This document discusses key aspects of the Goods and Services Tax (GST) in India, including:
- GST is a single, destination-based tax levied on the supply of goods and services. It subsumes several taxes into a single tax.
- GST is levied as Central GST (CGST), State GST (SGST), Integrated GST (IGST), and Union Territory GST (UTGST) depending on the nature of the supply.
- There are four GST tax slabs of 0%, 5%, 12%, and 18% for goods and 5% and 18% for services. Composition scheme is available for small businesses with turnover less than Rs
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various provisions for non-applicability of GST and exemptions from GST. In this webinar, we shall analyse and understand such provisions.
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various provisions for non-applicability of GST and exemptions from GST. In this webinar, we shall analyse and understand such provisions.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
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.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
Basic overview on GST- Goods & Service Tax IndiaArpit Verma
I. Introduction.
Introduction of Goods & Service Tax (GST) in India required an amendment in the Constitution to bring concurrent powers to both the Central & State Government so that both the Government could make law & impose GST on transaction of supply of Goods and Services. For this, The Constitutional (One Hundred and Twenty Second Amendment) Bill, 2014 introducing GST received the assent of the President on 8th September, 2016 and the same has been notified as the Constitution (101st Amendment) Act, 2016.
The Draft Model GST Law was placed on Public portal by Government of India on 14th June, 2016 inviting various comments and suggestions and once again Government placed Revised Model GST Law on 25th November, 2016 with the clear intention of implementing GST by April, 2017 which is applicable to whole of India including Jammu & Kashmir.
VI. Conclusion
The Country is eagerly waiting for roll-out of GST but this is a mammoth task before the government that is to be achieved within the target date of April, 2017. Task towards implementation of GST will take our country into a new tax regime and shall also result in generating more employment opportunities and also help all the business sectors to grow.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
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.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
Basic overview on GST- Goods & Service Tax IndiaArpit Verma
I. Introduction.
Introduction of Goods & Service Tax (GST) in India required an amendment in the Constitution to bring concurrent powers to both the Central & State Government so that both the Government could make law & impose GST on transaction of supply of Goods and Services. For this, The Constitutional (One Hundred and Twenty Second Amendment) Bill, 2014 introducing GST received the assent of the President on 8th September, 2016 and the same has been notified as the Constitution (101st Amendment) Act, 2016.
The Draft Model GST Law was placed on Public portal by Government of India on 14th June, 2016 inviting various comments and suggestions and once again Government placed Revised Model GST Law on 25th November, 2016 with the clear intention of implementing GST by April, 2017 which is applicable to whole of India including Jammu & Kashmir.
VI. Conclusion
The Country is eagerly waiting for roll-out of GST but this is a mammoth task before the government that is to be achieved within the target date of April, 2017. Task towards implementation of GST will take our country into a new tax regime and shall also result in generating more employment opportunities and also help all the business sectors to grow.
Accolet gst - understanding india gst - comprehensive presentation moduleDeepak Kumar Jain B
Comprehensive Understanding to Levy of India GST. It explains the law, the charge, valuation, time and place of supply, compliances under GST and transitional provisions - more on www.IndiaGST.com
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
1. “LEVY AND COLLECTION OF
GST”
UNDER GUIDANCE OF N.K GUPTA
SUBJECT- CORPORATE TAX PLANNING
PRESENTED BY,
JITHIN KOSHY
NEETU CHAUDHARY
SWATI
PRIYANKA
2. BASIC CONCEPT OF GST
• SINGLE TAX PAYABLE “ TAXABLE SUPPLY “ OF GOODS AND SERVICES
• MULTI STAGE & DESTINATION BASED CONSUMPTION TAX
• CHARGES ONLY ON “ VALUE ADDITION “
• NO ( REDUCED ) CASCADING EFFECT
3. GST WORLDWIDE
Country Rate of GST
Australia 10%
France 19.6%
Canada 5%
Germany 19%
Japan 5%
Singapore 7%
New Zealand 15%
Country Rate of GST
Australia 10%
France 19.6%
Canada 5%
Germany 19%
Japan 5%
Singapore 7%
New Zealand 15%
Country Rate of GST
Australia 10%
France 19.6%
Canada 5%
Germany 19%
Japan 5%
Singapore 7%
New Zealand 15%
Country Rate of GST
Australia 10%
France 19.6%
Canada 5%
Germany 19%
Japan 5%
Singapore 7%
New Zealand 15%
4. TAXES TO BE SUBSUMED IN GST
CENTRAL GST
• EXCISE DUTY
• ADDITIONAL EXCISE DUTY
• SERVICE TAX
• SPECIAL ADDITIONAL DUTY
• CENTRAL SURCHARGES &
CESSES
• COUNTERVAILING DUTY
STATE GST
• VAT
• ENTRY TAX
• PURCHASE TAX
• LUXURY TAX
• TAX ON LOTTERY
• STATE CESS
• STATE ENTERTAINMENT TAX
5. LEVI AND COLLECTION OF CGST, SGST, IGST,
UTGST
• GST IS LEVIED ON SUPPLY OF ALL GOODS SERVICES OR SERVICES
OR BOTH EXCEPT SUPPLY OF ALCOHOLIC LIQUOR FOR HUMAN
CONSUMPTION, PETROLEUM.
