This document discusses the impact of GST on the food processing industry in India. It begins by providing background on GST and why it was implemented. It then details the various GST rates applied to different food items and commodities. Specific impacts and challenges for sectors like dairy, fisheries, edible oils are examined. Overall, GST aims to streamline taxation but various industries face initial issues related to tax increases, input costs, and price adjustments.
This document discusses the laws related to central excise duty in India. It outlines the Central Excise Act of 1994, Central Excise Tariff Act of 1985, and Central Excise Rules of 1944 as the basic laws governing the levy and collection of central excise duties. It also describes the conditions for goods to be subject to central excise duty, which are that the goods must be movable, marketable, excisable as defined in the Tariff Act, and manufactured/produced in India. Finally, it discusses the different bases for valuation of excise duty, including specific duty, tariff duty, maximum retail price, and ad valorem basis, with ad valorem being the most common
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
VAT is an indirect tax applied at each stage of production and distribution of goods and services, with taxpayers able to claim a credit for VAT paid on inputs. It is ultimately borne by the final consumer. Key characteristics of VAT include that it is charged on value addition at each stage, has various rates including zero-rating, and exemptions. VAT aims to broaden the tax base and mobilize more revenue, while eliminating cascading effects of taxes. The document outlines definitions, persons liable, determination of value, payment and adjustment of advance tax, and time of payment under Bangladesh's VAT law.
This document provides an overview of the ice cream industry in India and covers definitions, classifications, and the role of key ingredients in ice cream. It begins with some background on the growth of ice cream production in India from 1966 to present. It then defines ice cream according to FSSAI regulations and covers common classifications including plain, nut/chocolate, fruit, and novelty ice creams. The roles and advantages/limitations of important ingredients like milk fat, milk solids, sugars, stabilizers, emulsifiers, air, flavors, and colors are discussed.
This presentation summarizes the key aspects of value-added tax (VAT) in India. It introduces VAT and explains how it differs from other sales tax systems by being levied at multiple points of a product's production and distribution chain. The presentation outlines the history of taxation systems in India, the reasons for changing to VAT, how VAT affects the Indian economy, and compares the advantages and disadvantages of VAT to other systems. Real-world examples of calculating VAT are provided.
Double Taxation Avoidance Agreement (DTAA) is a bilateral treaty between two countries to avoid double taxation of income earned by taxpayers of one country from sources in another country. DTAA divides taxing rights between the source and residence country to avoid double taxation. It provides relief to taxpayers through exemption and tax credit methods. India follows the OECD model convention for DTAA and has signed 88 agreements including with major trading partner China. DTAA promotes free flow of trade and investment by providing tax certainty and reducing tax burdens on multinational operations.
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.
This document discusses the laws related to central excise duty in India. It outlines the Central Excise Act of 1994, Central Excise Tariff Act of 1985, and Central Excise Rules of 1944 as the basic laws governing the levy and collection of central excise duties. It also describes the conditions for goods to be subject to central excise duty, which are that the goods must be movable, marketable, excisable as defined in the Tariff Act, and manufactured/produced in India. Finally, it discusses the different bases for valuation of excise duty, including specific duty, tariff duty, maximum retail price, and ad valorem basis, with ad valorem being the most common
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
VAT is an indirect tax applied at each stage of production and distribution of goods and services, with taxpayers able to claim a credit for VAT paid on inputs. It is ultimately borne by the final consumer. Key characteristics of VAT include that it is charged on value addition at each stage, has various rates including zero-rating, and exemptions. VAT aims to broaden the tax base and mobilize more revenue, while eliminating cascading effects of taxes. The document outlines definitions, persons liable, determination of value, payment and adjustment of advance tax, and time of payment under Bangladesh's VAT law.
This document provides an overview of the ice cream industry in India and covers definitions, classifications, and the role of key ingredients in ice cream. It begins with some background on the growth of ice cream production in India from 1966 to present. It then defines ice cream according to FSSAI regulations and covers common classifications including plain, nut/chocolate, fruit, and novelty ice creams. The roles and advantages/limitations of important ingredients like milk fat, milk solids, sugars, stabilizers, emulsifiers, air, flavors, and colors are discussed.
This presentation summarizes the key aspects of value-added tax (VAT) in India. It introduces VAT and explains how it differs from other sales tax systems by being levied at multiple points of a product's production and distribution chain. The presentation outlines the history of taxation systems in India, the reasons for changing to VAT, how VAT affects the Indian economy, and compares the advantages and disadvantages of VAT to other systems. Real-world examples of calculating VAT are provided.
Double Taxation Avoidance Agreement (DTAA) is a bilateral treaty between two countries to avoid double taxation of income earned by taxpayers of one country from sources in another country. DTAA divides taxing rights between the source and residence country to avoid double taxation. It provides relief to taxpayers through exemption and tax credit methods. India follows the OECD model convention for DTAA and has signed 88 agreements including with major trading partner China. DTAA promotes free flow of trade and investment by providing tax certainty and reducing tax burdens on multinational operations.
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.
This Project explains the Partial Integration of both Agricultural and Non-Agricultural Income according to the Income Tax Act, 1961.
Contributed by Yash Sakhuja, Harshit Kapoor, Manuj Kotnala and Kabir Seth of Kirori Mal College, University of Delhi
Under the guidance of our professor D.R. Sameer Lama, Commerce Faculty, Kirori Mal College, University of Delhi.
Published on: 19th October, 2020.
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.
Cream is the fatty portion of milk that rises to the top when milk is left to rest. It contains a high percentage of fat and varies amounts of other milk components. Cream is classified based on its fat content into categories like low-fat, medium-fat, and high-fat cream. Cream has various applications in foods like direct consumption, butter and ice cream production, and decoration. Butter is made from cream or curd and contains at least 76% milk fat. It is classified based on factors like type of cream used, ripening process, and whether it contains salt. The composition and properties of cream and butter depend on factors like fat content, acidity, and temperature during processing.
This document discusses Goods and Services Tax (GST) in India. It provides an introduction to GST, defining it as an indirect tax on the supply of goods and services that replaced multiple taxes. The document outlines some key advantages of GST, including creating a single market, reducing corruption, and increasing GDP. It also notes some disadvantages such as dual control by central and state governments and potential loss of revenue for some states.
