This document provides an overview of Goods and Services Tax (GST) in India, including its structure and likely impact on agriculture. It discusses that GST is a comprehensive indirect tax replacing existing indirect taxes. The key features include nationwide applicability, dual GST system with CGST, SGST and IGST, and input tax credit. GST rates will range from 0-28% with lower rates for essential items and highest for luxury goods. Agriculture is largely exempted from GST, but dairy products will see varying GST rates from 0-18%. The National Agricultural Market platform aims to promote transparent online trading of farm commodities exempt from GST and mandi taxes.
Handbook ppt on gst goods & service tax _ top gst expertsCA Milin Shah
GST is on the way from 1st July 2017, Be ready for the biggest change in tax world. Would like to get everything about GST in your hand? right now ? right away _just click on the link to get everything on GST in sweet & simple language.
Goods & Service Tax (GST) or the constitution (one hundred one amendment) bill. The introduction of Goods and Services Tax (GST) would be 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, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax, because of its transparent and self-policing character, would be easier to administer.
This is a very important concept, so try to share it with as many people as you can.
This document provides a summary of key aspects of GST for distributors including:
1) How to handle selling to customers under GST including issuing tax invoices and uploading sales data.
2) How to handle purchases from Red Bull including verifying purchase invoices and claiming input tax credit.
3) Answers to frequently asked questions about GST processes and compliance requirements.
What is GST?
How GST works?
Concept of GST
Major taxes that are Subsumed.
Section 3 – Meaning and Scope of Supply
Levy of, and Exemption from Tax
Time and Value of supply
Input Tax Credit
Utilization of Input Credit
Registration
Returns
Section 29A - Matching, reversal and reclaim of input tax credit
Levy of late fee
Payment of Tax
Offences And Penalties
Benefits of GST
The document summarizes key aspects of Malaysia's upcoming Goods and Services Tax (GST) regime. It explains that GST will replace the current sales and service tax system with a multi-stage tax on consumption with recoverable input tax credits. Under GST, goods and services will be taxed at a standard rate of 6%, with some items exempt or zero-rated. The document outlines the mechanics of GST, including how input tax credits work to offset output tax liability. It also discusses the classification of supplies, time and place of supply, and how GST will apply to common transactions.
- GST is scheduled to be implemented in India from July 1, 2017 after a long history of discussion and legislation. It will merge multiple indirect taxes into a single tax applied to goods and services.
- Under GST, taxes will be levied as CGST, SGST, and IGST depending on whether a transaction occurs within a state or between states. Businesses will be able to claim input tax credit which will reduce the overall tax burden.
- The GST Council has been established as the decision making body consisting of central and state government representatives to determine tax rates and policies under GST. Registration and return filing will be largely electronic and simplified under GST.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST subsumes multiple indirect taxes into a single tax applied at the national level. GST is composed of Central GST and State GST for intrastate commerce, and Integrated GST for interstate commerce. The document outlines the tax structures before and after GST, registration requirements, tax rates, and exemptions. It also notes some flaws in the GST model related to additional taxes paid by local dealers and service supplies within a state.
Handbook ppt on gst goods & service tax _ top gst expertsCA Milin Shah
GST is on the way from 1st July 2017, Be ready for the biggest change in tax world. Would like to get everything about GST in your hand? right now ? right away _just click on the link to get everything on GST in sweet & simple language.
Goods & Service Tax (GST) or the constitution (one hundred one amendment) bill. The introduction of Goods and Services Tax (GST) would be 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, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax, because of its transparent and self-policing character, would be easier to administer.
This is a very important concept, so try to share it with as many people as you can.
This document provides a summary of key aspects of GST for distributors including:
1) How to handle selling to customers under GST including issuing tax invoices and uploading sales data.
2) How to handle purchases from Red Bull including verifying purchase invoices and claiming input tax credit.
3) Answers to frequently asked questions about GST processes and compliance requirements.
What is GST?
How GST works?
Concept of GST
Major taxes that are Subsumed.
Section 3 – Meaning and Scope of Supply
Levy of, and Exemption from Tax
Time and Value of supply
Input Tax Credit
Utilization of Input Credit
Registration
Returns
Section 29A - Matching, reversal and reclaim of input tax credit
Levy of late fee
Payment of Tax
Offences And Penalties
Benefits of GST
The document summarizes key aspects of Malaysia's upcoming Goods and Services Tax (GST) regime. It explains that GST will replace the current sales and service tax system with a multi-stage tax on consumption with recoverable input tax credits. Under GST, goods and services will be taxed at a standard rate of 6%, with some items exempt or zero-rated. The document outlines the mechanics of GST, including how input tax credits work to offset output tax liability. It also discusses the classification of supplies, time and place of supply, and how GST will apply to common transactions.
