The document provides details about the Goods and Services Tax (GST) system implemented in India in 2017. It discusses the taxation powers that previously vested with states and the central government. It then outlines the key indirect taxes that were subsumed under GST. The document also summarizes the journey of GST in India from its initial proposal in 2000s to its implementation in 2017 after overcoming various political and legislative challenges. Finally, it briefly discusses the objectives of GST and its impact on the Indian economy.
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
www.actouch.com
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
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.The presentation in a nutshell describes the baseline of it.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
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.
General knowledge on GST to understand the biggest tax reform in the Indian Economy.
Note: It's just a brief on GST and does not get into the intricacies. Thank you for viewing.
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
www.actouch.com
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
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.The presentation in a nutshell describes the baseline of it.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
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.
General knowledge on GST to understand the biggest tax reform in the Indian Economy.
Note: It's just a brief on GST and does not get into the intricacies. Thank you for viewing.
itelligence GST implementation
India is slated to adopt GST from Apr 1, 2017. Hence, businesses need to be technologically-ready
GST is a comprehensive indirect tax levied on Sale, Manufacture and Consumption of Goods and Services at the National level.
GST would apply to all goods other than crude Petroleum, Motor spirit, Diesel, Aviation Turbine fuel and Natural gas.
GST would apply to all services barring a few to be specified
Export and Direct taxes like Income Tax, Corporate Tax, Capital gains tax will not be affected by GST.
Imports will be subject to GST, but exports will be GST-exempt
Where the output is GST exempt, the GST paid on the input will be a cost to the business
As Per My opinion This Is very Useful .
Most of the information Has Been Has Covered in this.
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"Goods and services tax” means any tax on supply of goods, or services or
both except taxes on the supply of the alcoholic liquor for human
consumption
Everything you want to known about GST is here and you can use it for increase your knowledge as well as make your own project with the material provided here.
Gst overview, gst concept and status caknowledgeRaju Choudhary
The introduction of Goods and Services Tax on 1 st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market. caknowledge.com provide latest updates on GST in India
A study on GST and the areas of its impact in banking & financial servicesSwapna RBS
A brief study on GST, sectoral impacts, winners and losers of GST, rates of GST, Taxes subsumed by GST, areas of impact in banking and financial services, advantages of GST, challenges of GSt
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
2. TAXATIONS POWERS VESTS WITH-
STATEUNION
1. Income Tax
2. Excise Duty
3. Custom Duty
4. Service Tax
5. Central Sales Tax
6. Stamp Duty
(Rates of Stamp Duty on 10 specified instruments)
1. VAT/Sales Tax
2. Stamp Duty
3. Tax on
betting,gambling
4. Toll Tax
5. Other Taxes-entry tax,
sale or consumption
of electricity, luxury
tax , etc.
3. Present- tax system suffer from
Confusion and mistrust
Complex and lacking in stability
High transactions cost
Narrow base
To much litigations
Highly corruption etc.
No state tax on imports
4. Goods and service tax is a comprehensive tax
levy on manufacturer, sale and consumption of
goods and services at national level.
GST includes many state and central level
indirect tax.
It overcomes drawback present tax system.
It is leviable at each point of sale or provision of
service
5. GST: A UNIFICATION OF TAXES
• A GST classically entails unification of all levies on goods and
services. In the Indian context, this would mean merging the
following:
• Tax on manufacture of goods (excise duty levied by the
Centre).
• Tax on sale of goods (CST / VAT levied by both Centre and
states).
• Tax on services (levied by Centre and to some extent by states
such as Entertainment tax, electricity cess, etc).
6. GST WORLDWIDE APPLICABLITY-
(more than 140 countries have introduced GST)
In present, 165 countries has been
implemented GST TAX STRUCTURE in the
world.
PAKISTAN – 18%
7.
8. GST JOURNEY-
GST introduced after 13 years
First discussed in report of kelkar
Task Force on indirect tax.