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 several key concepts relating to tax laws and litigation in India. It outlines 11 fundamental principles that should guide tax law design, including adequacy, equity, simplicity and predictability. It also describes constitutional limitations on taxation powers in India, important case laws, and distinguishes between taxes, duties, fees and cess. Other sections summarize tax avoidance versus evasion, double taxation, tax planning versus management, and mechanisms for resolving tax disputes such as appeals processes, advance rulings and advance pricing agreements.
This document discusses income tax returns (ITRs) in India. It defines tax and explains that an ITR is a form submitted to the Indian tax department by individuals and organizations. It outlines who is eligible to file an ITR based on their income source and lists the main ITR forms (ITR1 through ITR7). It provides more details on ITR2 and ITR4, including who can file each form and cannot. Finally, it outlines the basic steps to file an ITR online through the e-filing portal.
This document defines key tax-related terms and concepts. It discusses the differences between direct and indirect taxes, and explains normal, special, and transitional tax years. It also covers topics like types of income, computation of taxable income, total income, deductible allowances, and residential status for tax purposes. The document provides examples to illustrate tax calculations and determinations of tax year and residential status.
The Permanent Account Number (PAN) is a 10-digit alphanumeric number issued by the Income Tax Department to individuals and entities. It is a unique identifier that links all financial transactions of the person or entity to the department. It is compulsory for all individuals and entities who file an income tax return or are liable to pay taxes. PAN must be quoted for various financial transactions above a certain value as well as for tax-related documents and communications. Penalties may be imposed for failing to apply for a PAN or quote it as required without reasonable cause.
TDS is a mechanism where a person deducts tax at the time of making certain specified payments to another person. Key persons responsible for deducting TDS (deductors) include company principals, DDOs in government offices, and those making payments of interest, dividends, contracts, lottery/game winnings, etc. Deductors must obtain a TAN, deduct tax at the correct rate, deposit the deducted amount timely, issue TDS certificates, and file quarterly TDS statements in the prescribed format and by the due dates. Maintaining compliance is important to ensure deductees get proper tax credit and deductors avoid penalties.
This document provides an index of the Customs Act of 1962 in India. It outlines the various chapters and sections of the act, which cover topics like customs officers and their powers, customs ports and warehouses, import and export prohibitions, duties and taxes, clearance of goods, bonded warehouses, drawbacks, special economic zones, baggage, and coastal trade. The index lists each chapter and section number along with any related rules and regulations. It provides a high-level overview of the structure and contents of the Customs Act of 1962.
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.
This document provides an overview of value added tax (VAT) in Bangladesh. It defines VAT as a type of indirect tax levied on the value added at each stage of production or distribution. The presentation notes that VAT makes up a significant portion (around 35%) of Bangladesh's total tax revenue and has been an important revenue source for over 18 years. Charts are included showing trends in Bangladesh's total revenue, tax revenue, and VAT collection from 2008 to 2012, with VAT collection increasing each year.
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.
This document discusses panchanamas, which are documents prepared by investigating officers in India to record details of investigations, searches, seizures, and other legal proceedings. It provides background on the origin of the term "panchanama" in ancient village justice systems. It then explains the different types of panchanamas used in criminal and civil cases, what they are used for, and what details they typically contain. Key points include that panchanamas are not substantive evidence but are used to support and corroborate other evidence, and that they must be prepared in the presence of witnesses.
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.
The document defines key terms used in the VAT 2005 Act. It defines terms like assessee, assessing authority, books of accounts, business, capital goods, casual trader, dealer, goods, input tax, manufacture, output tax, person, place of business, reverse tax, works contract, contractor, awarder, zero rated sale, and sale. The definitions provide clarity on the scope and applicability of these terms under the Act.
The document provides an overview of income tax and return filing in India. It defines income tax as a tax charged by the Central Government on income under the Income Tax Act of 1961. Incomes are taxed under five heads: salary, house property, business/profession, capital gains, and other sources. The document outlines the tax rates for individuals, HUFs, companies, and partnership firms. It also lists the different forms used for filing returns depending on the type of assessee and income. In the end, the author provides his contact details and thanks participants for their patience.
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.
This Project explains the Partial Integration of both Agricultural and Non-Agricultural Income according to the Income Tax Act, 1961.
Contributed by Yash Sakhuja, Harshit Kapoor, Manuj Kotnala and Kabir Seth of Kirori Mal College, University of Delhi
Under the guidance of our professor D.R. Sameer Lama, Commerce Faculty, Kirori Mal College, University of Delhi.
Published on: 19th October, 2020.
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.
Cream is the fatty portion of milk that rises to the top when milk is left to rest. It contains a high percentage of fat and varies amounts of other milk components. Cream is classified based on its fat content into categories like low-fat, medium-fat, and high-fat cream. Cream has various applications in foods like direct consumption, butter and ice cream production, and decoration. Butter is made from cream or curd and contains at least 76% milk fat. It is classified based on factors like type of cream used, ripening process, and whether it contains salt. The composition and properties of cream and butter depend on factors like fat content, acidity, and temperature during processing.
This document discusses Goods and Services Tax (GST) in India. It provides an introduction to GST, defining it as an indirect tax on the supply of goods and services that replaced multiple taxes. The document outlines some key advantages of GST, including creating a single market, reducing corruption, and increasing GDP. It also notes some disadvantages such as dual control by central and state governments and potential loss of revenue for some states.
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 several key concepts relating to tax laws and litigation in India. It outlines 11 fundamental principles that should guide tax law design, including adequacy, equity, simplicity and predictability. It also describes constitutional limitations on taxation powers in India, important case laws, and distinguishes between taxes, duties, fees and cess. Other sections summarize tax avoidance versus evasion, double taxation, tax planning versus management, and mechanisms for resolving tax disputes such as appeals processes, advance rulings and advance pricing agreements.
This document discusses income tax returns (ITRs) in India. It defines tax and explains that an ITR is a form submitted to the Indian tax department by individuals and organizations. It outlines who is eligible to file an ITR based on their income source and lists the main ITR forms (ITR1 through ITR7). It provides more details on ITR2 and ITR4, including who can file each form and cannot. Finally, it outlines the basic steps to file an ITR online through the e-filing portal.
This document defines key tax-related terms and concepts. It discusses the differences between direct and indirect taxes, and explains normal, special, and transitional tax years. It also covers topics like types of income, computation of taxable income, total income, deductible allowances, and residential status for tax purposes. The document provides examples to illustrate tax calculations and determinations of tax year and residential status.