- GST is scheduled to be implemented in India from July 1, 2017 after a long history of discussion and legislation. It will merge multiple indirect taxes into a single tax applied to goods and services.
- Under GST, taxes will be levied as CGST, SGST, and IGST depending on whether a transaction occurs within a state or between states. Businesses will be able to claim input tax credit which will reduce the overall tax burden.
- The GST Council has been established as the decision making body consisting of central and state government representatives to determine tax rates and policies under GST. Registration and return filing will be largely electronic and simplified under GST.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall understand the background and rationale for the introduction of GST in India. We shall understand the overview of the law behind GST.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST subsumes multiple indirect taxes into a single tax applied at the national level. GST is composed of Central GST and State GST for intrastate commerce, and Integrated GST for interstate commerce. The document outlines the tax structures before and after GST, registration requirements, tax rates, and exemptions. It also notes some flaws in the GST model related to additional taxes paid by local dealers and service supplies within a state.
Under GST, tax will be levied simultaneously by the Center and States. Taxpayers can claim input tax credit and pay only the net tax amount. Key returns include outward supply details, inward supply details, and an
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST integrates multiple indirect taxes into a single tax applied to the manufacture, sale, and use of goods and services. GST is levied on value addition at each transaction stage. The document outlines the issues with the previous indirect tax system, benefits of GST, taxes subsumed under GST, GST rates, and key aspects of GST implementation including the GST Council, GST Network, and e-way bill system.
GST will provide several advantages for startups and small businesses in India. It will improve the ease of starting a business by creating a uniform registration process across states. GST will also integrate multiple taxes into a single tax, provide exemptions for startups and small businesses with annual turnover under Rs. 10 lakhs, provide respite for businesses in sales and services by calculating tax on total revenue rather than separately, and reduce logistics costs and time across states by making interstate supply tax neutral.
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
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.
The document provides an overview of the Goods and Services Tax (GST) system that is being introduced in India. It discusses the history and development of GST in India, the key features of GST including the different tax rates that will apply to goods and services, and the overall benefits of moving to a GST system. GST aims to create a single, unified Indian market by replacing existing indirect taxes and harmonizing rates and rules across states.
PPT on GST _ Goods & Service tax by top gst expertsCA Milin Shah
https://www.topgstexperts.com/ppt-on-gst_-prepared-presented-by-top-gst-experts/
Top GST Experts have taken a Small Seminar on GST on 9th April at Mumbai_ Please find the PPT attached herewith for your handy reference.
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
This document provides an overview of the Goods and Services Tax (GST) system in India. It discusses key aspects of GST including the taxes subsumed under GST, the different GST rates (CGST, SGST, IGST), the concept of supply, the time of invoicing, input tax credit eligibility, return filing requirements, and anti-profiteering measures. The document also addresses transitional provisions regarding VAT and excise duty credits, treatment of unfinished projects, and income tax amendments related to cash transactions.
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.
GST is India's biggest tax reform since independence that replaced multiple indirect taxes with a single indirect tax across India. It is a consumption-based tax where taxes are paid to the state where goods or services are consumed rather than where they are produced. Under GST, taxes are divided into central GST, state GST, and integrated GST for inter-state transactions. A key aspect of GST is the input tax credit mechanism which allows entities to claim a credit for taxes paid on inputs against the taxes to be paid on outputs, thus reducing the overall tax burden.
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 Simplified Series#1: Concept, Scope, Levy & ApplicabilityCA Nikhil M Jhanwar
We are pleased to share that we have launched Series ‘GST Simplified’ wherein we would attempt to explain nitty-gritty of GST in most lucid manner through write-ups, presentations and videos.
Series#1 explains ‘Concept, levy, scope & applicability of GST.
The document discusses Goods and Services Tax (GST) in India. It outlines the key components of GST including CGST, SGST, and IGST. It notes that GST will replace most indirect taxes and be levied on the consumption of goods and services. The document also outlines the proposed tax rates and highlights several benefits of GST such as reduced transaction costs, elimination of cascading taxes, and increased tax collection. It concludes by noting that GST will be a major tax reform for India that could boost the economy but also presents implementation challenges.
