods and services. It also describes key aspects of GST such as how it will be administered, the registration process, taxable items, and compliance requirements. Preparations are needed at the central and state government levels as well as for taxpayers to ensure a smooth transition to this significant tax reform.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST as a comprehensive tax on the manufacture, sale, and consumption of goods and services applied at the national level. The document discusses the need for GST to replace existing multiple tax structures and integrate various taxes to allow for full input tax credits. It outlines the justification for GST at both the central and state levels. The document also covers the key features and benefits of GST, including the types of taxes subsumed under GST, registration requirements, taxable supplies, input tax credits, and returns.
Goods and service tax - GST- A detailed explanation with examplesShakir Shaikh
The document provides an overview of the Goods and Services Tax (GST) that was introduced in India in 2017. It explains that GST is a comprehensive indirect tax on the supply of goods and services that aims to replace multiple taxes levied by the central and state governments. The key aspects covered include the constitutional amendment needed to implement GST, the various tax components under GST, input tax credit provisions, tax rates, and exemptions. Examples are also provided to illustrate how tax calculations work under the GST framework for domestic and international transactions.
An overview of Goods and Services tax in IndiaKushal Setty
The document provides an overview of the proposed Goods and Services Tax (GST) model in India. It discusses that GST will replace many existing indirect taxes and be composed of two levels - Central GST and State GST. It notes GST will provide a comprehensive tax credit offset across the supply chain. The document also outlines some of the key aspects of GST including taxable events, identification numbers, payment procedures, and proposed tax rates.
Goods and Services Tax (GST) is an important indirect tax reform in India that will replace multiple taxes imposed by central and state governments. It will be a dual GST with taxation powers shared between the central and state governments. While the central government can tax services and goods up to production, states can tax sale of goods. Constitutional amendments are needed to properly implement GST. GST will be a comprehensive tax on supply of goods and services that aims to eliminate cascading taxes and provide seamless input tax credits. It has faced delays in implementation due to lack of consensus among states on certain issues.
The document discusses the Goods and Service Tax (GST) that was implemented in India in 2017. It provides background on GST, describing it as an indirect tax reform that consolidated multiple taxes into a single tax applied to goods and services. The objectives, methodology, key features, and impacts of GST on the Indian economy are examined, along with the advantages it provides in reducing complexity and disadvantages around implementation challenges. In conclusion, the researcher supports GST as an important milestone for taxation in India that will help create a common market, though challenges remain in fully adapting the new system.
The document provides an overview of the proposed Goods and Services Tax (GST) in India, including:
1) GST will combine multiple indirect taxes into a single tax, aiming to reduce complexity and inefficiencies. It will be levied as Central GST, State GST, and Integrated GST on inter-state sales.
2) Under GST, tax will be collected at the destination of goods and services rather than origin. Credits for taxes paid on inputs and capital goods will be available across states.
3) Implementation will require changes to contracts, purchase/work orders, IT/EDP systems, and awareness/training within organizations. Works contracts and other provisions may also
Goods and service act - A Basic OverviewJoy Waghela
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with taxation applied by both the central and state governments. Inter-state transactions will be taxed by the central government through an Integrated GST. The GST is expected to simplify and harmonize indirect taxation in India and foster economic growth. Thresholds and composition schemes are proposed to reduce the tax burden on small businesses.
Goods and service act - A Basic OverviewJoy Waghela
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with both the central and state governments authorized to collect taxes at different stages of production and distribution. The goals of GST include simplifying taxation, reducing costs for businesses, expanding the tax base, and promoting a common market across India. Key aspects covered include GST rates in other countries, exceptions, registration requirements, and the treatment of imports and exports.
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with both the central and state governments authorized to collect taxes at different stages of production and distribution. The goals of GST include simplifying taxation, reducing costs for businesses, expanding the tax base, and promoting a common market across India. Key aspects covered include tax rates in other countries, exceptions, registration requirements, and the treatment of imports and exports.
The document provides an overview of the Indian economy, the current indirect tax structure in India and its problems, and introduces the concept of GST as a solution. It describes key features of GST including the tax components of CGST, SGST and IGST. It also covers fundamentals of GST including the subsuming of existing taxes, supply chain mechanics, FAQs on GST, and the registration procedure.