The Permanent Account Number (PAN) is a 10-digit alphanumeric number issued by the Income Tax Department to individuals and entities. It is a unique identifier that links all financial transactions of the person or entity to the department. It is compulsory for all individuals and entities who file an income tax return or are liable to pay taxes. PAN must be quoted for various financial transactions above a certain value as well as for tax-related documents and communications. Penalties may be imposed for failing to apply for a PAN or quote it as required without reasonable cause.
TDS is a mechanism where a person deducts tax at the time of making certain specified payments to another person. Key persons responsible for deducting TDS (deductors) include company principals, DDOs in government offices, and those making payments of interest, dividends, contracts, lottery/game winnings, etc. Deductors must obtain a TAN, deduct tax at the correct rate, deposit the deducted amount timely, issue TDS certificates, and file quarterly TDS statements in the prescribed format and by the due dates. Maintaining compliance is important to ensure deductees get proper tax credit and deductors avoid penalties.
This document provides an index of the Customs Act of 1962 in India. It outlines the various chapters and sections of the act, which cover topics like customs officers and their powers, customs ports and warehouses, import and export prohibitions, duties and taxes, clearance of goods, bonded warehouses, drawbacks, special economic zones, baggage, and coastal trade. The index lists each chapter and section number along with any related rules and regulations. It provides a high-level overview of the structure and contents of the Customs Act of 1962.
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.
This document provides an overview of value added tax (VAT) in Bangladesh. It defines VAT as a type of indirect tax levied on the value added at each stage of production or distribution. The presentation notes that VAT makes up a significant portion (around 35%) of Bangladesh's total tax revenue and has been an important revenue source for over 18 years. Charts are included showing trends in Bangladesh's total revenue, tax revenue, and VAT collection from 2008 to 2012, with VAT collection increasing each year.
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.
This document discusses panchanamas, which are documents prepared by investigating officers in India to record details of investigations, searches, seizures, and other legal proceedings. It provides background on the origin of the term "panchanama" in ancient village justice systems. It then explains the different types of panchanamas used in criminal and civil cases, what they are used for, and what details they typically contain. Key points include that panchanamas are not substantive evidence but are used to support and corroborate other evidence, and that they must be prepared in the presence of witnesses.
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.
The document defines key terms used in the VAT 2005 Act. It defines terms like assessee, assessing authority, books of accounts, business, capital goods, casual trader, dealer, goods, input tax, manufacture, output tax, person, place of business, reverse tax, works contract, contractor, awarder, zero rated sale, and sale. The definitions provide clarity on the scope and applicability of these terms under the Act.
The document provides an overview of income tax and return filing in India. It defines income tax as a tax charged by the Central Government on income under the Income Tax Act of 1961. Incomes are taxed under five heads: salary, house property, business/profession, capital gains, and other sources. The document outlines the tax rates for individuals, HUFs, companies, and partnership firms. It also lists the different forms used for filing returns depending on the type of assessee and income. In the end, the author provides his contact details and thanks participants for their patience.
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.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It explains that GST is an indirect tax levied on the supply of goods and services. GST replaced many indirect taxes and is now the main tax levied in India. It is collected by the central and state governments on a wide range of goods and services based on different tax slabs.
The document discusses Goods and Services Tax (GST) implemented in India in 2017. It provides definitions of GST as a single, indirect tax replacing existing indirect taxes. It outlines key differences between the current and GST tax systems, including the GST structure and rates applied to various goods and services. Excluded products are also mentioned. The effects of GST implementation on the economy according to the government are summarized, along with some concerns people had after its introduction.
This document provides an overview of India's tax system. It outlines the taxation powers of the central and state governments as listed in the Indian Constitution. Some key points covered include:
- The central government has powers to levy income tax, excise duty, customs duty, service tax and central sales tax.
- State governments can levy VAT/sales tax, excise duty on alcohol, land revenue tax and toll tax.
- The concurrent list includes stamp duties and certain other taxes.
It also discusses direct and indirect taxes in India such as income tax, excise duties, customs duties and GST. It provides income tax slabs and rates for the assessment year 2017-2018. Finally, it
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.
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.
The document summarizes Goods and Service Tax (GST) which is a comprehensive indirect tax system in India that combines central taxes and levies like excise duty, service tax, and state taxes like VAT into a single tax. It lists the current central and state taxes that will be subsumed under GST and highlights advantages like ease of doing business, reduced compliance burden, and a common national market. The document also notes commodities and taxes that will be excluded from GST, provides examples of the tax impact on businesses pre- and post-GST, and outlines the various proposed GST tax slabs and rates.
This is a presentation for those people who wants to understands the basics of gst. This ppt includes how the gst works, Inpu ax Credit, Rates of GST, Composition Scheme etc.
Enterslice leverage years of domain expertise in the implementation of Tax Laws, and we use technology management expertise to set up an efficient technology that maximizes your business penitential for GST implementation. We will do the assessment of your business to make it GST ready; we offer a three-tier analysis:
GST Tax Assessment - Impact assessment of GST model laws on your business and review of financial processes, compliance Business scenarios development for impact assessment
Technology Assessment - Business technology review and validation managing master data management of ERP, application implementation and integration with GST Portal, Data migration process.
Supply chain assessment - Review of supply chain management system to be GST compliant
Ongoing compliance support - Ongoing Transaction support, ITC Planning, Transition management i.e.
For more information about GST, please visit www.enterslice.com or send us an email at info@enterslice.com.
For quick service click: https://enterslice.com/gst-registration
GET FREE CONSULTANCY
Helpline: +91 9069142028
Email: info@enterslice.com
Website: www.enterslice.com
This document provides an overview of Goods and Services Tax (GST) in India. It begins by defining tax and describing the types of taxes - direct and indirect. It then explains what GST is, how it works, and how it is an improvement over the previous indirect tax system by eliminating cascading taxes and introducing a unified tax rate. The document outlines the tax structure of GST including CGST, SGST, and IGST. It provides an example of how GST is calculated and compares it to the previous system. It also discusses the GST council, rates, and implementation in other countries. Finally, it discusses the advantages of GST like eliminating cascading effect and disadvantages like increased compliance costs.
The Goods and Services Tax (GST) is a significant tax reform in India that aims to simplify the indirect taxation system. It has streamlined the taxation of goods and services across the country.
GST is a new indirect tax that will replace multiple taxes into a single tax. It will be levied as CGST, SGST, and IGST depending on whether a good or service is intra-state or inter-state. Many existing taxes such as VAT, excise, customs, etc. will be subsumed into GST. Taxpayers will be able to claim input tax credit which allows for tax cascading benefits. Certain items like petroleum products and alcohol are exempted from GST. The GST rates are proposed to be 5%, 12%, 18%, and 28% with some items falling into each slab.