The document discusses key aspects of the proposed Goods and Services Tax (GST) in India such as:
1) It outlines the current indirect tax structure and how taxes will be subsumed under GST.
2) It presents the key benefits of GST for taxpayers like simplification and ease of compliance as well as benefits for the exchequer like improved revenue collections.
3) Illustrations are provided to showcase how tax burdens will be reduced for businesses under GST compared to the current indirect tax system.
The document summarizes key aspects of the Goods and Services Tax (GST) implemented in India. It outlines the existing tax structure with various central and state taxes and the proposed unified GST structure. It then discusses the positive impacts of GST for consumers, such as removing cascading taxes, standardized tax rates, and potentially lower prices. However, it also notes potential negative impacts like higher costs of services initially and increased inflation. Overall, GST aims to simplify taxation but its effects will depend on execution and pass-through of benefits to consumers.
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.
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.
Under GST, tax will be levied simultaneously by the Center and States. Taxpayers can claim input tax credit and pay only the net tax amount. Key returns include outward supply details, inward supply details, and an
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses that GST integrates multiple indirect taxes into a single tax applied to the manufacture, sale, and use of goods and services. GST is levied on value addition at each transaction stage. The document outlines the issues with the previous indirect tax system, benefits of GST, taxes subsumed under GST, GST rates, and key aspects of GST implementation including the GST Council, GST Network, and e-way bill system.
GST will provide several advantages for startups and small businesses in India. It will improve the ease of starting a business by creating a uniform registration process across states. GST will also integrate multiple taxes into a single tax, provide exemptions for startups and small businesses with annual turnover under Rs. 10 lakhs, provide respite for businesses in sales and services by calculating tax on total revenue rather than separately, and reduce logistics costs and time across states by making interstate supply tax neutral.
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
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.
The document provides an overview of the Goods and Services Tax (GST) system that is being introduced in India. It discusses the history and development of GST in India, the key features of GST including the different tax rates that will apply to goods and services, and the overall benefits of moving to a GST system. GST aims to create a single, unified Indian market by replacing existing indirect taxes and harmonizing rates and rules across states.
PPT on GST _ Goods & Service tax by top gst expertsCA Milin Shah
https://www.topgstexperts.com/ppt-on-gst_-prepared-presented-by-top-gst-experts/
Top GST Experts have taken a Small Seminar on GST on 9th April at Mumbai_ Please find the PPT attached herewith for your handy reference.
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
This document provides an overview of the Goods and Services Tax (GST) system in India. It discusses key aspects of GST including the taxes subsumed under GST, the different GST rates (CGST, SGST, IGST), the concept of supply, the time of invoicing, input tax credit eligibility, return filing requirements, and anti-profiteering measures. The document also addresses transitional provisions regarding VAT and excise duty credits, treatment of unfinished projects, and income tax amendments related to cash transactions.
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.
GST is India's biggest tax reform since independence that replaced multiple indirect taxes with a single indirect tax across India. It is a consumption-based tax where taxes are paid to the state where goods or services are consumed rather than where they are produced. Under GST, taxes are divided into central GST, state GST, and integrated GST for inter-state transactions. A key aspect of GST is the input tax credit mechanism which allows entities to claim a credit for taxes paid on inputs against the taxes to be paid on outputs, thus reducing the overall tax burden.
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 Simplified Series#1: Concept, Scope, Levy & ApplicabilityCA Nikhil M Jhanwar
We are pleased to share that we have launched Series ‘GST Simplified’ wherein we would attempt to explain nitty-gritty of GST in most lucid manner through write-ups, presentations and videos.
Series#1 explains ‘Concept, levy, scope & applicability of GST.
The document discusses Goods and Services Tax (GST) in India. It outlines the key components of GST including CGST, SGST, and IGST. It notes that GST will replace most indirect taxes and be levied on the consumption of goods and services. The document also outlines the proposed tax rates and highlights several benefits of GST such as reduced transaction costs, elimination of cascading taxes, and increased tax collection. It concludes by noting that GST will be a major tax reform for India that could boost the economy but also presents implementation challenges.
The document discusses key aspects of the proposed Goods and Services Tax (GST) in India such as:
1) It outlines the current indirect tax structure and how taxes will be subsumed under GST.