• (CGST)- CENTRAL GST
• (SGST)- STATE GST
• (IGST)- INTEGRATED GST
• (UTGST)- UNION TERRITORY GST
6. RATE OF CGST, IGST, SGST, UTGST
• 0%
• 5%
• 12%
• 18%
• 28%
THESE ARE THE 4 SLABS GIVEN BY THE GOVERNMENT
7. CAPITAL GOODS (RS)
Particulars VALUE Tax
• Manufacture of Goods 1,00,000
Add: Excise Duty (12.5% of 1,00,000) 12,500 12,500
• Ex- factory value 1,12,500
Add: Vat (13.5% of 1,12,500) 15,188 15,188
• Taxable Amount before Octroi is charged 1,27,688
Add: Octroi/EntryTax (5.5% of 1,27,688) 7,023 7,023
• Total Transaction Cost 1,34,711 34,711
• Percentage of tax to transaction value= 34,711/100,000*100= 34.71%(Rs.34,711)
• Aggregate of all taxes= 12.5%+13.5%+5.5%= 31.50% (Rs.31,500)
• Cascading effect of tax i.e. tax on tax= 3.21% (Rs.3,211)
8. Registration Structure
3 ACTS
•CGST, SGST & IGST
applicable on every
person.
•Simultaneous
registration
MUTIPLE
•Single GSTIN; Separate
Regn. for each state
•Total possible
registrations for one PAN
BUSINESS VERTICALS
•Possible separate
registrations for each
business vertical within a
State.
11. Taxable event in GST Regime vs. Existing
regime
TAX TAXABLE EVENT IN EXISTING LAW TAXABLE EVENT IN
GST REGIME
SERVICE TAX Provision of Service
EXCISE DUTY Manufacture of excisable goods
VAT Transfer of title in goods within state
CAT Transfer of title in goods outside state Supply of
goods/services
PURCHASE TAX Purchase of specified goods
ENTRY TAX Entry of specified goods in the State for sale, use or
consumption
ENTERTAINMENT TAX Provision of entertainment
12. Essential Elements of Supply
SUPPLY OF GOODS AND SERVICES
SUPPLY IS MADE ON TAXABLE TERRITORY
SUPPLY IS A TAXABLE SUPPLY
SUPPLY IS MADE BY TAXABLE PERSON
13. Supply
• Various forms of Supply of Goods or Services - Sale,
Transfer, Barter, Exchange, License, Rental, Lease or
Disposal.
• Import of Services for a consideration whether or not in
the course or furtherance of Business
• Supply without consideration (Schedule 1)
• Activities to be treated as Supply of Goods or Service
(Schedule–II)
• Activities which are neither treated as Goods or Service
(Schedule–III)
14. Schedule-I Supply without Consideration
• Supply Between Related or Distinct Person in the course
or furtherance of business.
• Supply by Principal to Agent
• Receipt of Goods by Agent on behalf of Principal
• Import of Service –Related Person - FoB
15. Schedule II Supply of Goods or Services
• Transfer of title in Goods -SoG
• Right in Goods W/O Title Transfer –SoS
• Transfer of title in Goods -Future Date –HP/EMI -
SoG
• Right in Immovable Property W/O Title Transfer -
SoS
16. Schedule II Supply of Goods or Services
• Supply of Services:
Renting
Construction
Development, design, Of IT Software.
• Agreeing to obligation to refrain from an act or tolerate an
act
• Works contract, Service of Food
17. Schedule III – Neither SoG or SoS
• Service -Employee to Employer – In Relation or Course
• Any Court or Tribunal, Functions – MP, MLA, etc.