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
This document provides an overview of the Goods and Services Tax (GST) system that was introduced in India in 2017. It was described as the biggest tax reform since India's independence. The summary explains that GST is a comprehensive indirect tax on the manufacture, sale and consumption of goods and services throughout India. It subsumes several central and state taxes into one tax. The document outlines the proposed GST tax structure and rates, and compares the previous fragmented tax system to the proposed unified GST system, highlighting advantages like reduced costs and uniform taxation across states.
This document presents information on exporting rice from India to Singapore. It discusses that India is a major producer and exporter of rice globally. The key steps for exporting rice from India include obtaining an Import Export Code, registering with export promotion councils, obtaining necessary certificates and documents, and working with customs brokers and freight forwarders. The document outlines the import process and documentation required in Singapore, which has minimal import tariffs. It also provides strategies for marketing Indian Basmati rice abroad, such as advertising, trade shows, packaging, and websites. In conclusion, exporting Basmati rice from India is considered a highly profitable business.
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.
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.
Financial ratio analysis of pepsico and coco colaharanadhreddy2
The document analyzes and compares the financial performance of PepsiCo and Coca-Cola from 2014-2016 using ratio analysis. It finds that both companies need to improve their current and liquid ratios to meet ideal levels. PepsiCo has higher debt ratios, indicating greater reliance on creditors than own funds, while Coca-Cola has stronger proprietary ratios. PepsiCo also has higher inventory turnover but lower gross and operating profit margins than Coca-Cola. Overall, the document concludes that Coca-Cola's financial position is stronger with better cost control and profitability, while PepsiCo needs to reduce debt reliance and improve liquidity.
Ozone depletion potential of different refrigerantsharanadhreddy2
The document discusses ozone depletion potential of different refrigerants and the mechanisms by which CFCs and HCFCs damage the ozone layer when they reach the stratosphere. It explains that chlorine atoms released from these refrigerants can break down over 100,000 ozone molecules each. It also provides details on common types of refrigerants like CFCs, HCFCs, HFCs and their ozone depletion potentials.
The document discusses the importance of reverse logistics for e-commerce businesses. It notes that retail e-commerce sales in the US increased significantly from 2009 to 2020 due to the Covid-19 pandemic. This has heightened the focus on reverse logistics as product returns have also increased. The document then covers the historical evolution and growth of reverse logistics, common reasons for returns, challenges in reverse logistics, and predictions that reverse logistics will become more integrated into the overall supply chain strategy and essential for customer retention.
PepsiCo has a collaborative supply chain management approach that focuses on integration and partnerships. It uses a direct-to-store delivery model where bottlers and distributors deliver products directly to retail stores. This ensures freshness and responsiveness. PepsiCo also partners with suppliers and retailers to better meet demands. It aims to have a diverse and globally accessible supplier network that follows its social and environmental standards. These collaborative efforts along with its brands and innovations allow PepsiCo to gain competitive advantages in the market.
The document discusses microbiological testing parameters for meat, meat products, milk, and milk products proposed by FSSAI. It outlines hygiene and safety indicator organisms to test for in meat and milk, including total plate count, E. coli, Salmonella, and Listeria. Sample preparation and testing methods are described for both meat and milk, such as weighing and diluting samples in saline before plating on different agar types. The requirements specify guidelines for sampling plans and maximum permissible levels of bacteria in tested products.
An ETP (Effluent Treatment Plant) treats industrial wastewater for reuse or safe disposal. It takes in influent (untreated wastewater), separates it into effluent (treated wastewater) and sludge. ETPs are essential for food industries as their wastewater contains high levels of contaminants like BOD, COD, and nutrients. Major treatment methods include physical, chemical, and biological processes. The objective is to produce effluent that meets discharge limits to protect water resources and public health.
Kellogg's launched a new vanilla flavored Rice Krispies cereal in South Africa in 2018. However, the product received widespread criticism from customers who complained about the different taste. Over 2000 negative comments were posted on social media within days, criticizing the new formulation which contained significantly more sugar and less rice than the original. Facing a consumer backlash, Kellogg's was accused of betraying loyal customers by changing the recipe for its iconic Rice Krispies cereal.
This document discusses biodegradable films for food packaging. It defines biodegradable polymers as polymers that break down into natural byproducts like CO2, water, and biomass. Sources of biodegradable polymers include polysaccharides, starches, lignocellulose, and those produced through fermentation. Biodegradable films are advantageous as they reduce environmental impact compared to non-degradable plastics. Nanoparticles can also be incorporated into biopolymer films to improve performance for food packaging applications. The future potential of compostable biopolymer plastics in food packaging markets is noted.
The IMF is an international organization established in 1944 with 189 member countries. Its main goals are to foster global monetary cooperation, secure financial stability, facilitate international trade, promote employment and sustainable growth. It assists countries with balance of payments issues through lending and imposing policy adjustments. The IMF also provides surveillance of members' economies and technical assistance. It is funded by member quotas and can temporarily borrow additional funds. Governance is led by a Board of Governors and Executive Board which oversees the IMF staff and management. The IMF works to stabilize international exchange rates and the monetary system.
The document discusses the role of the International Monetary Fund (IMF) in development of international food business. The IMF was conceived in 1944 and came into existence in 1945 to support orderly international currency exchanges and help nations with balance of payment problems through short-term loans. Over time, the IMF's role has expanded to include surveillance of members' economic policies, providing technical assistance and training, and facilitating the expansion of international trade. The IMF has played a role in the financialization of the global food system by supporting market reforms that enabled private investment in agriculture.
The Canadian Food Inspection Agency and Monster Energy Canada Ltd. are recalling Monster Energy Caffé Monster Salted Caramel Energy Drink due to potential glass contamination. Additionally, the US FDA has launched an investigation into 5 deaths that appear linked to highly caffeinated Monster Energy drinks. Similarly, in India the Food Safety and Standards Authority ordered recalls of Monster, Tzinga, and Cloud 9 energy drinks and withdrew their approvals due to irrational ingredient combinations and excess caffeine levels. FSSAI is seeking to regulate caffeine limits and labelling requirements for energy drinks in India.