2) It presents the key benefits of GST for taxpayers like simplification and ease of compliance as well as benefits for the exchequer like improved revenue collections.
3) Illustrations are provided to showcase how tax burdens will be reduced for businesses under GST compared to the current indirect tax system.
The document summarizes key aspects of the Goods and Services Tax (GST) implemented in India. It outlines the existing tax structure with various central and state taxes and the proposed unified GST structure. It then discusses the positive impacts of GST for consumers, such as removing cascading taxes, standardized tax rates, and potentially lower prices. However, it also notes potential negative impacts like higher costs of services initially and increased inflation. Overall, GST aims to simplify taxation but its effects will depend on execution and pass-through of benefits to consumers.
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.
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 document provides an overview of indirect taxes in India. It discusses key concepts like VAT and GST. Some main points:
1. It defines indirect taxes like excise duty, customs duty, sales tax, and service tax. It also explains the difference between direct and indirect taxes.
2. VAT is described as a multi-point tax system with tax credits that prevents cascading. GST is proposed to integrate more indirect taxes at central and state levels.
3. The document outlines the proposed GST model with CGST, SGST and IGST components and discusses features like dual administration and restricted cross-utilization of tax credits.
4. Key central and state taxes proposed to be
1. Goods and Services Tax (GST) is a proposed system of indirect taxation that will replace multiple taxes levied on goods and services by both central and state governments with a single tax.
2. GST will be levied as Central GST (CGST) by the Centre and State GST (SGST) by states on all goods and services, except for alcohol for human consumption.
3. GST is expected to be implemented in India in 2017 and will simplify and harmonize the indirect tax regime in the country and reduce the overall tax burden on goods.
GST is a comprehensive indirect tax that will be levied on the manufacture, sale, and consumption of goods and services in India. It aims to replace multiple taxes imposed by central and state governments with a single tax in order to create a unified national market. GST will be imposed as CGST by the central government, SGST by state governments, and IGST on inter-state transactions of goods and services. It is expected to simplify current tax processes and boost economic growth by reducing costs for businesses.
The document provides information about GST awareness campaigns and updates regarding the GST system in India. Some key points:
1) GST aims to replace existing indirect tax system with a single, unified tax to reduce cascading of taxes and make India a common market.
2) GST will subsume many central and state taxes into a single tax applicable on supply of goods and services.
3) Taxpayers will need to file regular returns providing details of outward supplies, input tax credits, and tax liabilities to allow for matching and compliance verification by tax authorities.
This document discusses India's proposed Goods and Services Tax (GST) reform. It provides background on GST, describing it as the biggest tax reform in India since independence. It will combine multiple taxes into a single tax applied to goods and services, aimed at reducing complexity and improving compliance. However, implementing GST across all states will be challenging due to the need to coordinate between the central and state governments.
Power point presentation on gst[goods and service tax ]vishalgoyal1234
The document provides an overview of the Goods and Services Tax (GST) that is proposed to be implemented in India. It discusses that GST will replace existing indirect taxes and be levied as a single tax on the supply of goods and services. GST is expected to simplify and harmonize the indirect tax regime in India and reduce the cascading burden of taxes. The document also outlines some of the challenges around the implementation of GST in India, such as the complex federal structure requiring coordination between the central and state governments.
GST (Goods and Services Tax) is an indirect tax that was implemented in India in 2017. It unified multiple indirect taxes into a single tax system applicable across India. GST is levied on the manufacture, sale, and consumption of goods as well as services. It aims to remove cascading taxes and create a unified market. Under GST, taxes are divided into CGST (Central GST), SGST (State GST), and IGST (Inter-State GST). New compliance requirements under GST include business registration for turnover over 20 lakhs and the use of e-way bills for transportation of goods over 50,000 rupees.
GST Overview - Know All About Goods and Service Tax Smart Taxation System in ...HostBooks Limited
GST Overview: Know about 'Goods and Service Tax' smart Taxation System in India. Learn about GST, Indirect Tax structure in India before GST, GST Rates, GST Compensation Cess, Input Tax Credit, GST Composition Scheme, GST Return, TCS in GST eWay Bill and GST Audit through our PPTs and PDFs.
GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading of taxes and creating a unified market. However, its complex design involving both center and states coordinating poses administrative challenges. Overall, GST has the potential to simplify taxation and boost growth if its implementation addresses all stakeholders' concerns.
gstppt-160315173425.pdf for use of taxesGouravRana24
GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading taxes, providing seamless tax credits and improving ease of doing business. However, there are also challenges in its implementation like the complex federal structure requiring coordination between the center and states and developing robust IT infrastructure. Overall, GST aims to simplify indirect taxation in India.
The document discusses Goods and Services Tax (GST) in India. It states that GST is a comprehensive indirect tax on the supply of goods and services throughout India. It will replace many central and state taxes and aims to overcome the cascading effect and complexity of taxes under the current system. GST is proposed as a dual GST with taxation powers divided between the central and state governments. It is expected to lead to a uniform, transparent and corruption-free tax system across India.
1. GST is an indirect tax that will combine multiple taxes into a single tax. It will have a dual structure with both central GST and state GST.
2. Under GST, tax will be collected at each point of sale with businesses able to claim credits for taxes paid on purchases. This will help reduce cascading of taxes and boost economic growth.
3. Compliance under GST will be primarily online with businesses required to file regular returns. Proper documentation of invoices and maintaining of records is important under GST.
The document provides an overview of Goods and Services Tax (GST) procedures and rules in India. It discusses key aspects of GST including the 122nd constitutional amendment that introduced GST, the Goods and Services Tax Council, the GST Network system, taxes subsumed under GST, registration procedures, filing of returns, payment methods, and benefits of GST such as creating a unified market, reducing compliance costs, and lowering final prices. In summary, the document outlines the legislative and administrative framework for implementing GST in India with the goal of simplifying and harmonizing indirect taxes.
GST is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services that will replace existing indirect taxes and be levied at a national level. It is a tax on value addition at each stage of a product's supply chain. The GST bill was passed by the Lok Sabha in 2015 and the Rajya Sabha in 2016. India needs GST to simplify its complex indirect tax structure and reduce tax evasion. The GST Council will administer GST and include representatives from both the central and state governments. GST implementation is expected to make goods and services less expensive for consumers and make exports more competitive.
GST (Goods and Services Tax) is a comprehensive indirect tax that will combine multiple taxes and levies into a single tax to be applied at every stage of sale or purchase of goods and services. It aims to create a unified national market, reduce the cascading burden of taxes, and improve compliance. The tax is proposed to be dual, with the center and states concurrently levying it on a common tax base. There are still some issues being discussed such as the GST rate, tax sharing between states and center, and treatment of inter-state transactions.
The document discusses the proposed Goods and Services Tax (GST) model for India. It provides context on the current indirect tax system and its challenges. A dual GST model is proposed where tax would be levied concurrently by the central and state governments. The central GST and state GST would replace existing taxes levied on goods and services. An integrated GST would apply to inter-state transactions and is expected to be an aggregate of the central and state portions. The model aims to simplify taxation and reduce compliance costs through a unified system.
The document provides an overview of the Goods and Services Tax (GST) system implemented in India in 2017. It discusses the existing indirect tax structure that GST replaced, including various central and state taxes. It then explains key aspects of GST including the tax structure of CGST, SGST and IGST, constitutional amendments enabling GST, the role of the GST Council, and the GST Network (GSTN) for IT infrastructure. The benefits of GST are listed as reducing tax cascading, creating a common national market, increasing tax base and ease of doing business. Exempted items under GST are also outlined.
GST was introduced in India on July 1, 2017 as a single indirect tax replacing multiple taxes levied by the central and state governments. The GST is governed by the GST Council chaired by the Finance Minister and goods and services are taxed at rates of 0%, 5%, 12%, 18%, and 28%. GST is an indirect tax that is levied on the manufacturer or service provider and shifted to the consumer through higher prices. It aims to create a single, unified Indian market by reducing tax cascading and improving compliance.
Call8328958814 satta matka Kalyan result satta guessing➑➌➋➑➒➎➑➑➊➍
Satta Matka Kalyan Main Mumbai Fastest Results
Satta Matka ❋ Sattamatka ❋ New Mumbai Ratan Satta Matka ❋ Fast Matka ❋ Milan Market ❋ Kalyan Matka Results ❋ Satta Game ❋ Matka Game ❋ Satta Matka ❋ Kalyan Satta Matka ❋ Mumbai Main ❋ Online Matka Results ❋ Satta Matka Tips ❋ Milan Chart ❋ Satta Matka Boss❋ New Star Day ❋ Satta King ❋ Live Satta Matka Results ❋ Satta Matka Company ❋ Indian Matka ❋ Satta Matka 143❋ Kalyan Night Matka..