Proposal to introduce GST by 1st April 2010
was first mooted in the budget speech of FY
2006-07
For designing roadmap- Empowered
Committee of State Finance Minister
Standing Committee of Finance of
Parliament- for examination and
reports
9. GST-Journey so far
• FEB 2006- First time introduced concept of GST
and announced the date of its
implementation in2010.
• Feb. 2007- F.M. announced introduction of GST
from 1 April 2010 in budget.
• May 2007- Joint working group formed by EC and
they submits their report.
• July 2009- FM announces commitment to bring
GST from April 2010.
BUDGET 2010- FAILED TO APPLY GST
BUDGET 2011- FAILED TO APPLY GST
BUDGET 2012- FAILED TO APPLY GST
10.
11. IN 2014
• The constitution (122nd amendment) Bill,2014 was introduced in
the Lok Sabha (16th)by Finance Minister Arun Jaitley on 19th
December 2014.
The bill was passed by the
LOK SABHA house on 6th may
2015.
Then govt. attempted to
move the bill for
consideration in Rajya Sabha
on 11th may 2015.
FAVOUR AGAINST
352 37
PASS
12.
13. ON 3RD AUG. 2016
voting on GST BILL in Rajya Sabha-
FAVOUR AGAINST
203 0
PASS
14. THE ROAD AHEAD-
Then the bill has to be passed in at least 50% of
the state legislatures (i.e. 15 out of 29 states) by a
way of simple majority. Then it will sent to the
president for its approval.
IT HAS TO BE IMPLEMENTED IN INDIA FROM
1ST APRIL 2017After Presidential assent, a GST council comprising
representatives from the States and the Centre will be setup.
The council will help codify central GST and State GST laws
which would be passed by Parliament and State assemblies.
15. GST IS ON THE WAY-------
The GST bill needs to be ratified by at
least 15 STATE LEGISLATURES before the
president can notify the GST council
which will decide the new tax rate and
other issues.
16. STATES RATIFICATION DATE
1) ASSAM 12 August
2) BIHAR 16 August
3) JHARKHAND 17 August
4) HIMACHAL PRADESH 22 August
5) CHHATISGARH 22 August
6) GUJARAT 23 August
7) MADHYA PRADESH 24 August
8) DELHI 24 August
9) NAGALAND 26 August
10) MAHARASTRA 29 August
11) HARYANA 29 August
12) SIKKIM 30 August
13)TELANGANA 30 August
14) MIZORAM 30 August
15)GOA 31 August
16)ODISHA 1 September
20. Gst council meeting on 22nd and 23rd
September -
The council agreed to an exemption threshold
of Rs. 20 lac for all the states except the north
east and all hill area states i.e. of 10lac.
Formula for compensating states.
(center will pay quarterly or bi-monthly)
Gst council also agreed to settle 2015-2016 as
the base year for calculating the compensation.
21. Administrative control issue- state will have sole jurisdiction
over assesses having a turnover of rs. 1.5crore or less. In case
turnover exceeding that limit, the administrative control will
be jointly of both the center and the state.
22. Gst council meeting on 30th September
outcomes-
GST council finalized rules for registration,
rules for payments, returns, refunds and
invoices. With this as many as six issues have
been settled by the council.
23. Gst council meeting 17-19th October
outcomes-
• Rates were not finalized.
6% 12% 18%
26%
24. The five bands of tax rates have been
fixed at 3rd Nov. meeting of council
0% 5% 12% 18%
28%
25. Another category of tax rates-
40% 65%
Food grains will be zero rated to insulate people
from inflationary pressure.
There has been no consensus yet on the tax rate
of gold.
27. 0% on-
• 53% of the good of CPI basket will attract no
tax.
• Food grains
28. 5% on-
• Items for mass consumption
• (the use or purchase of goods or services by
large no. of people)
29.
30. DUAL GST MODEL
SGST- State GST, collected by the State Govt.