This document discusses kitchen hygiene and sanitation. It outlines four categories for kitchen cleaning tasks based on frequency: after each use, daily use, weekly use, and monthly use. Specific cleaning products are recommended for each category. The document also provides tips for preventing foodborne infections and ensuring overall kitchen hygiene, such as thoroughly cleaning surfaces, maintaining cold food temperatures, and washing fruits and vegetables. Maintaining proper sanitation in the kitchen is emphasized as important for public health and preventing disease.
The document discusses retailers adapting to omnichannel environments. It presents an information and fulfillment matrix with four quadrants based on whether customers access information and fulfillment online or offline. Effective strategies include hybrid approaches like buy online pickup in store (BOPS) and inventory-only showrooms. The conclusion emphasizes that customers are omnichannel in their behavior so retailers need to offer integrated online and offline experiences to meet customer demands across different information access and fulfillment options.
Cardamom processing involves crushing the fruits to produce cardamom oil and oleoresin, which are used as alternatives to the whole spice for flavoring various processed foods, condiments, beverages, tobacco, and in cosmetics like soaps and lotions. The oil and oleoresin extracted from crushed cardamom fruits are mainly used as substitutes for ground cardamom in flavoring a wide range of processed, frozen, and pre-packaged foods as well as beverages.
Membrane separation technology uses semi-permeable membranes to separate particles and molecules based on size. There are four main types of pressure-driven membrane processes: microfiltration, ultrafiltration, nanofiltration, and reverse osmosis. Microfiltration uses pores sizes from 0.1 to 10um to remove bacteria and viruses. Ultrafiltration retains macromolecules like proteins using pore sizes down to 1kD. Nanofiltration allows salts to pass while retaining larger molecules. Reverse osmosis separates molecules below 100Da like salts from water. Membrane separation is widely used in food/beverage processing, biotechnology, pharmaceuticals, and water purification due to its ability to operate without
A survey was conducted with 60 randomly selected customers to compare consumer awareness of food labeling for Lay's and Bingo chips. The survey included questions about different attributes on the labels and their influence on purchasing decisions between the two brands. The responses to the questions were analyzed to understand the impact of food labeling on consumer choices.
This document discusses food safety standards and labels in Thailand. It finds that Thai consumers are willing to pay a premium for fresh produce labeled with certain food safety certifications, particularly the "Q mark" label issued by the Thai government. Survey results showed the highest willingness-to-pay for Chinese cabbage labeled with the Q mark combined with additional private brand labels. The study concludes food safety labeling policies should continue to be supported in Thailand to improve food safety and allow Thai products to remain competitive in international markets.
Business Opportunities in Chillie Processing In Andhra Pradesh haranadhreddy2
- Chilli is an important crop grown in India, especially in the states of Andhra Pradesh, Maharashtra, Karnataka, and Madhya Pradesh. Andhra Pradesh is the largest producer.
- The pungency of chilli comes from the compound capsaicin, which has potential health benefits like pain relief. Major exporting countries of chilli include India, China, Indonesia, and Mexico.
- Andhra Pradesh provides various incentives to promote the food processing industry, including subsidies, tax incentives, and loans to farmers. The state aims to develop integrated food parks across districts to boost processing.
Comparsion of 2 Banks HDFC and Andhra Bankharanadhreddy2
This document compares two major banks in India: HDFC Bank and Andhra Bank. It provides key metrics for each such as number of branches, ATMs, stock price, total business, net profit, non-performing assets, and total assets. HDFC Bank significantly outperforms Andhra Bank across all metrics, with over double the number of branches and ATMs, a much higher stock price, and profits over 100x greater than Andhra Bank. The document also briefly mentions the vision, mission and values of the banks as well as historical figures related to their founding.
This document summarizes the business plan for Smoothy Juice, a manufacturer and distributor of juices. Smoothy Juice operates as a partnership and produces juices for both business to business and business to consumer sales. Their target customers include children and diabetic people. Their market research involved questionnaires to understand customer needs and wants across India. Their juice products include mango, orange, grapes and vegetable juices. They segment their market by age, sex, income and occupation, with a main focus on diabetic customers. Their mission is to establish Smoothy Juice as a leading healthy energy source with a commitment to values. Their vision is to explore juice distribution across all of India with an assurance of quality.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
2. Introduction
• Goods and services tax or GST is an important fiscal instrument to
ensure efficient, equitable and sustainable economic growth.
• India switched over to GST in 2017, bringing all economic activities,
including those related to agricultural sector, under its ambit.
• Goods and service tax ―is a comprehensive indirect tax levied on
manufacturer, sale and consumption of goods and services
throughout India
3. Why GST?
• Goods and Services tax better known as GST in India, is a new and
comprehensive tax to be levied on sales, manufacturing and
consumption of services and goods across the nation. Referred to as
one of the biggest tax reforms in the country, GST is expected to bring
together state economies and improve overall economic growth of
the nation.
• The introduction of goods and services tax on 1 July 2017 was a very
significant step in the field of indirect tax reforms in India.
• GST is a great example of cooperative federalism, where all the
states decided to take a unanimous decision in the interest of the
nation, and then such a huge tax reform could be implemented in the
country.
4. • Introduction of GST would make Indian products competitive in the
domestic and international markets.
• It will boost export and manufacturing activity, generate more
employment and thus increase GDP with gainful employment leading
to substantive economic growth.
• Ease of doing business
5. Features and Trends
• Data analytics, compliance will be the key corner stones.
• introduction of the GST is expected to have significant
macroeconomic implications in terms of growth, inflation, export
competitiveness and the fiscal balance in the years ahead.
• As GST enters its second year, the government is planning to bring
out some more changes to the existing structure of this indirect tax.
• Rate rationalization is expected by various industry groups.
6. BENEFITS
• Reduce the cost of doing business
• Increased tax revenues to the government
• Reduction in multiplicity of taxes, cascading and double taxation
• Consumption based tax
• Exports to be zero rated:all exports and supplies to sezs and sez units would be
zero-rated.
• Overall reduction in prices for consumers, uniform rate of tax and common
national market
• No check posts, logistics benefit: free flow of goods and services
• Broader tax base and decrease in “black” transactions
• Option of voluntary registration
• Compensation for loss of revenue to states for five years
7. • Various modes of payment of tax available to the taxpayer including
internet banking, debit/ credit card and National Electronic Funds Transfer
(NEFT) / Real Time Gross Settlement (RTGS).
• Will help to create a unified common national market for India, giving a
boost to foreign investment and “Make in India” campaign.
• Uniform SGST and IGST rates will reduce the incentive for evasion by
eliminating rate arbitrage between neighbouring states and that between
intra and inter-state sales.
