describes that what is GST, why it is being implemented and what taxes will be replaced by GST. benefits of GST will be covered under this presentation
GST is a comprehensive indirect tax on the supply of goods and services that would replace multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. The introduction of GST would be a significant reform of indirect taxation in India and is expected to boost the country's economic growth.
The document discusses the key aspects of the Goods and Services Tax (GST) framework in India. It notes that GST will be a dual GST with both central and state governments levying tax concurrently on a common base. There will be four types of GST - CGST, SGST, IGST and UGST. The document outlines the GST rates, exclusions, input tax credit rules, valuation rules and place of supply rules. It also summarizes the impact of GST on various stakeholders like traders, manufacturers, service providers, consumers and the central and state governments. Overall, GST is expected to simplify and harmonize the indirect tax system in India.
This presentation provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history of GST reform in India since the 1980s. The key aspects covered include:
- GST replaced existing indirect taxes and is governed by tax rates between 5-28% across four slabs.
- A GST Council comprising central and state finance ministers governs tax rates, rules and regulations.
- GST is composed of Central GST, State GST, and Integrated GST for inter-state transactions.
- The presentation outlines the proposed GST model and rates, and discusses the advantages of GST implementation for India.
GST (Goods and Services Tax) is a major tax reform that will transform India into a unified market and manufacturing hub. It will replace multiple indirect taxes and is expected to increase GDP by 1-2% by creating more jobs and opportunities. The GST bill was introduced in Parliament in 2015 and passed in 2016. GST will lower prices for many goods while increasing prices for some services. It will benefit the economy overall but some sectors like banking, medical and IT may see higher costs initially. Careful implementation of tax rates between states and inclusion of petroleum products is needed for GST to be a success in India.
The document discusses Goods and Services Tax (GST) in India. It provides background on the efforts to introduce GST, potential benefits including reduced tax burden for companies and economic growth. However, it also notes challenges such as impact on the real estate market and need for strong IT infrastructure. Industry leaders express support for GST, expecting it to enhance economic development and reduce tax evasion. Case studies of GST implementation in other countries like Australia and New Zealand are also presented.
The document discusses Goods and Services Tax (GST) and its impact on state government revenues. It explains that GST is a unified indirect tax that will replace multiple taxes currently levied by central and state governments. While some producing states may lose revenue initially due to changes in tax collection points, states will gain powers to tax services and benefit from increased overall tax collection and compliance. The central government will also compensate states for any revenue losses from GST implementation for a period of five years.
The document discusses India's proposed Goods and Services Tax (GST) bill. It provides an overview of the existing indirect tax structure, the need for GST reform to address issues like tax cascading and complexity, and key aspects of the proposed GST model such as a dual GST system administered by both central and state authorities. The GST is expected to lower costs for businesses and consumers while simplifying taxation and boosting the economy.
This document provides an overview of the Goods and Services Tax (GST) that is expected to be implemented in India from April 1, 2016. It discusses the background and need for GST, the proposed dual GST model of CGST and SGST, which existing taxes will be subsumed under GST, how interstate transactions will be taxed, key issues still to be addressed, and the important role information technology will play in the success of GST implementation. It also provides guidance to companies on preparing for the transition to the new indirect tax system.
GST is a comprehensive indirect tax on the supply of goods and services that would replace multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. The introduction of GST would be a significant reform of indirect taxation in India and is expected to boost the country's economic growth.
The document discusses the key aspects of the Goods and Services Tax (GST) framework in India. It notes that GST will be a dual GST with both central and state governments levying tax concurrently on a common base. There will be four types of GST - CGST, SGST, IGST and UGST. The document outlines the GST rates, exclusions, input tax credit rules, valuation rules and place of supply rules. It also summarizes the impact of GST on various stakeholders like traders, manufacturers, service providers, consumers and the central and state governments. Overall, GST is expected to simplify and harmonize the indirect tax system in India.
This presentation provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history of GST reform in India since the 1980s. The key aspects covered include:
- GST replaced existing indirect taxes and is governed by tax rates between 5-28% across four slabs.
- A GST Council comprising central and state finance ministers governs tax rates, rules and regulations.
- GST is composed of Central GST, State GST, and Integrated GST for inter-state transactions.
- The presentation outlines the proposed GST model and rates, and discusses the advantages of GST implementation for India.