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Virtual Leadership and the managing workIruniUshara1
Virtual leadership is a form of leadership in which teams are managed via a remote working environment.
Like traditional leadership roles, virtual leaders focus on motivating employees and helping teams accomplish their goals.
Virtual leadership focuses heavily on improving collaboration through communication, accountability, and transparency
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Efficient PHP Development Solutions for Dynamic Web ApplicationsHarwinder Singh
Unlock the full potential of your web projects with our expert PHP development solutions. From robust backend systems to dynamic front-end interfaces, we deliver scalable, secure, and high-performance applications tailored to your needs. Trust our skilled team to transform your ideas into reality with custom PHP programming, ensuring seamless functionality and a superior user experience.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Satta matka fixx jodi panna all market dpboss matka guessing fixx panna jodi kalyan and all market game liss cover now 420 matka office mumbai maharashtra india fixx jodi panna
Call me 9040963354
WhatsApp 9040963354
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART INDIA MATKA KALYAN SATTA MATKA 420 INDIAN MATKA SATTA KING MATKA FIX JODI FIX FIX FIX SATTA NAMBAR MATKA INDIA SATTA BATTA
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
1 Circular 003_2023 ISO 27001_2022 Transition Arrangments v3.pdf
GST
1. SEMINAR ON
GOODS AND SERVICES TAX:
INTRODUCTION, STRUCTURE AND
ITS LIKELY IMPACT ON
AGRICULTURE
Presented by
Nisha
(L-2015-BS-72-D)
2. AGENDA
2GST ONE NATION ONE TAX
POWER TO TAX IN INDIA
SHORT COMINGS IN CURRENT SYSTEM
JOURNEY SO FAR
WHAT IS GST
MAIN FEATURES OF GST
STRUCTURE OF GST
LIKELY IMPACT OF GST
3. POWER TO TAX IN INDIA
• Central Government and the State Governments under Part XI
of Indian Constitution have power to levy taxes.
• Legislative power & Administrative power
• Legislative power has three lists:-
Union list,
States list and
Concurrent list
• Union list consists of 100 items
• State list consists of 66 items
• Concurrent list consists of 47 items
3GST ONE NATION ONE TAX
4. POWER TO TAX IN INDIA
• India has a two tier federal power to collect tax –
the Union Government,
the State Governments including urban/rural local
bodies
• Presently goods are liable to Vat / Excise / Customs duty while
taxable services attract service tax.
• Certain transactions subject to both - Vat and Service tax
4GST ONE NATION ONE TAX
5. SHORT COMINGS IN CURRENT TAX
SYSTEM
5GST ONE NATION ONE TAX
Tax Cascading (Tax on Tax)
Taxation at Manufacturing Level
Exclusion of Services
Tax Evasion
Confusion and Mistrust
Complex and lacking in stability
Hidden tax on exports, no state tax on imports
High transaction costs
Too much litigations
High corruption
6. CASCADING EFFECT OF
PRESENT TAX SYSTEM
Producer/manu
facturer
Cost of
input
Value of
output
Tax rate Selling
price
(including
tax rate)
Tax burden
Manufacturer _ 100 10% 110
(100+10%
of 100)
10
Wholesaler 110 150 10% 165
(150+10%
of 150)
15
Retailer 165 200 10% 220
(200+10%
of 200)
20
GST ONE NATION ONE TAX 6
Table : 1 Cascading effect(Tax on Tax) of sales tax( Amount in Rs.)
7. GOODS & SERVICE TAX (GST)
A Common Tax on
7
GOODS SERVICES
GST ONE NATION ONE TAX
9. WHAT IS GST
• The Goods and Service Tax (GST) a 122nd Constitutional
amendment to be implemented in India, from July 1 2017.
• “Goods and Service Tax” (GST) is a comprehensive tax to be
levied 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.
• It is to be levied at each point of sale or provision of service.
• At the time of sale of goods or providing the services the seller
or service provider can claim the input credit of tax which he
has paid while purchasing the goods or procuring the service
• This is simply very similar to VAT. It can be termed as
National level VAT on Goods and Services.
9GST ONE NATION ONE TAX
10. CENTRAL TAXES
• Central Excise duty
• Additional duties of
excise
• Excise Duty levied under
Medicinal & Toiletries
Preparation Act.