• Average tax burden on companies is likely to come down.
• Expected to reduce prices and lower prices mean more consumption.
• GST is expected to bring buoyancy to the government revenue by widening
the tax base and improving taxpayer compliance.
• Increase the tax payer base for both direct and indirect taxes.
• increased formalisation of the economy. Increased GDP.
8. • Increased compliance costs
• Revenue neutral rate (RNR). Even after many reports it is difficult to arrive
at the rate
• Designing and testing of the new return filing system, stabilizing the e-way
bill system and minor corrections .
• Evolving GST-related laws.
• A number of implementation issues related to it systems, legal challenges,
exports, return filing and reconciliations, passing on transition credit, ant
profiteering in GST etc. Are being faced by field formations of states.
• Several transactions take the character of sales as well as services, thus
there is complexity in determining the nature of transaction.
• There are various definitional issues related to manufacturing, sale,
service, valuation etc. Arises. These needs to be rationalized.
9. ISSUES & CHALLENGES
• Radical reform
• Still many rates in the system. Will take time to stabilise – 3 to 4 years
• Teething problems
• Temporary medium term slow down in business / tax collections
• Different administrative policies and systems in different states
• Business model change. Companies withdrawing GST registration.
• Alcohol for human consumption, real estate and five petroleum
products — crude oil, diesel, petrol, natural gas, aviation turbine fuel —
are still out of the GST ambit.
12. GST Facilitation Cell
• With a view to Facilitating the rollout of Goods &Services Tax(GST), a
"GST Facilitation Cell" headed by the Economic Adviser has been
constituted in the Ministry in the 20th June,2017.
• The GST Facilitation Cell will provide all possible support for the
rollout of GST to the major industry and business associations relating
to MOFPI.
• This Cell will serve as the first point of contact for addressing any
issue being faced by any sector related to this Ministry.
• The GST Cell will be equipped with the complete knowledge of the
relevant GST Act/ Rules/ Rate Structure etc.
15. NIL or 0% GST
1.Meat (Other than in frozen state and put
up in container)
2. Bones and horn cores, bone grist, bone
meal etc., hoof meal, horn meal, etc.
3. Fish, prawn and shrimp seeds
4. All fish, fresh or chilled (but not
processed, cured and frozen)
5. Fresh milk, pasteurized milk but not
concentrated, sweetened
6. Eggs (in shell)
7. Curd, lassi, buttermilk
8. Chena or paneer (except in unit
container with brand name)
9. Natural honey (no container-no brand)
10. Fresh fruits and vegetables, roots and
tubers (except in frozen state or
preserved)
11. Dried fruits
12. Leguminous vegetables, shelled or
unshelled
13. Dried leguminous vegetables, shelled,
whether or not skinned or split (pulses)
14. Coffee beans, unprocessed tea leaves,
fresh spices
15. All cereals (no container-no brand)
16. Cereal grains hulled
17. Flour
18. Atta, Maida, besan (no container-no
brand)
19. Wheat or meslin flour
20. Cereal flour, groats and meals (no
container-no brand)
21. Flour of potato, dried leguminous
vegetables (no container-no brand)
22. Oilseeds of seed quality
23. Cane jiggery (gur)
24. Palmyra jaggery
25. Puffed, flattened and parched rice
26. Pappad (except when served for
consumption)
27. Bread (branded or otherwise) (except
when served for consumption and pizza
bread)
28. Prasadam
29. Water (other than aerated, sealed etc)
30. Non-alcoholic toddy
31. Tender coconut powder
32. Acquatic, poultry and cattle feed
33. Salt, all types
34. Cotton seed oil cake irrespective of
end use
16. 5% GST
• All fish variants (except seeds of
fish, prawn& shrimp) processed,
cured, frozen state
• 2. Ultra-high temperature milk
• 3. Milk and cream including
skimmed milk powder but
excluding condensed milk
• 4. Yoghurt and other fermented
milk and cream
• 5. Chena or paneer in unit
container and branded
• 6. Egg yolk, fresh or dried
• 7. Natural honey in branded unit
container
• 8. Vegetables frozen or
preserved (but unsuitable in that
state for immediate
consumption)
• 9. Edible fruits and nuts; peel of
citrus fruit or melons, in frozen
or preserved state
• 10. Coffee, tea, pepper, vanilla,
cloves, cardamoms
• 11. Seeds of anise, coriander,
cumin
• 12. Ginger (other than fresh
ginger), saffron, turmeric, other
spices
• 13. Cereal groats, meal and
pellets in branded unit container
• 14. Cereal grains worked upon
(hulled, rolled, flaked)
• 15. Meal, powder, flakes,
granules and pellets of potatoes
• 16. Meal and powder of the
dried leguminous vegetables
(pulses, sago, tamarind)
• 17. Wheat gluten
• 18. Soya beans
• 19. Ground nuts
• 20. Copra
17. 12% GST
1. All meat in unit containers put up in
frozen, salted, dried, smoked state
2. All meat and marine products
prepared or preserved.
3. Butter, ghee, butter oil
4. cheese
5. Ketch-up & sauces,
6. Dry fruits
7. Starches
8. Animal fats and oils
9. Fruit and vegetable juices
10. Roasted chicory and coffee
substitutes
11. Yeasts and prepared baking
12. Namkeens put up in unit
container and bearing a brand name,
bhujiya, mixture, chabena
13. Bari made of pulses including
mungodi
14. Soya milk drinks
15. Fruit pulp or fruit juice based
drinks
16. Tender coconut water (in unit
container with brand name)
17. Beverages containing milk
18. Batters including Idli/Dosa batter
19. Condensed milk
20. Refined sugar, sugar cubes
21. Pasta, whether or not cooked or
stuffed (with meat or other
substances) or otherwise prepared,
such as spaghetti, macaroni, noodles,
lasagna, gnocchi, ravioli, cannelloni;
couscous, whether or not prepared
22. Curry paste, mayonnaise and
salad dressing; mixed condiments and
mixed seasoning
23. Diabetic foods
24. Sugar boiled confectionary
25. Drinking water packed in 20
litters bottles
18. 18% GST
• 1. Malt, whether or not roasted
• 2. Sugar confectionery
• 3. All preparations of cereals, flour,
starch or milk for infant use and
sold retail
• 4. Corn flakes and other cereal
flakes
• 5. Waffles and wafers (other than
chocolate coating)
• 6. Pastries and cakes
• 7. Extracts, essences and
concentrates of tea or mate
• 8. Soups and broths
• 9. Ice cream and other edible ice
• 10. Instant food mixes, soft drink
concentrates, sharbat, betel,
supari, packaged food
• 11. Water, including natural or
artificial mineral waters and
aerated waters not sweetened
• 12. Ethyl alcohol and other spirits
• 13. Vinegar and substitutes
• 14. Custard powder
• 15. Chewing gum/bubble gum
and white chocolate, not
containing cocoa (17041000,
17049090)
• 16. Cocoa butter, fat and oil
• 17. Cocoa powder, not containing
added sugar or sweetening matter
• 18. Chocolates and other food
preparations containing cocoa
• 19. Malt extract (other than for
infant use and mixes and doughs
of bakers)
• 20. Waffles and wafers coated
with or containing chocolate
• 21. Extract, essences and
concentrates of coffee
• 22. Other non-alcoholic beverages
19. 28% GST
• 1.Molasses
• 2. Pan Masala
• 3. All goods [including aerated
waters] containing added sugar or
other sweetening matter or
flavoured
20. Fishery
• Fishery: With the implementation of GST, fishery sector may face
initial hiccups as the fishing tools, as well as some of the aquatic
products, have subsumed under the tax net.