GST (Goods and Services Tax) is a major tax reform that will transform India into a unified market and manufacturing hub. It will replace multiple indirect taxes and is expected to increase GDP by 1-2% by creating more jobs and opportunities. The GST bill was introduced in Parliament in 2015 and passed in 2016. GST will lower prices for many goods while increasing prices for some services. It will benefit the economy overall but some sectors like banking, medical and IT may see higher costs initially. Careful implementation of tax rates between states and inclusion of petroleum products is needed for GST to be a success in India.
The document discusses Goods and Services Tax (GST) in India. It provides background on the efforts to introduce GST, potential benefits including reduced tax burden for companies and economic growth. However, it also notes challenges such as impact on the real estate market and need for strong IT infrastructure. Industry leaders express support for GST, expecting it to enhance economic development and reduce tax evasion. Case studies of GST implementation in other countries like Australia and New Zealand are also presented.
The document discusses Goods and Services Tax (GST) and its impact on state government revenues. It explains that GST is a unified indirect tax that will replace multiple taxes currently levied by central and state governments. While some producing states may lose revenue initially due to changes in tax collection points, states will gain powers to tax services and benefit from increased overall tax collection and compliance. The central government will also compensate states for any revenue losses from GST implementation for a period of five years.
The document discusses India's proposed Goods and Services Tax (GST) bill. It provides an overview of the existing indirect tax structure, the need for GST reform to address issues like tax cascading and complexity, and key aspects of the proposed GST model such as a dual GST system administered by both central and state authorities. The GST is expected to lower costs for businesses and consumers while simplifying taxation and boosting the economy.
This document provides an overview of the Goods and Services Tax (GST) that is expected to be implemented in India from April 1, 2016. It discusses the background and need for GST, the proposed dual GST model of CGST and SGST, which existing taxes will be subsumed under GST, how interstate transactions will be taxed, key issues still to be addressed, and the important role information technology will play in the success of GST implementation. It also provides guidance to companies on preparing for the transition to the new indirect tax system.
As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the
public domain on 14th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable
way forward with optimism to see it implemented in full swing by April 2017.
GST is a destination based value added tax which will remove trade barriers and create one common Indian market. By providing
seamless credit of input tax across entire supply chain, it will remove the cascading effects of tax, thereby reducing the cost of
indigenous goods and services and making them more competitive in the international market.
This document discusses the impact of Goods and Services Tax (GST) implementation on India's hospitality sector. It notes that hospitality is a fast-growing industry that includes food, lodging, and travel. GST is a destination-based value-added tax that aims to replace existing indirect taxes. For hotels, GST's 18% tax rate on room tariffs could increase costs for higher-priced hotels but reduce costs for others. While GST may streamline processes, the hospitality industry faces increased technological and compliance costs as well as higher taxes than competitors in countries like Singapore and Japan. Overall, the effects of GST on the hospitality industry are mixed.
The report contain Impact of GST on Hospitality sectors and various provision that are applicable to Goods and Service Tax for Hotels, Restaurant sector in India.
It covers Rates of GST, Provision of place of supply, valuation
This document discusses the impact of implementing the Goods and Services Tax (GST) in India. It provides background on GST globally and the existing indirect tax system in India. The key points are:
1) Over 160 countries have implemented GST, with some using a dual GST model like Canada that India has adopted, with CGST and SGST.
2) India's existing indirect tax system included multiple central and state taxes like excise duty, VAT, entertainment tax, and others.
3) GST unifies these taxes and introduces CGST and SGST at rates of 0%, 5%, 12%, 18%, and 28% with some items like alcohol and petrol exempted.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the history and need for GST, how GST works, its key features and effects on the Indian economy. It also outlines what items are taxed and exempted under GST and notes that multiple Indian states accepted GST between August 2016 to September 2016. The conclusion emphasizes that GST aims to create a unified market by replacing existing indirect taxes and collecting tax on final consumption within each jurisdiction.
After a decade of negotiations, hectic parleys, many climb down and heart burn, India is ready to bring in what has been touted as Independent India's most celebrated tax reform, the Goods and Services Tax.
The document summarizes a student forum discussion on Goods and Services Tax (GST) in India. Several students presented on topics related to GST, including the history of India's tax system, an introduction and implementation of GST, types of GST and comparison to VAT, advantages and limitations of GST, and the impact of GST. The discussion covered key aspects of GST such as the replacement of existing taxes, tax rates and slabs, registration process, and effects on various sectors of society, health, and industry.