• Sale of Land (except Construction of Complex)
• Actionable Claims (except Lottery, Betting, Gambling)
18. • Case 1: Sale in the final consuming state
Goods are moving from Vadodara to Ahmedabad. Since it is a
sale within a state, CGST and SGST will be levied. The
collection goes to the Central Government and the State
Government as pointed out in the diagram. Then the goods
are resold from Ahmedabad to Rajkot. This is again a sale
within a state, so CGST and SGST will be levied. Sale price is
increased so tax liability will also increase. In the case of
resale, the credit of input CGST and input SGST will be
available and the remaining taxes go to the respective
governments.
19.
20. Levy and Collection
Description Composite Supply Mixed Supply
Naturally bundled Yes No
Supplied together Yes Yes
Can be supplied separately No Yes
One is predominant supply for recipient Yes No
Other supply is not ‘aim in itself’ of recipient Yes No
Each supply priced separately No No
All supplies are goods Yes Yes
All supplies are services Yes Yes
One supply is goods and other supply is services Yes Yes
While, the above tests could be guiding principles in determining as to whether a supply is composite or
mixed supply the end user test could be adopted as one of the criteria; Every supply will have to be
independently analysed.
21. Levy and Collection
• Services
• Goods
• Goods as services
1: Subject
• Included
• Implied
• Excluded
2: Supply
• Specified for goods
• Specified for services
4: Time
• Inter-State
• Intra-State
3: Place
22. Levy and Collection of CGST – Sec 9
To be levied on all intra-State supplies of goods and / or services, except on
alcoholic liquor for human consumption;
Value determined u/s 15 of CGST Act (Value of taxable supply);
At the rates notified by Central Government;
To be paid by every taxable person;
CGST shall be levied on supply of petroleum crude, high speed diesel, motor
spirit (commonly known as petrol), natural gas and aviation turbine fuel with
effect from such date as may be notified by the Government on the
recommendations of the GST Council;
23. Central Government has the power to specify the categories of supply of
goods and/ or services on which Reverse Charge shall apply;
Any supply received by the registered person from an unregistered
person the CGST on such supply will be paid by recipient of such supply
and all the provisions of this Act shall apply to such recipient as if he is
the person liable to pay tax;
Central Government has power to specify categories of services on which
tax will be paid by e-commerce operators as if such services are supplied
by such operators.
24. • Case 2: Sale in one state, resale in another state
Goods are moving from Vadodara to Ahmedabad. Since it is a
sale within a state, CGST and SGST will be levied. The
collection goes to the Central Government and the State
Government. Later the goods are resold from Ahmedabad to
Mumbai (outside the state). Therefore, IGST will be levied.
Whole IGST goes to the central government.
26. Composition Levy – Sec 10 of CGST Act
Manufacturer – 1%
Supplier covered
under Sch. II, Para
6(b) – 2.50%
Others – 0.50%
Eligible
Available
Availed
Allowed
Compliance
27. Optional Scheme
Pay an amount in lieu of tax; minimum rate to be:
1% of the turnover in case of manufacturers ( other than specified);
2.50% of the turnover in case of suppliers covered under Sch. II, Para
6(b) such as Restaurants or Caterers
0.50% of the turnover in other cases
Note: State GST rate in addition expected to be equal.
No tax to be collected; No Input Tax Credit available
Composition Levy – Sec 10 of CGST Act
Not economically viable for Business to Business Transactions
28. Conditions for Composition:
• Permission of Proper Officer required
• Registered persons
• Aggregate Turnover < Rs. 75 Lakhs* in the preceding FY (all-India basis
for taxable persons having same PAN – who shall also opt for
composition)
• No stock of goods imported or interstate.
* Turnover Limit is Rs. 50 lakhs for Arunachal Pradesh, Assam, Manipur,
Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh
Composition Levy – Sec 10 of CGST Act
29. Composition Levy – Sec 10 of CGST Act
• No composition option in the following specific cases:
• Services supplied:
Any / all services (includes goods treated as supply of
services by Sch. II), other than services covered under
Sch. II, Para 6(b) such as Restaurants or Caterers
• Goods supplied:
Non-taxable goods
Inter-State outward supplies
Through e-commerce operators
Notified goods manufactured by the supplier
30. • Manufacture Of:
Ice cream and other edible ice, whether or not
containing cocoa
Pan masala
All goods, i.e. Tobacco and manufactured tobacco
substitutes
• If aggregate turnover (all India basis) of preceding FY exceeds 75
Lakhs (If during the FY, the aggregate turnover exceeds 75
Lakhs, no composition from the following day.)