CGST- Central GST, collected by the Central Govt.
IGST- Integrated GST, collected by the Common Centralized
Authority.
NOTE-CGST,SGST & IGST would be levied at the rates to be mutually agreed
upon by the center and the states under the ward of the GOODS AND SERVICE
TAX COUNCIL.
31. TAXES TO BE COVERED IN GST
CENTRAL GST
1. Central Excise Duty
2. Service Tax
3. Additional Excise Duty
4. Additional duty and special
additional duty of customs
5. Central cess and surcharges.
STATE GST
1. Value added tax /sales tax
2. Entertainment tax
3. Central sales tax
4. Octroi and entry tax
5. Purchase tax
6. Luxury tax
7. Taxes on lottery, betting, and
gambling
8. State cess and surcharges
Note- ALCOHOLIC BEVERAGES FOR HUMAN CONSUMPTIONS ARE
PROPOSED TO BE KEPT OUT OF THE PREVIEW OF GST.
32.
33. HOW DOES GST WORK-
Product A VAT system GST system
Base price 100 100
+12% Excise Duty 12 NA
+12.5% VAT 14 NA
State GST NA *
Centre GST NA *
TOTAL TAX BURDEN 26 18
Value of product to
consumer
126 118
34. Pros.
• An end of cascading effect
• Growth of revenue in states
and unions
• One point single tax
• Reduces the corruption
• Reduce after tax burden
• Reduces transaction cost
and unnecessary items.
Cons.
• A domination Centre
• Note a good choice for some
states
• More rates of tax
• Required strong information
and technology.
• They decided all the things on
the way and during the way.
• Inflation may have to face by
the people.
41. Impact of GST on economy-
SECTORS CHANGES
AFTER GST
IMPACT
Banks 18% to 15% negative
Pharmaceuti
cal
15% to 18% negative
Real estate 15% to 16% Negligible
impact
Media 22% to 18% positive
Telecom 15% to 18% negative
Auto
mobiles
27% to 18% positive
Cement 27% to 18% positive
42. Hurdles in implementation-
Disputes between center and Tax over Tax
Sharing
Highly sophisticated IT infrastructure required.
Issue of taxing financial services and e-
commerce is to be appropriately addressed
and integrated
Political imbalance
43.
44. 1. WHAT IS THE MAIN MOTIVE OF GOVT. BEHIND GST ?
2. HOW DOES GST LEAD TO INFLATION?
3. GST CAN BE PASSED IN 2015 BUT WHY IN 2016?
4. TOTAL NO. OF INDIRECT TAXES THAT ARE SUBSUMED IN GST?
5. HOW DOES GST LEAD TO BOOST THE GDP BY 2%?
6. WHY EXPERTS SAID THAT GST CAN BE IMPLEMENT FROM AUG
OR OCT NOT FROM APRIL 2018?
7. WHY MARUTI SUZUKI SAID THAT THERE WILL BE NO BAD
IMPACT ON INDUSTRY DUE TO SUB RATES?
8. CAN U DEFINE THE TERM LUXURY IN CASE OF CARS?
9. WHY CESS SHOULD NOT BE CHAREGED BUT U CAN INCREASE
THE TAX RATE?
10. IF U HAVE TO GAVE % THAT HOW MUCH PERCENT GST SHALL
GAVE RELIEF TO COMMON PEOPLE OF INDIA?
45. Experts in GST reviews-
M S Mani, Senior Director, Indirect Tax,
Deloitte India
Chief Economic Adviser
Arvind Subramanian
46. Former CBEC Chairman
Sumit Dutt Majumder
International Tax Expert
TP Ostwal
Mr. Arun Malhotra,
Managing Director, Nissan
Pawan Goenka
Mahindra & Mahindra head
47. Does GST will provide relief to
common people-
0%
10%
20%
30%
40%
50%
60%
70%
yes no
Series 1
yes
no