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.
1. P . j .Chakrasali
{M} 8748000623
E-mail: prajwalk.j.c@gmail.com
A presentation by
P . j . Chakrasali
2. What is GST?
‘G’ – Goods
‘S’ – Services
‘T’ – Tax
“Goods and Service Tax (GST) is a comprehensive tax
levy on manufacture, sale and consumption of goods
and service at a national level.
GST is a tax on goods and services with value addition at
each stage having comprehensive and continuous chain
of set-of benefits from the producer’s/ service provider’s
point up to the retailer’s level where only the final
consumer should bear the tax.”
3. Need for GST
Introduction of a GST to replace the existing multiple tax
structures of Centre and State taxes is not only desirable
but imperative in the emerging economic environment.
Increasingly, services are used or consumed in production
and distribution of goods and vice versa. Separate taxation
of goods and services often requires splitting of transaction
values into value of goods and services for taxation, which
leads to greater complexities, administration and
compliances costs. Integration of various taxes into a GST
system would make it possible to give full credit for inputs
taxes collected. GST, being a destination-based
consumption tax based on VAT principle, would also
greatly help in removing economic distortions and will
help in development of a common national market.
4. Justification of GST
Despite the success of VAT, there are still certain
shortcomings in the structure of VAT, both at the
Centre and at the State level.
A. Justification at the Central Level
i. At present excise duty paid on the raw material
consumed is being allowed as input credit only.
For other taxes and duties paid for post-
manufacturing expenses, there is no
mechanism for input credit under the Central
Excise Duty Act.
Contd….
5. i. adfl
ii. Credit for service tax paid is being allowed
manufacturer/ service provider to a limited
extent. In order to give the credit of service
tax paid in respect of services consumed, it is
necessary that there should be a
comprehensive system under which both the
goods and services are covered.
iii. At present, the service tax is levied on
restricted items only. Many other large
number of services could not be taxed. It is to
reduce the effect of cascading of taxes, which
means levying tax on taxes.
Contd…
6. B. Justification at the State Level
i. A major defect under the State VAT is that the State is
charging VAT on the excise duty paid to the Central
Government, which goes against the principle of not
levying tax on taxes.
ii. In the present State level VAT scheme, Cenvat allowed
on the goods remains included in the value of goods
to be taxed which is a cascading effect on account of
Cenvat element.
iii. Many of the States are still continuing with various
types of indirect taxes, such as luxury tax,
entertainment tax, etc.
iv. As tax is being levied on inter-state transfer of goods,
there is no provision for taking input credit on CST
leading to additional burden on the dealers.
7. Model of GST
The dual GST model proposed by the Empowered
Committee and accepted by the Centre will have dual
system for imposing the tax. GST shall have two
components i.e.
(i) Central GST
(ii) State GST
Central Excise duty, additional excise duty, services tax
and additional duty of customs (equivalent to excise),
state VAT entertainment tax, taxes on lotteries, betting
and gambling and entry tax (not levied by local
bodies)would be subsumed within GST
8. GST - Salient Features
It would be applicable to all transactions of goods and service.
It to be paid to the accounts of the Centre and the States separately.
The rules for taking and utilization of credit for the Central GST and
the State GST would be aligned.
Cross utilization of ITC between the Central
GST and the State GST would not be allowed except in the case of
inter-State supply of goods.
The Centre and the States would have concurrent jurisdiction for the
entire value chain and for all taxpayers on the basis of thresholds for
goods and services prescribed for the States and the Centre.
The taxpayer would need to submit common format for periodical
returns, to both the Central and to the concerned State GST
authorities.
Each taxpayer would be allotted a PAN-linked taxpayer identification
number with a total of 13/15 digits.
9. Chargeability of Tax under GST
It will be replacement of ED and other taxes.
There will be two parallel Statutes – one at the Centre and other
under the respective State GST Act – governing the tax liability
of the same transaction.
All the items of goods and services are proposed to be covered
and exemptions will be granted to few selected items.
After introduction of GST, all the traders will be paying both the
types of taxes i.e. CGST and SGST.
10. Taxable Event
Following questions arises:
At what point of time, the tax will be levied?
Will TE covers both i.e. supply of goods and rendering of
services?