The Finance Minister outlined the implementation plan for Goods and Services Tax (GST) in India, targeting April 1, 2017. States must ratify the bill by a 50% majority. Legal frameworks and the GST Council must be established. The GST Network is developing front-end and back-end modules to be ready by December 2016 for testing until March 2017. Registration, payment, and return modules will be available. Training of 60,000 tax officers will occur in phases and challenges remain around the revenue base, compensation, exemptions, laws, limits, and dual control.
The document provides information about the Goods and Services Tax (GST) implemented in India in 2017. It discusses key aspects of GST such as how it subsumes many indirect taxes, its dual structure with CGST and SGST, applicable tax rates, and estimated impacts. Some key points include that GST is expected to reduce costs for businesses and consumers by mitigating the cascading effect of taxes, while increasing tax collection and transparency across the country.
Goods and Services Tax (GST) is an indirect tax on the sale, consumption, and manufacturing of goods and services throughout India. It aims to eliminate multiple indirect taxes and create a single, unified Indian market. Unlike other countries, Indian GST consists of three taxes - Central GST, State GST, and Integrated GST. India follows a dual GST model where both central and state governments levy GST concurrently on the same base of goods and services.
The document discusses India's proposed Goods and Services Tax (GST). It provides an overview of India's economy and current tax structure, which includes direct taxes like income tax and indirect taxes like excise duties and VAT that are levied by both central and state governments. The current system suffers from issues like tax cascading, complexity, and tax evasion. GST is presented as a comprehensive indirect tax that will replace existing indirect taxes and be levied as CGST, SGST, and IGST depending on whether a good or service is transacted intra-state or inter-state. The GST is aimed to simplify taxation, reduce the compliance burden, increase tax collection, and create a common national market. While G
The document provides updates on India's implementation of the Goods and Services Tax (GST), including:
1) The GST rollout date has been delayed by 3 months to July 1, 2017 to allow industries more time to prepare for changes.
2) Key recommended GST tax slab rates by the GST council are 28%, 18%, 12%, and 5%, and the service tax rate is expected to increase from 15% to 18%.
3) Industries will need to ensure price reductions from GST benefits are passed to consumers to comply with anti-profiteering provisions.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses the history of GST in India, from initial discussions in 2000 to the passage of the constitutional amendment bill in 2016. It also outlines the present status, including the digital platform being developed. Key aspects of GST like the unique 15-digit identification number, registration process, tax rates of 5%, 12%, 18% and 28%, credit system, items covered and excluded, and challenges of implementation are summarized. The presentation aims to educate about GST recently introduced as a major tax reform in India.
Goods & Services Tax_GST v/s Old Tax Structure (Part 3 of 5)Suryansh Dhawan
This document discusses the key differences between India's old indirect tax structure and the new Goods and Services Tax (GST). It provides an overview of the major central and state indirect taxes that existed previously compared to the three components of GST: Central GST, State GST, and Integrated GST. The document also gives an example showing how total costs are lower for businesses under GST compared to the old system due to fewer cumulative taxes. It outlines the process for businesses to claim input tax credits under GST by providing the necessary documents like GST invoices and filing returns.
Concept note of Goods & Service Tax (GST) in IndiaANAND GAWADE
The document provides an overview of the proposed Goods and Services Tax (GST) in India. Some key points:
- GST aims to simplify and harmonize India's indirect tax system by subsuming multiple taxes into a single tax applied to the supply of goods and services.
- It will be a dual GST with the Center and States concurrently levying taxes on every supply. Credits from taxes paid at earlier stages can be used to offset taxes on later stages.
- GST is expected to reduce costs, increase tax compliance, and foster a common Indian market to boost economic growth.
- A GST Council will be created to make recommendations on tax rates and ensure cooperation between the
The Goods and Services Tax (GST) Bill in India aims to replace existing taxes on goods and services with a single levy, reducing prices long-term and boosting economic growth by making India a single market without tax on tax. It is expected to increase transparency and tax revenues for the government, lower the tax burden on industry, reduce prices for consumers, increase exports by over 10% and GDP growth, and simplify tax procedures by reducing paperwork.
This document summarizes key aspects of GST registration in India based on draft rules released by the government. It notes that registration will be required if annual aggregate turnover exceeds Rs. 9 lakhs (Rs. 4 lakhs in North Eastern states). It outlines the registration procedure and discusses provisions for migrating existing taxpayers. It also discusses the impact of GST on the manufacturing sector, including opportunities for improved sourcing and credit availability, as well as challenges related to multiple proposed GST rates and potential differences in rates between goods and services.