31. Composition Levy – Rule 3 of CGST Rules
• Intimation for Composition Levy:
• File intimation electronically in Form GST CMP-01 prior to
appointed day or within 30 days after the said day or further
period as may be extended by the Commissioner;
• If intimation filed after the appointed day then no tax to be
collected and issue bill of supply;
• Any person applying for registration, if he opts to pay tax under
Composition in the Form GST REG-01 then it shall be
considered as an intimation;
32. • Composition Supplier shall intimate in Form GST CMP-02
prior to commencement of financial year and also furnish
Form GST ITC-3 giving details of ITC within 60 days from the
commencement of relevant financial year;
• Composition Supplier shall furnish in GST CMP-03, details of:
o Stock
o Inward supply of goods received from unregistered person
held as on the preceding day from which he opts for
composition, within 60 days from the date from which
option is exercised or such further period as may be
extended by the Commissioner;
33. Composition Levy – Rule 4 of CGST Rules
• Effective date for Composition Levy:
• If Composition scheme is opted from the appointed date then
effective date would be the appointed date
• If Composition scheme is opted by already registered person then
effective date would be from the beginning of the financial year
• If the registered person has applied for Composition then the
intimation shall be considered only after the grant of registration to
the applicant
34. Conditions and Restrictions for Composition Levy –
Rule 5 of CGST Rules
• Conditions and Restrictions for Composition Levy: Person opting for
Composition shall comply with the following -
• He is neither a casual taxable person nor a non-resident taxable person
• If a person has opted for composition from the appointed day then the
goods held in stock by him on the appointed day have not been
o purchased in the course of inter-State trade or commerce, or
o imported into India, or
o received from his branch situated outside the State or from his agent or
principal outside the State
• Goods held in stock have not been purchased from an unregistered person
and where purchased tax has been paid under reverse charge
• He shall pay tax under reverse charge on inward supplies received from
unregistered persons
35. • He was not engaged in the manufacture of notified goods
during the preceding financial year
• He shall mention words “composition taxable person, not
eligible to collect tax on supplies” at the top of the bill of
supply issued by him
• He shall mention the words “composition taxable person”
on every notice or signboard displayed at a prominent
place at his place of business and at every additional place
or places of business
• Registered person who has opted for Composition may not
file fresh intimation every year and may continue to pay tax
under composition
36. Composition Levy – Rule 6 of CGST Rules
• Validity of Composition Levy:
• Option once exercised shall remain valid so long as he satisfies all
the conditions prescribed
• The person shall be liable to pay tax under normal levy if he
ceases to satisfy the conditions prescribed and has also filed an
intimation for withdrawal from the scheme in Form GST CMP-04
within 7 days of occurrence of such event
• A registered person who wants to opt out of Composition
Scheme can also intimate in Form GST CMP-04
37. • If proper officer has reasons to believe that a person is not
eligible for Composition or contravened any of the
provisions then he may issue notice and a reply has to be
filed by such person and based on such reply the proper
officer may either accept the reply or deny the option to
pay tax under Composition
• Upon an option to pay under Composition becoming invalid
the person shall furnish details of the stock of inputs and
inputs contained in semi-finished or finished goods held in
stock
• Any intimation of withdrawal of option or denial of the
option in respect of any place of business in any State or
Union territory shall be deemed to be an intimation in
respect of all other places of business registered on the
same PAN
38.
39. Exempt supplies, non-taxable supplies and zero-
rated supplies
Section 2(47) – “exempt supply” means supply of any goods and/ or
services
• which attract nil rate of tax; or
• which may be exempt from tax under Section 11 or Section 6 of
IGST Act
• and includes non-taxable supply
• Section 2(78) – “non-taxable supply” means a supply of goods
and/or services which is not leviable to tax under this Act or IGST
Act
40. Section 16(1) of IGST Act – “zero-rated supply” means any of the
following supplies of goods and/or services, namely -
a) Export of goods and/or services
b)Supply of goods and/or services to a SEZ developer or an SEZ unit
41. Power to grant exemptions – Sec 11 of CGST Act
S.11 (3)
Central or State Government, based on the recommendation of the Council
On taxable goods and/ or services of any specified description
Is satisfied that it is necessary,
in the public interest
By Notification - A
Exempt Generally
By Special Order – B
Exempt
Considers it necessary
For the purpose of clarifying the scope
or applicability of A or B
By Notification
Insert an explanation in A or B, as
the case may be, within 1 year (such
clarification to have retrospective
effect)
S.11 (1) S.11 (2)
Under exceptional
circumstances, explicitly
specified in such Order
Whole Tax
• Absolutely (not optional);
or
• Subject to conditions
• Whole Tax; or
• Part tax
Editor's Notes
While, the above tests could be guiding principles in determining as to whether a supply is composite or mixed supply the end user test could be adopted as one of the criteria. Every supply should be indpendently analysed