What will be the nature of TE?
Will it not involve new language and terminology?
What impact the change in TE can have?
GST is proposed to be levied by both the CG and SGs. How will
it be defined under CGST and SGST?
11. Taxable Person
It will cover all types of person carrying on business activities,
i.e. manufacturer, job-worker, trader, importer, exporter, all
types of service providers, etc.
If a company is having four branches in four different states, all
the four branches will be considered as TP under each
jurisdiction of SGs.
All the dealers/ business entities will have to pay both the types
of taxes on all the transactions.
A dealer must get registered under CGST as it will make him
entitle to claim ITC of CGST thereby attracting buyers under
B2B transactions.
Importers have to register under both CGST and SGST as well.
12. Subsuming of Existing Taxes
The sub-sumation should result in free flow of tax
credit in intra and inter-State levels so that unrelated
taxes, levies and fees are not be subsumed under GST.
Sl.
No
.
Subsumed under CGST Subsumed under SGST
1 Central Excise Duty VAT / Sales tax
2 Additional Excise Duties Entertainment tax (unless it is levied by the local
bodies).
3 Excise Duty-Medicinal and Toiletries Preparation
Act
Luxury tax
4 Service Tax Taxes on lottery, betting and gambling.
5 Additional CVD State Cesses and Surcharges (supply of goods and
services)
6 Special Additional Duty of Customs - 4% (SAD) Entry tax not in lieu of Octroi
7 Surcharges
8 Ceses
13. Taxes that may or may not be
subsumed
There are few other indirect taxes that may or may not
be subsumed under the GST regime as there is no
consensus among States and Centre & States –
Purchase tax
Stamp Duty
Vehicle Tax
Electricity Duty
Other Entry taxes and Octroi
14. Rate of Tax
There with be a two-rate structure –a lower rate for necessary
items and items of basic importance and a standard rate for
goods in general. There will also be a special rate for precious
metals and a list of exempted items.
For CGST relating to goods, the States considered that the
Government of India might also have a two-rate structure, with
conformity in the levels of rate with the SGST. For taxation of
services, there may be a single rate for both CGST and SGST.
It will be total of the rate as applicable under CGST & SGST.
It is understood that the Government is considering pegging the
revenue neutral rate of GST at a rate between 18% to 22%. This
represents the aggregate of CGST and SGST payable on the
transaction. However, it may be noted that at this stage, the
Government is yet to indicate whether the revenue neutral rate
of tax on goods and services would be the same.
15. What will be out of GST?
Levies on petroleum products
Levies on alcoholic products
Taxes on lottery and betting
Basic customs duty and safeguard duties on import
of goods into India
Entry taxes levied by municipalities or panchayats
Entertainment and Luxury taxes
Electricity duties/ taxes
Stamp duties on immovable properties
Taxes on vehicles
16. Exemption of Goods and Services
Concept of providing threshold exemption of GST
Scope of composition and compounding scheme
under GST
Items of GS to be exempt
Treatment for goods exempt under one state and
taxable under the other
17. GST on Export & Import
GST on export would be zero rated
Both CGST and SGST will be levied on import of
goods and services into the country. The incidence
of tax will follow the destination principle and the
tax revenue in case of SGST will accrue to the State
where the imported goods and services are
consumed. Full and complete set-off will be
available on the GST paid on import on goods and
services.
18. Inter-State Transactions of Goods
& Services
The existing CST will be discontinued. Instead, a
new statute known as IGST will come into place.
It will empower the GC to levy and collect the tax
on the inter-state transfer of the GS.
The scope of IGST Model is that Centre would
levy IGST which would be CGST plus SGST on all
inter-State transactions of taxable goods and
services with appropriate provision for
consignment or stock transfer of goods and
services.
Contd…
19. Inter-State Transactions of Goods
& Services
The inter-State seller will pay IGST on value addition after
adjusting available credit of IGST, CGST, and SGST on his
purchases. The Exporting State will transfer to the Centre
the credit of SGST used in payment of IGST. The
Importing dealer will claim credit of IGST while
discharging his output tax liability in his own State. The
Centre will transfer to the importing State the credit of
IGST used in payment of SGST. The relevant information
will also be submitted to the Central Agency which will
act as a clearing house mechanism, verify the claims and
inform the respective governments to transfer the funds.