The document discusses the pros and cons of single GST versus dual GST for India. It argues that dual GST is better suited for India's federal system as it allows both state and central governments to collect tax independently while bringing transparency and simplification of tax compliance. A single GST could undermine states' powers over taxation and is not practical given India's constitution divides taxation powers between central and state governments. While a single GST may seem like a comprehensive model, dual GST would be easier to implement and avoid significant changes to India's fiscal federalism framework.
GST has been introduced in India to amalgamate multiple taxes into a single tax, mitigate cascading taxes, and make Indian goods more competitive globally. Previously, the constitution clearly demarcated fiscal powers between the central and state governments for levying various taxes on manufacture, sale, and services. GST empowers both the central and state governments to concurrently levy and collect GST, which replaces existing taxes like excise duty, sales tax, VAT, and introduces the Integrated GST for inter-state transactions. GST is implemented as CGST by central states and SGST by state governments. Taxpayers with under Rs. 20 lacs annual turnover are exempt, and those under Rs. 50 lacs can
Indirect Taxes is a significant area of professional practice with limited number of professionals well conversant of the law. One such Tax is Service Tax. In India it is a complicated affair and shall remain so till at least GST is introduced. Negative list has brought in a new tax regime. The Cenvat Credit Rules, Place of Provision of Service Rules and the Point of Taxation Rules are important components to understand this law.
Central value added tax ppt @ bec doms bagalkot mbaBabasab Patil
The document discusses Central Value Added Tax (CENVAT) in India. It defines key terms related to CENVAT such as capital goods, inputs, final products, and exempted goods. It explains that under CENVAT, manufacturers can claim a credit for excise duties paid on inputs and capital goods used in producing final goods. It outlines the duties eligible for CENVAT credit and how/when the credit can be claimed. Specifically, 50% of credit for capital goods can be claimed in the financial year, with the remainder in subsequent years. The document also discusses related concepts like input service distributors and the documents needed to claim CENVAT credit.
As the Empowered Committee of Finance Ministers granted in-principle nod to the draft of Model GST Law, it was placed in the
public domain on 14th June, 2016, with the government seeking feedback and comments from trade and industry. It is a laudable
way forward with optimism to see it implemented in full swing by April 2017.
GST is a destination based value added tax which will remove trade barriers and create one common Indian market. By providing
seamless credit of input tax across entire supply chain, it will remove the cascading effects of tax, thereby reducing the cost of
indigenous goods and services and making them more competitive in the international market.
This document discusses the impact of Goods and Services Tax (GST) implementation on India's hospitality sector. It notes that hospitality is a fast-growing industry that includes food, lodging, and travel. GST is a destination-based value-added tax that aims to replace existing indirect taxes. For hotels, GST's 18% tax rate on room tariffs could increase costs for higher-priced hotels but reduce costs for others. While GST may streamline processes, the hospitality industry faces increased technological and compliance costs as well as higher taxes than competitors in countries like Singapore and Japan. Overall, the effects of GST on the hospitality industry are mixed.
The report contain Impact of GST on Hospitality sectors and various provision that are applicable to Goods and Service Tax for Hotels, Restaurant sector in India.
It covers Rates of GST, Provision of place of supply, valuation
This document discusses the impact of implementing the Goods and Services Tax (GST) in India. It provides background on GST globally and the existing indirect tax system in India. The key points are:
1) Over 160 countries have implemented GST, with some using a dual GST model like Canada that India has adopted, with CGST and SGST.
2) India's existing indirect tax system included multiple central and state taxes like excise duty, VAT, entertainment tax, and others.
3) GST unifies these taxes and introduces CGST and SGST at rates of 0%, 5%, 12%, 18%, and 28% with some items like alcohol and petrol exempted.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the history and need for GST, how GST works, its key features and effects on the Indian economy. It also outlines what items are taxed and exempted under GST and notes that multiple Indian states accepted GST between August 2016 to September 2016. The conclusion emphasizes that GST aims to create a unified market by replacing existing indirect taxes and collecting tax on final consumption within each jurisdiction.
After a decade of negotiations, hectic parleys, many climb down and heart burn, India is ready to bring in what has been touted as Independent India's most celebrated tax reform, the Goods and Services Tax.
The document summarizes a student forum discussion on Goods and Services Tax (GST) in India. Several students presented on topics related to GST, including the history of India's tax system, an introduction and implementation of GST, types of GST and comparison to VAT, advantages and limitations of GST, and the impact of GST. The discussion covered key aspects of GST such as the replacement of existing taxes, tax rates and slabs, registration process, and effects on various sectors of society, health, and industry.