• Fishing hooks, fishing rods, fishing tackles, and fishing twines which
were earlier exempted from taxes are now taxable at 12% and fishing
ropes are taxable at 18%.
• However, the tax on fishing vessels maintains status quo at 5%.
Outboard motors and ice boxes which were taxed at 14.5% in the
earlier regime now attract a GST of 28% and 18%, respectively.
21. • Many processed aquatic products, like
dried/salted/smoked/chilled/frozen fishes, mollusks, crustaceans and
aquatic invertebrates which remained outside the tax ambit earlier,
are now taxable at 5%, but fresh aquatic products remain outside the
tax net after GST implementation.
• Increased tax burden on processed aquatic products would render
them less competitive in domestic as well as in international market.
22. Dairy Sector
Indicative
products
Excise VAT VAT Total Tax Likely under GST
Milk Nil Nil Nil Nil/12%
Ghee, Paneer etc. Nil 5.5% 5.5% 12%/20%
Cheese, butter
etc.
Nil 12.5% 12.5% 20%
Some other
sweets/
products/drinks
2%/6%
2%/6%
5.5%
12.5%
7.5%/11.5%
14.5%/18.5%
20%
20%
Source: GST on Dairy Sector- Discussion Draft
23. • During pre-GST regime, the grass, hay, straw, concentrate, oil cakes,
and feed from food industries were exempted from the central levies.
Now ,oilcakes and other solid residues are taxed at 5%.
• On the other hand, a 1% reduction in tax on veterinary medicines in
the GST regime may lead to reduced expenditure on veterinary
medicines.
• On the output front, due to the relatively elastic demand for dairy
products, higher taxation on the processed dairy products may
negatively affect their demand. It is further apprehended that the
consumers (with elastic demand for processed and packaged dairy
product) may source their requirement from the unorganized sector.
24. • GST rates on branded butter, cooking fats and cheese have been fixed at
12%. This is higher compared to prevailing rates of 6% and is likely to
impact their consumption.
• Additionally, unpackaged butter, cooking fats and cheese have been
exempted from GST. This move would further widen the price differential
between packaged and unpackaged milk products.
• Branded milk products players may have to face renewed challenge from
the unpackaged market owing to substantial price differences due to GST.
• Branded butter and cooking fats which are usually consumed by the
affluent classes have low price elasticity. Hence price hike due to higher
GST rates is not expected to have much impact on consumption patterns.
• Consumers of these products are willing to spend more based on the value
they perceive.
25. Opportunities
• Removal of exemptions- higher availability of credits
• Reduced variations in rates of tax across states discriminatory margin
for company/ dealers to be reduced
• B2B Sale- reduced cost to customer as ST/ED credit converted to GST
available to them.
26. Challenges
• MRP Products - Price not altered- squeezed margin
• Non MRP Products- need of price variation to sustain margins
• Price rise- Consumer perception management
27. Impacts
• Initial proposals to tax all dairy products includingfresh milk under
18% GST bracket could have had a negative impact on the Indian dairy
industry. India is the largest producer and consumer of fresh milk and
employs over 10million dairy farmers.
• Any increase in tax rates on fresh milk would have a drastic impact on
the livelihood of millions of people involved in this industry.
• Fresh milk which is the largest contributor to the dairy industry has
been exempted from the finalised GST rates.
• However, UHT milk which has a niche share of the market has been
brought under 5% GST.
• In the scenario of semi skimmed fresh milk being brought under a 5%
GST rate similar to UHT milk – consumption would drop
28. Edible oil
• Edible oils overtook dairy to become the largest category in the Indian
packaged foods market in the year 2016, as hygiene concerns and the
growing interest in products offering health and wellness benefits
drove the rapid shift from unpackaged to packaged oils.
• On the back of this trend, edible oils managed to register retail value
growth of CAGR 27% between 2011 to 2016.
• Proposed GST rates for edible oils of 5% is significantly lower than
prevailing rates of 12%.
• This is expected to help boost the branded edible oils market with the
shift from unpackaged to packaged edible oils expected to further
accelerate over the coming months.
29. • As income levels are low, masses usually buy smaller quantities of
edible oils or in loose format.
• Lower GST levels is going to bring these consumers into the organised
packaged edible oils market.
• A concern for edible oils players is that oilseeds have been levied a 5%
tax under GST which would impact their margins.
• Oilseeds are the input for edible oil manufacturing and manufacturers
will be able to only partially recover this amount in terms of GST
refund.
30. Opportunities
• Lower GST rates for edible oils is expected to boost premium edible
oils brands.
• The growing health and wellness trend in India has led to edible oil
players launching products on the health platform and charging a
premium.
• More players are expected to launch products on the lines of Adani
Wilmar’s ‘Fortune VIVO Diabetes Care Oil’ targeting people with type
II diabetes, Ruchi Soya Industries ‘Sunrich Sunflower Oil’ enriched
with vitamins A and D, etc. and tap into the premiumisation trend.
31. Biscuits Market
• Uniform tax slab of 18% levied under
GST across plain biscuits, filled biscuits
and cookies with the government
doing away with variable tax structure
within biscuits.
• Plain biscuits to be impacted most as
taxes under GST set to become more
than double compared to prevailing
rates.