20. Advantages of IGST Mode
a)Maintenance of uninterrupted ITC chain on inter-State
transactions.
b)No upfront payment of tax or substantial blockage of funds for the
inter-State seller or buyer.
c)No refund claim in exporting State, as ITC is used up while paying
the tax.
d) Self monitoring mode
e) Level of computerization is limited to inter-State dealers and
Central and State Governments
should be able to computerize their processes expeditiously.
f) As all inter-State dealers will be e-registered and correspondence
with them will be by e-mail, the compliance level will improve
substantially.
g) Model can take ‘Business to Business’ as well as ‘Business to
Consumer’ transactions into account.
21. Registration under GST
Under GST registration, it is likely to be linked
with the existing PAN.
The new business identification number was
likely to be the 10-digit alphanumeric PAN, in
addition to two digits for state code and one or
two check numbers for disallowing fake
numbers. The total number of digits in the new
number was likely to be 13-14.
22. GST Invoice
In an invoice based VAT system, the issue of invoices in
the proper form is an essential part of the procedure for
imposing and enforcing the VAT.
An invoice is also required by the tax authorities to audit
the collection of VAT.
What is required is –
The law should require a supplier making a taxable
supply to another taxable person to provide a VAT
invoice with that supply or the payment for it.
The VAT invoice should be standardised across all
states so as to contain a minimum of information
about the supply being invoiced.
23. Periodicity of GST Payment
Since the amount of VAT collected by a dealer is related
to his turnover, the dealer is likely to accumulate a huge
VAT liability within a very short period. Hence, it is
necessary to minimize the risk of payment defaults by
dealers, in particular fly-by-night operators.
Given that the collection under VAT will serve as the
dominant source of revenue for state government, it is
imperative to provide for a collection mechanism which
would ensure a period flow of revenue to the exchequer
subject to a minimum compliance burden on taxpayers
and risk of revenue loss. Therefore, VAT period should
be a calendar month.
24. Latest updates on GST
Parliament panel might propose optional GST for states
The panel, to consider its draft report on the Constitution (115th
Amendment) Bill on the GST, feel states should be given enough
fiscal space if the success of Value Added Tax (VAT) is to be
replicated.
To address concerns of the states on revenue loss, the panel might
recommend an automatic compensation mechanism, wherein a
fund is created under the proposed GST Council. It also wants a
study to evaluate the impact of GST on the revenue of states. It
could suggest a floor rate with a narrow band, decision by voting
and not consensus in the GST Council, omitting the provision on
setting up a Dispute Settlement Authority, subsuming entry tax in
GST and giving powers to states to levy tax in the event of a natural
calamity, among other things.
Contd..
25. Latest updates on GST
The report of the standing committee could be adopted in its
next meeting and the finance ministry, after incorporating the
panel’s views, would approach the cabinet to present the Bill in
Parliament with the changes.
26. Emerging Issues
What preparations are required at the level of CG and SG for
implementing GST?
Whether the Government machinery is in place for such a mammoth
change?
Whether the tax-payers are ready for such a change?
What impact it can have on the revenue of the government?
How can the burden of tax, in general, fall under the GST?
In what respect, it will affect the manufacturers, traders and ultimate
consumers?
How will GST benefit the small entrepreneurs and small traders?
Which type of administrative work will be involved in complying
with the GST requirements?
27. Conclusion
The taxation of goods and services in India has, hitherto, been
characterized as a cascading and distortionary tax on production
resulting in mis-allocation of resources and lower productivity and
economic growth. It also inhibits voluntary compliance. It is well
recognized that this problem can be effectively addressed by shifting
the tax burden from production and trade to final consumption. A
well designed destination-based value added tax on all goods and
services is the most elegant method of eliminating distortions and
taxing consumption. Under this structure, all different stages of
production and distribution can be interpreted as a mere tax pass-
through, and the tax essentially ‘sticks’ on final consumption within
the taxing jurisdiction.
A ‘flawless’ GST in the context of the federal structure which would
optimize efficiency, equity and effectiveness. The ‘flawless’ GST is
designed as a consumption type destination VAT based on invoice-
credit method.