The Finance Minister outlined the implementation plan for Goods and Services Tax (GST) in India, targeting April 1, 2017. States must ratify the bill by a 50% majority. Legal frameworks and the GST Council must be established. The GST Network is developing front-end and back-end modules to be ready by December 2016 for testing until March 2017. Registration, payment, and return modules will be available. Training of 60,000 tax officers will occur in phases and challenges remain around the revenue base, compensation, exemptions, laws, limits, and dual control.
The document provides information about the Goods and Services Tax (GST) implemented in India in 2017. It discusses key aspects of GST such as how it subsumes many indirect taxes, its dual structure with CGST and SGST, applicable tax rates, and estimated impacts. Some key points include that GST is expected to reduce costs for businesses and consumers by mitigating the cascading effect of taxes, while increasing tax collection and transparency across the country.
Goods and Services Tax (GST) is an indirect tax on the sale, consumption, and manufacturing of goods and services throughout India. It aims to eliminate multiple indirect taxes and create a single, unified Indian market. Unlike other countries, Indian GST consists of three taxes - Central GST, State GST, and Integrated GST. India follows a dual GST model where both central and state governments levy GST concurrently on the same base of goods and services.
The document discusses India's proposed Goods and Services Tax (GST). It provides an overview of India's economy and current tax structure, which includes direct taxes like income tax and indirect taxes like excise duties and VAT that are levied by both central and state governments. The current system suffers from issues like tax cascading, complexity, and tax evasion. GST is presented as a comprehensive indirect tax that will replace existing indirect taxes and be levied as CGST, SGST, and IGST depending on whether a good or service is transacted intra-state or inter-state. The GST is aimed to simplify taxation, reduce the compliance burden, increase tax collection, and create a common national market. While G
The document provides updates on India's implementation of the Goods and Services Tax (GST), including:
1) The GST rollout date has been delayed by 3 months to July 1, 2017 to allow industries more time to prepare for changes.
2) Key recommended GST tax slab rates by the GST council are 28%, 18%, 12%, and 5%, and the service tax rate is expected to increase from 15% to 18%.
3) Industries will need to ensure price reductions from GST benefits are passed to consumers to comply with anti-profiteering provisions.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses the history of GST in India, from initial discussions in 2000 to the passage of the constitutional amendment bill in 2016. It also outlines the present status, including the digital platform being developed. Key aspects of GST like the unique 15-digit identification number, registration process, tax rates of 5%, 12%, 18% and 28%, credit system, items covered and excluded, and challenges of implementation are summarized. The presentation aims to educate about GST recently introduced as a major tax reform in India.
Goods & Services Tax_GST v/s Old Tax Structure (Part 3 of 5)Suryansh Dhawan
This document discusses the key differences between India's old indirect tax structure and the new Goods and Services Tax (GST). It provides an overview of the major central and state indirect taxes that existed previously compared to the three components of GST: Central GST, State GST, and Integrated GST. The document also gives an example showing how total costs are lower for businesses under GST compared to the old system due to fewer cumulative taxes. It outlines the process for businesses to claim input tax credits under GST by providing the necessary documents like GST invoices and filing returns.
Concept note of Goods & Service Tax (GST) in IndiaANAND GAWADE
The document provides an overview of the proposed Goods and Services Tax (GST) in India. Some key points:
- GST aims to simplify and harmonize India's indirect tax system by subsuming multiple taxes into a single tax applied to the supply of goods and services.
- It will be a dual GST with the Center and States concurrently levying taxes on every supply. Credits from taxes paid at earlier stages can be used to offset taxes on later stages.
- GST is expected to reduce costs, increase tax compliance, and foster a common Indian market to boost economic growth.
- A GST Council will be created to make recommendations on tax rates and ensure cooperation between the
The Goods and Services Tax (GST) Bill in India aims to replace existing taxes on goods and services with a single levy, reducing prices long-term and boosting economic growth by making India a single market without tax on tax. It is expected to increase transparency and tax revenues for the government, lower the tax burden on industry, reduce prices for consumers, increase exports by over 10% and GDP growth, and simplify tax procedures by reducing paperwork.
This document summarizes key aspects of GST registration in India based on draft rules released by the government. It notes that registration will be required if annual aggregate turnover exceeds Rs. 9 lakhs (Rs. 4 lakhs in North Eastern states). It outlines the registration procedure and discusses provisions for migrating existing taxpayers. It also discusses the impact of GST on the manufacturing sector, including opportunities for improved sourcing and credit availability, as well as challenges related to multiple proposed GST rates and potential differences in rates between goods and services.