• Service Tax
• Additional Customs Duty
• Special Additional Duty
of Customs – 4% (SAD)
• Surcharges and
• Cess
STATE TAXES
• VAT/Sales Tax.
• Entertainment Tax (unless
levied by local bodies.)
• Luxury Tax
• Taxes on Lottery, betting
and gambling.
• State Cess and surcharges
related to supply of goods
and services.
• Entry tax not in lieu of
Octroi.
CENTRAL & STATE TAXES TO BE SUBSUMED
UNDER GST
10GST ONE NATION ONE TAX
11. MAIN FEATURES OF THE GST
ACT
• GST to be levied on supply of goods or services
• Electronic mode for all transactions and processes only
through electronic mode
• PAN Based Registration
• Registration only if turnover is more than Rs. 20 lac (in north
east India limit is 10 lakh)
• Option of Voluntary Registration
• Deemed Registration in three days
• Input Tax Credit available on taxes paid on all procurements
• Credit available to recipient only if invoice is matched –
Helps fight huge evasion of taxes
11GST ONE NATION ONE TAX
12. MAIN FEATURES OF THE GST
ACT
• Set of auto-populated Monthly returns and Annual Return
• Composition taxpayers to file Quarterly returns
• Automatic generation of returns
• GST Practitioners for assisting filing of returns
• GSTN and GST Suvidha Providers (GSPs) to provide
technology based assistance
• Separate electronic ledgers for cash and credit
• Tax can be deposited by internet banking, NEFT / RTGS,
Debit/ credit card and over the counter
• Cross utilization of IGST Credit first as IGST and then as
CGST or SGST /UTGST
12GST ONE NATION ONE TAX
13. MAIN FEATURES OF THE GST
ACT
• Refund to be granted within 60 days
• Provisional release of 90% refund to exporters within 7 days .
• Interest payable if refund not sanctioned in time
• Refund to be directly credited to bank accounts
13GST ONE NATION ONE TAX
14. WHAT ARE CGST, SGST AND IGST
• India is a federal democracy that is one which has clear
demarcation of powers, responsibility and revenue collection
between the states and the Centre in its constitution. The
Central GST or CGST is the areas where the Centre has the
powers .
• State GST where the State has taxation capabilities
• The IGST or Integrated GST is for movement of goods within
the states of the Indian union. This will be collected by the
union however will be transferred over to the states.
14GST ONE NATION ONE TAX
18. STRUCTURE OF GST
GST STRUCTURE
CENTRE GST
TO BE LEVIED BY
CENTRE
STATE GST
TO BE LEVIED BY
STATE
DUAL GST
TO BE LEVIED BY
BOTH STATE AND
CENTRE
18GST ONE NATION ONE TAX
19. STRUCTURE OF GST
• The Goods and Services Tax (GST) will be levied at multiple
rates ranging from 0 per cent to 28 per cent.
• a four-tier GST tax structure of 5%, 12%, 18% and 28%
will be followed.
• lower rates will be for essential items
• the highest rates for luxury and de-merits goods that would
also attract an additional cess.
• Service tax will go up from 15% to 18%. The services being
taxed at lower rates, owing to the provision of abatement, such
as train tickets, will fall in the lower slabs.
19GST ONE NATION ONE TAX
20. Contd….
• In order to control inflation, essential items including food,
which presently constitute roughly half of the consumer
inflation basket, will be taxed at zero rate.
• The lowest rate of 5% would be for common use items.
• Highest tax slab will be applicable to items which are
currently taxed at 30-31% (excise duty plus VAT).
• Ultra luxuries, demerit and sin goods (like tobacco and aerated
drinks), will attract a cess for a period of five years on top of
the 28 per cent GST.
• The collection from this cess as well as that of the clean
energy cess would create a revenue pool which would be used
for compensating states for any loss of revenue during the first
five years of implementation of GST.
20GST ONE NATION ONE TAX
21. Definition of Agriculture under GST
• As per the Model GST law “agriculture" , includes :
floriculture, horticulture, sericulture, the raising of crops, grass or
garden produce and also grazing.
• does not include
dairy farming, poultry farming, stock breeding, the mere cutting of
wood or grass, gathering of fruit, raising of man-made forest or
rearing of seedlings or plants.