Source: Euromonitor International
32. • Plain biscuit manufacturers will be forced to increase prices due to rise in
input costs and slim-margins within a highly competitive and price sensitive
market.
• Some biscuit manufacturers also likely to maintain their prices at pre-GST
level by reducing the quantity or size of biscuits.
• The share of plain biscuits which has been declining between 2006 to 2017
will witness steeper declines due to rise in average unit prices owing to GST
and higher price elasticity.
• Impact on cookies and filled biscuits to be marginal as GST rates are on
similar lines with existing tax rates.
• Consumers also likely to shift to consumption of pastries and biscuits
available at local bakeries due to the higher price differential between
packaged and unpackaged products.
33. Opportunities
• GST likely to change biscuit consumption habits of consumers in India.
Consumers most likely to shift from plain biscuits to cookies and filled
biscuits based on price hikes and reduced price differential.
• Players operating in the premium space have opportunities of
portfolio expansion to tap into the opportunity presented by GST.
• Leading players including Britannia Industries Ltd, ITC Group and Parle
Products Pvt Ltd can focus on value addand premium biscuit range for
higher value gains.
34. Branded Rice
• Branded rice was earlier either exempted from tax or carried a 5%
VAT, depending on the state where it was sold. Under GST, across the
country, all branded rice will be taxed at 5%.
• This move is expected to impact the profitability of the branded rice
players. Additionally, branded players will now face increased
competition from the unpackaged market due to rising price
differentials.
• To counter this threat, branded rice players are expected to maintain
prices and absorb the hike in costs due to GST.
35. • ‘India Gate’ rice brand exempt from
GST
• India Gate, the country’s largest
selling rice brand, is exempt from
paying GST because the company did
not get the brand name registered
under the Trade Marks Act 1999.
36. Instant Noodles
• The government had initially proposed a GST rate of 18% for instant
noodles. Based on feedback from the industry, the tax rates for 66 items
were revisited and revised.
• The GST rate for instant noodles was also revised down to 12% from initial
proposal of 18%.
• The instant noodles market in India faced its biggest challenge in 2015 due
to regulatory issues which banned the largest brand in the market.
• This impacted the sales of the overall category leading to massive declines
due to the ban and negative consumer sentiments.
• However, the instant noodles market did show a recovery in 2016.
• The big drop in tax rates for instant noodles from prevailing rates of 26% to
12% under GST is expected to significantly boost consumption.
37. Beverages
• Even though liquor hasn’t been brought under the purview of Goods and
Services Tax, it still falls under other taxes that contribute to its rising
prices. These taxes are:
Excise Duty
VAT (Value Added Tax)
• Alcohol was not brought under the purview of GST regime primarily due to
two reasons:
• To ensure that the State Governments continue to have a strong inflow of
revenue (other than what they get from GST). It’s estimated that taxes on
liquor and beer fetch the state governments nearly INR 90,000 crores
annually.
• To keep the prices of liquor and beer high to limit consumption.
38.
39. Restaurants and Food Service
• Prior to GST
• KKC- Krishi Kalyan CESS
• SBC- Swachh Bharath CESS
40.
41. Benefits
1.Administrative Ease: One Nation, one tax policy can facilitate to bring
uniformity within the world league for the GST regime. The introduction of
GST will be only charge that hotels must account for with elimination of
various taxes and cesses. This implies reducing procedural steps and creates
to more opportunities to streamline the process taxation.
2. Reduction of taxes on food bill by approx. 9.5% can play a key role in
attracting more customers at the restaurants.
3. Small scale restaurant owners will benefit by minimum block of 5-12% tax
or no tax, looking on the yearly turnover.
4. The new GST scheme can facilitate in generating government revenue, cut
back corruption and cut back business prices for restaurants.
5. Time saving and Improved Quality: The purging of a lot of entries from the
accounts book under name of various taxes leads to faster processing of a
transaction. This will also help the consumer in availing faster and fresher
orders with room reservations made on every breezy process.
42. Drawbacks
• Technological Burden: Though the bill has been introduced by the
government along with embashing a date for rollout, there is a great
deal of ambiguity on its implementation. There’ll have to be
compelled to place systems with clear guidelines on how accounts
have to be compelled for maintenance and filling of returns. Service
tax had created a lot of confusion as well when it was launched and
hopefully the authorizes can take a lesson from there while ensuring
the seamless application of GST.
• 2. The tax bracket for budget and luxury hotels is simply too wide.
• 3. Medium scale restaurants are going to be unnecessarily force into
the tax slab of 28th tax in these budget and luxury hotels.
43. • 4. Possibility of Increased cost: Most small businesses in India don’t
use tax professionals, and have historically preferred to pay taxes and
file returns on their own to save lots of costs. However, they’ll need
skilled assistance to become GST compliant as it may be a completely
new system. Whereas this will benefit the professionals, the small
businesses ought to bear the extra price of hiring specialists. Also,
businesses would experience increase in overhead expenses as a
proper training of staff is to be given in GST compliance.
44. Competition from Asian Market: Currently India is emerging as global
competitor in hotel business and tourism. In Asian markets, India is changing
into a most popular destination owing to improved services, better
opportunities and options and reasonable costs. To own an equal status,
India GST rates must challenge its other Asian counterparts however, they
seems to be a wide gap as you’ll be able to see below:
1. Singapore = 7 %
2. Malaysia = 6 %
3. China = 11%
4. Japan = 8%
The wide difference appears sarcastically at our service providers and gives
the competitor an unfair lead to make advantage. This alone is sufficient to
make a potential tourist undergo reconsideration of their travel plan.
45. Food Exports
• India is an agro-based country and the exports are huge.
• Under the "Make in India" initiative from the Indian Government,
there are various subsidies provided by it.
• Under GST, the exports or deemed exports are zero rates taxed. This
means that exports are virtually duty-free.
• Exporters can get a refund for the exports they make or they are
deemed to make
46. Advantages of GST on food exports
• Single unified taxation system. Hassle free exporting process.
• Zero rating of exports makes Indian exports more competitive in the
foreign markets.
• Speedy legal documentation and process.
• Indian exporters consider themselves providing low prices for export
due to no GST on exports.
• Having said that GST is a blessing, it is much of a simplification for the
food product exporters.
47. Disadvantages
• The procedure for thezero-rating tax is that exporters need to bill the
products with tax and claim it as a refund.
• The legal processing is slow in India. Government is trying its best to
speed up the refund process of GST.
• The Indian food industry is not fully self-reliant.