The document discusses the pros and cons of single GST versus dual GST for India. It argues that dual GST is better suited for India's federal system as it allows both state and central governments to collect tax independently while bringing transparency and simplification of tax compliance. A single GST could undermine states' powers over taxation and is not practical given India's constitution divides taxation powers between central and state governments. While a single GST may seem like a comprehensive model, dual GST would be easier to implement and avoid significant changes to India's fiscal federalism framework.
GST has been introduced in India to amalgamate multiple taxes into a single tax, mitigate cascading taxes, and make Indian goods more competitive globally. Previously, the constitution clearly demarcated fiscal powers between the central and state governments for levying various taxes on manufacture, sale, and services. GST empowers both the central and state governments to concurrently levy and collect GST, which replaces existing taxes like excise duty, sales tax, VAT, and introduces the Integrated GST for inter-state transactions. GST is implemented as CGST by central states and SGST by state governments. Taxpayers with under Rs. 20 lacs annual turnover are exempt, and those under Rs. 50 lacs can
Indirect Taxes is a significant area of professional practice with limited number of professionals well conversant of the law. One such Tax is Service Tax. In India it is a complicated affair and shall remain so till at least GST is introduced. Negative list has brought in a new tax regime. The Cenvat Credit Rules, Place of Provision of Service Rules and the Point of Taxation Rules are important components to understand this law.
Central value added tax ppt @ bec doms bagalkot mbaBabasab Patil
The document discusses Central Value Added Tax (CENVAT) in India. It defines key terms related to CENVAT such as capital goods, inputs, final products, and exempted goods. It explains that under CENVAT, manufacturers can claim a credit for excise duties paid on inputs and capital goods used in producing final goods. It outlines the duties eligible for CENVAT credit and how/when the credit can be claimed. Specifically, 50% of credit for capital goods can be claimed in the financial year, with the remainder in subsequent years. The document also discusses related concepts like input service distributors and the documents needed to claim CENVAT credit.
This document outlines various duties and taxes that can be levied in India, including:
(a) Basic Excise Duty and Additional Duty equivalent on goods manufactured in or imported to India.
(b) Special Excise Duty and additional duty equal to SED on goods manufactured in or imported.
(c) Additional duties on goods of special importance like sugar and tobacco. Duty credits apply to imported equivalents.
It also describes service taxes, education and other cess duties that can be applied to excisable goods, imported goods, and taxable services in India.
This document provides an overview of central excise laws in India. It discusses key concepts like the nature of excise duty, definitions of goods, manufacture, and manufacturer. It also covers classification of goods, rates of excise duty, and provisions around duty payment, registration, and clearance of goods. The objective is to help understand central excise concepts, definitions, rates, classification, and compliance requirements. Key points covered include that excise duty is an indirect tax levied on manufacture or production of goods in India, the taxable event is removal of goods from factory, and goods are classified under the Central Excise Tariff Act for determining applicable duty rates.
Central excise duty is payable on goods before they are removed from the place of manufacture based on the assessable value determined by a central excise officer. The central excise act of 1944 and tariff act of 1985 along with rules issued by the central government and its notifications are the sources of central excise law. Goods covered under central excise include alcoholic liquors, opium, narcotic drugs, and other manufactured or produced goods except those exempted. There are two schedules under central excise - Schedule I covers duties determined on an ad valorem basis according to the tariff, while Schedule II covers specific uniform rates of 8% and 16%.
An excise duty is a tax on goods produced within a country, as opposed to customs duties on imported goods. It is levied on the production or sale of goods and is a source of government revenue. To be subject to excise duty, goods must be movable, marketable, and mentioned in the Central Excise Tariff Act. There are basic, special, and additional excise duties charged at different rates. Liability for excise duty arises when goods are manufactured or produced in India and the manufacturer or producer is responsible for paying the duty. Valuation and duty rates can vary based on specific good characteristics or an ad valorem percentage of the goods' value.
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
This document discusses various indirect taxes in India including central sales tax, value added tax, central excise duty, and customs duty. It defines key terms related to these taxes such as incidence and impact of direct vs indirect taxes. It also covers the classification of taxes, authorities that levy different taxes, taxable events, and calculation of taxes. The key highlights are that indirect taxes are imposed on goods and services while direct taxes are imposed on individuals, and indirect tax burden can be shifted to consumers.