GST ONE NATION ONE TAX 21
22. CURRENT TAX LAWS
• There are certain food items like rice, sugar, salt, wheat, flour
which are exempted from CENVAT.
• Under the state VAT, cereals and grains are taxed at the rate of
4%.
• Agricultural products go through a lot of licensing, no. of
indirect taxes(VAT, excise duty, service tax) under the current
tax laws.
• State VAT is currently applicable to all the agricultural goods
at each state, it passes through prior to final consumption.
Although there are certain exemptions available from state
VAT for certain unprocessed food products like meat, eggs,
fruits, vegetables etc.
GST ONE NATION ONE TAX 22
23. GST RATES FOR DAIRY PRODUCTS
Nil GST RATE;
Fresh milk and pasteurized milk, including separated milk, milk and
cream, not concentrated nor containing added sugar or other
sweetening matter, excluding Ultra High Temperature (UHT) milk
[0401]
Eggs Birds' eggs, in shell, fresh, preserved or cooked [0407]
Curd [0403, 0406],
Lassi [0403],
Butter milk [0403]
Chena or paneer [0406], other than put up in unit containers and
bearing a registered brand name.
Natural honey, other than put up in unit container and bearing a
registered brand name.
GST ONE NATION ONE TAX 23
24. • 5% GST RATE;
• All goods not specified elsewhere.
• Ultra High Temperature (UHT) milk [0401]
• Milk and cream, concentrated or containing added sugar or other
sweetening matter including skimmed milk powder, milk food for
babies, excluding condensed milk.
• Cream, yogurt, kephir and other fermented or acidified milk and
cream, whether or not concentrated or containing added sugar or
other sweetening matter or flavoured or containing added fruit,
nuts or cocoa
• Chena or paneer put up in unit container and bearing a registered
brand name [0406].
• Birds' eggs, not in shell, and egg yolks, fresh, dried, cooked by
steaming or by boiling in water, moulded, frozen or otherwise
preserved.
• Natural honey, put up in unit container and bearing a registered
brand name.
24
25. • 12% GST RATE;
• Butter and other fats (ghee, butter oil, etc.) and oils derived
from milk; dairy spreads [0405]
• Cheese [0406]
• 18% GST RATE;
• Condensed milk [04029110, 04029920]
• Milk, Cheese, Egg and Honey falls under HSN code chapter
04 of GST commodity tariff schedule. The details about GST
rate changes for sale of Milk, Cheese, Egg and Honey are
being updated here. The notification changes on exemptions
for GST for sale of Milk, Cheese, Egg and Honey and other
circulars related to GST for diary products are updated in this
website.
GST ONE NATION ONE TAX 25
26. NATIONALAGRICULTURAL
MARKET(NAM)
A scheme for the promotion of National Agricultural Market
(NAM) is introduced by the central government.
Involving all the farmer and traders in the regulated markets
with a common e-commerce platform
for a transparent, impartial trade of agri-commodities can be termed as National
Agricultural Market.
e-NAM is platform to trade food commodities, which are exempt
from GST. e-NAM will help in escaping mandi taxes, linking
farmers with buyers and improving market efficiency, hence
benefiting both farmers and buyers.
In NAM once the registration of the seller or buyer is done in one
mandi, he can trade to or from any of the mandi of the NAM
network in the country. The trader need not to register at different
mandies and pay fee to different mandies for the trading.
GST ONE NATION ONE TAX 26
29. IMPACT
• GST would provide each trader, the input credit for the tax
paid on every value addition. This will create a transparent,
hassle free supply chain which would lead to free movement
of agri-commodities across India.
• Most of the agricultural commodities are perishable in nature.
An improved supply chain mechanism due to GST, would
reduce the time taken for inter-state transportation. Benefit of
reduction in time would be passed on to the farmers/retailers.
• food grains will be exempted from tax. The lowest slab of 5
per cent will be for items of common consumption which
include several food items. These include various items such
as meat, fish, poultry, grains, cereals, dairy products and milk,
confectionary, snacks, candy, etc.
• taxes like purchase tax, market fee (mandi tax), and
infrastructure development tax will be subsumed into GST.GST ONE NATION ONE TAX 29
30. • The GST Council fixed a 12% rate on fertilizers, up from the
current 4-8% rates depending on raw materials used and in
which states the products are sold. For urea, the most
commonly used fertilizer, prices may go up by Rs300 to Rs400
per tonne.
GST ONE NATION ONE TAX 30