The document discusses various direct taxes levied in India including income tax, corporation tax, dividend tax, capital gains tax, wealth tax, gift tax, estate duty, land revenue, agricultural income tax, and professional tax. It outlines the introduction and key aspects of each tax. It also discusses direct taxes at the state and local government levels. The document notes both the merits and demerits of direct taxes, such as equity and economy but also possibilities of evasion, complexity, and unsuitability for underdeveloped countries.
This document provides an overview of Goods and Service Tax (GST) in India. It discusses the history of GST in India from 2000 to 2017 when it was implemented. It describes key features of GST such as applying a dual GST model concurrently by the central and state governments, categorizing goods and services into five tax slabs, and exempting certain items like petroleum from GST. The goals of GST are to replace existing indirect taxes and harmonize tax rates and structures across the country.
3rd August 2016 became a historic day for economic reforms when Rajya Sabha passed the constitutional amendment bill to GST and paved the way for major taxation reforms. Almost all the political parties have broadly agreed.
1. The document discusses the impact of GST on the Indian economy, noting that it unifies indirect taxes and brings transparency.
2. Key impacts include increasing competitiveness by reducing costs, simplifying the tax structure, creating a unified economic zone in India, and potentially increasing tax revenues.
3. The rates under GST are 0%, 5%, 12%, 18%, and 28% for different goods and services. The document provides examples of how GST affects prices of items like footwear, cab rides, airline tickets, and more.
The document discusses India's taxation system and proposed reforms. It provides background on taxes in India, explaining that taxation powers are divided between the central and state governments. It then summarizes the Direct Tax Code proposed to replace the Income Tax Act, including its aims to lower rates while broadening the tax base and reducing exemptions. The document also summarizes the proposed Goods and Services Tax (GST), which would combine multiple taxes into a single value-added tax to reduce the overall tax burden. It outlines some of the challenges in implementing GST, such as the need to upgrade IT systems and the opposition of some states.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services that subsumes multiple taxes into a single tax. It was implemented in India on July 1, 2017 to simplify the indirect tax system and remove cascading effects of taxes. The key features of GST in India include a dual GST model with CGST, SGST and IGST; a GST council to make decisions; and different tax rates applied to goods and services. The document provides details on the history of GST in India, its regulatory framework, scope and benefits.
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 provides an overview of Goods and Services Tax (GST) in India, including:
1) It discusses the tax structure in India before and after the implementation of GST, replacing multiple indirect taxes with a single tax at the national level.
2) GST is levied on the supply of goods and services, with taxpayers able to claim input tax credits.
3) The genesis and development of GST in India and globally is outlined, with India establishing a GST Council to make recommendations.
4) The document details the types of GST in India, registration requirements, and benefits and disadvantages of the new system.
The document summarizes the key aspects of the proposed Goods and Services Tax (GST) Bill in India. It discusses that GST will replace existing indirect taxes and be made up of Central GST and State GST. GST is expected to make the tax system more transparent by eliminating hidden taxes. It will help reduce the cost of doing business and make exports more competitive by not taxing registered retailers. The target implementation date for GST is January 2016.
This document provides information about taxes in India, including Goods and Services Tax (GST). It defines different types of taxes such as direct and indirect taxes. It explains how GST works as an indirect tax collected from customers by businesses and paid to the government. It outlines the taxes that were merged into GST and how it aims to reduce the tax burden through a unified market. It also gives examples of tax calculations under GST.
The document discusses the proposed Goods and Services Tax (GST) bill introduced in India. It was introduced by Arun Jaitley and passed in the Lok Sabha in May 2015. GST would replace existing indirect taxes and aim to create a uniform market across India. It is proposed to be implemented in 2016 and would impact taxation, compliance, and business operations significantly. The bill aims to transform India into a unified market by reducing fiscal barriers between states.
This document discusses indirect taxes in India, including goods and services tax (GST). It provides examples of common indirect taxes like excise duty, VAT, customs duty, and entertainment tax. It notes benefits of indirect taxes like contribution from the poor, convenience, easy collection, and being equitable. The document also outlines the history and implementation of GST in India from 2006 to 2017. When first introduced on July 1, 2017, GST had five tax slabs of 0%, 5%, 12%, 18%, and 28% for various goods and services. The tax rates were later revised lower for some items on January 25, 2018.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It explains that GST aims to simplify the tax system by consolidating multiple taxes into a single tax. It also discusses input tax credits, who is liable to pay GST, the taxes it replaces, the different GST slabs, items covered and excluded, and the benefits of GST such as increased transparency, easier inter-state trade, and accelerated economic growth. The document concludes by stating that GST was implemented in India on July 1, 2017.
GST came to India as a medicine that would treat taxable diseases at one go. It was described by economists as the biggest economic reform after independence. Till the year 2017 indirect tax structure in India was a complex mixture of central taxes and state taxes, here different types of taxes were levied at different stages, which made the tax structure difficult and most of the taxes were not adjusted for this system tax. Increases effect such as taxes on taxes that increase the value of products and services. This economic reform is extremely essential for an emerging economic power like India. Impact of The last deputy speaker from the government, the government and the economy will present its influence in both positive and negative forms. This research of mine will throw light on the study of these two sides. Dr. Sumit Trivedi "Impact of GST on Different Classes" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42333.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/42333/impact-of-gst-on-different-classes/dr-sumit-trivedi
Goods and service act - A Basic OverviewJoy Waghela
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with taxation applied by both the central and state governments. Inter-state transactions will be taxed by the central government through an Integrated GST. The GST is expected to simplify and harmonize indirect taxation in India and foster economic growth. Thresholds and composition schemes are proposed to reduce the tax burden on small businesses.
Goods and service act - A Basic OverviewJoy Waghela
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with both the central and state governments authorized to collect taxes at different stages of production and distribution. The goals of GST include simplifying taxation, reducing costs for businesses, expanding the tax base, and promoting a common market across India. Key aspects covered include GST rates in other countries, exceptions, registration requirements, and the treatment of imports and exports.
The document provides an overview of the Goods and Services Tax (GST) proposed for implementation in India. It discusses that GST will combine multiple indirect taxes into a single tax structure applied to the supply of goods and services. A dual GST model is proposed with both the central and state governments authorized to collect taxes at different stages of production and distribution. The goals of GST include simplifying taxation, reducing costs for businesses, expanding the tax base, and promoting a common market across India. Key aspects covered include tax rates in other countries, exceptions, registration requirements, and the treatment of imports and exports.
The document provides an overview of the Goods and Services Tax (GST) Constitutional Amendment Bill in India. It explains that GST will create a single, unified indirect tax replacing existing central and state taxes. It will function as a dual GST with both central and state components administered jointly through a GST Council. The bill faces opposition from the Congress party over demands like capping the GST rate and changing the Council's composition.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
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Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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"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.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. GST : one tax one country
will be implemented w.e.f. 1 April 2017
Will replace whole indirect tax structure and single tax
system known as GST will be introduced in India
GST will be applicable @ the rate of 18 %
Additional 1 % duty in case of inter state sale
Implemented by more than 100 countries throughout
world…
3. WHY GST
Complicated tax structure
Approximately 18 different 2 indirect taxes are imposed
in India
Complicated tax procedure
Less indirect tax revenue
High rate of tax evasion
Worldwide standards compliance
4. WHAT WILL GST DO
1. Simplify the whole procedure
2. Every indirect tax will merge into GST
3. One tax, one country
4. Increased tax revenue
5. Easy tax structure
6. Less burden on taxpayers
5. INDIRECT TAXES TO BE MERGED
1. SERVICE TAX
2. VAT
3. EXCISE DUTY
4. ADDITIONAL EXCISE DUTY
5. OCTROI TAX
6. CENTRAL SALES TAX
7. ADDITIONAL LEVY
8. SURCHARGE
AND OTHER INDIRECT TAXES PREVALING IN INDIA IN
DIFFERENT 2 FORMS
7. MANAGEMENT OF GST
BY GST COUNCIL
Which comprises
Union finance minister as head
Finance and taxation minister from every state or any
minister elected by state govt.
Highly participative and democratic decision
8. DISPUTE SETTLEMENT AUTHORITY
Any kind of dispute among centre and state will be
brought under the ambit of DSA, where every dispute
will be transferred to Supreme Court of India …………….
9. COMPENSATION TO STATES
Loss of revenue to concerned states will be compensated
by central government in preceding years
So states will get their revenue loss get compensated by
central government and thus it will make the
momentum going on
10. WHAT IS NEXT
GST PASSED BY RAJYA SABHA AFTER LONG TIME
(UPPER HOUSE )
NOW WILL BE PRESENTED IN TO LOK SABHA
(LOWER HOUSE )
THAN WILL BE SENT TO PRESIDENT FOR FINAL
SIGNATURE
NOW GST WILL BECOME “ GST ACT 2016”
IT WILL BE 122 AMENDMENT IN INDIAN
CONSTITUTION