GST (Goods and Services Tax) is proposed as India's biggest tax reform. It will replace existing indirect taxes and provide a comprehensive indirect tax levy. GST is proposed as a dual GST with the center and states concurrently levying it. There are many advantages like removing cascading of taxes and creating a unified market. However, its complex design involving both center and states coordinating poses administrative challenges. Overall, GST has the potential to simplify taxation and boost growth if its implementation addresses all stakeholders' concerns.
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.
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
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.
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.
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
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.
Transition to GST could be a cumbersome process if preparations are not started immediately. VAT/Service tax taxpayers should complete the GST migration. Know more about GST Transitional Provision at https://cleartax.in/s/transition-to-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/
The GST Council has relaxed filing rules for the first two months post implementation. Here's how to file your returns for these months using form GSTR 3B. To know more about GSTR 3B, visit our page https://cleartax.in/s/gstr-3b
The debate over the implementation of Goods and Services Tax (GST) has been tiresomely long.
GST is a critical reform in spurring growth in the Indian economy.
When it is introduced, GST is expected to make the tax system simpler and will also help in increased compliance, boost tax revenues, reduce the tax outflow in the hands of the consumers and make exports competitive. The new government will hopefully set forth a roadmap for the implementation of GST soon.
Today’s lesson on GST attempts to simplify this concept for you.
4 Key impact area on gst implementation synergytas
GST Malaysia is coming for real. With 4 key impact areas on implementation. Join us for the action plan on GST conducted by Dr Choong Kwai Fatt. Visit website www.synegytas.com/gstkls2 for more information.
Tally introduces at the leading GST Suvidha Provider with a powerful GST enabled accounting software. Are you ready for GST? KMPL is the leading certified 5 Star partner of Tally Solutions
GST and GSTN Goods and Service Tax Network mukesh negi
It's all about basic understanding of GST and GSTN which is going to rollout in India very soon. People are still not clear on the concept of GST so I have shared my knowledge with respect to same here.
Brief Introduction of India's Biggest Tax Reform GST[GOODS & SERVICE TAX]. Its impact on Indian economy , Its Benefit, Limitations and its Current Scenario in Other Countries
Power point presentation for GST:-
GST is a tax on goods and services. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017
If you go through this whole document very carefully, then it will helps you to understand the overall concept of GST, which is the new taxation system of India.
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Up the Ratios Bylaws - a Comprehensive Process of Our Organizationuptheratios
Up the Ratios is a non-profit organization dedicated to bridging the gap in STEM education for underprivileged students by providing free, high-quality learning opportunities in robotics and other STEM fields. Our mission is to empower the next generation of innovators, thinkers, and problem-solvers by offering a range of educational programs that foster curiosity, creativity, and critical thinking.
At Up the Ratios, we believe that every student, regardless of their socio-economic background, should have access to the tools and knowledge needed to succeed in today's technology-driven world. To achieve this, we host a variety of free classes, workshops, summer camps, and live lectures tailored to students from underserved communities. Our programs are designed to be engaging and hands-on, allowing students to explore the exciting world of robotics and STEM through practical, real-world applications.
Our free classes cover fundamental concepts in robotics, coding, and engineering, providing students with a strong foundation in these critical areas. Through our interactive workshops, students can dive deeper into specific topics, working on projects that challenge them to apply what they've learned and think creatively. Our summer camps offer an immersive experience where students can collaborate on larger projects, develop their teamwork skills, and gain confidence in their abilities.
In addition to our local programs, Up the Ratios is committed to making a global impact. We take donations of new and gently used robotics parts, which we then distribute to students and educational institutions in other countries. These donations help ensure that young learners worldwide have the resources they need to explore and excel in STEM fields. By supporting education in this way, we aim to nurture a global community of future leaders and innovators.
Our live lectures feature guest speakers from various STEM disciplines, including engineers, scientists, and industry professionals who share their knowledge and experiences with our students. These lectures provide valuable insights into potential career paths and inspire students to pursue their passions in STEM.
Up the Ratios relies on the generosity of donors and volunteers to continue our work. Contributions of time, expertise, and financial support are crucial to sustaining our programs and expanding our reach. Whether you're an individual passionate about education, a professional in the STEM field, or a company looking to give back to the community, there are many ways to get involved and make a difference.
We are proud of the positive impact we've had on the lives of countless students, many of whom have gone on to pursue higher education and careers in STEM. By providing these young minds with the tools and opportunities they need to succeed, we are not only changing their futures but also contributing to the advancement of technology and innovation on a broader scale.
Canadian Immigration Tracker March 2024 - Key SlidesAndrew Griffith
Highlights
Permanent Residents decrease along with percentage of TR2PR decline to 52 percent of all Permanent Residents.
March asylum claim data not issued as of May 27 (unusually late). Irregular arrivals remain very small.
Study permit applications experiencing sharp decrease as a result of announced caps over 50 percent compared to February.
Citizenship numbers remain stable.
Slide 3 has the overall numbers and change.
Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
2. GST
• Goods and service tax (GST) is a comprehensive
tax levy on manufacture, sale and consumption
of goods and service at a national level.
• Gst is a tax on goods and services with value
addition at each stage.
• Gst willinclude many state and central level
indirect taxes.
• It overcomes drawback present tax system
3. TAX STRUCTURE IN INDIA
• Direct Tax :
e.g.: Income Tax, Corporate Tax, Wealth Tax
• Indirect Tax :
e.g.: Excise duty, custom duty, Service Tax, Octrai
Tax, VAT.
4. METHOD OF TAXATION
Progressive Tax :
Increasing rate of tax for Increasing Value or
Volume.
Regressive Tax :
Decreasing rate tax for Increasing Value or
Volume
Proportional Tax :
Fixed rate of tax for every level of income or
production
5. Short comings in current
Tax System
Tax Cascading (Tax on Tax)
Complexity
Taxation at Manufacturing Level
Exclusion of Services
Tax Evasion
Corruption
7. VAT
(VALUE ADDED TAX)
Implemented in April-1/2005
It is replacement to complex Sales Tax
It overcomes a Cascading Effect of Tax
It applied on " Value Added Portion" in sales
price
8. ILLUSTRATION OF VAT
• In the previous
example, ‘value
added’ by B is only
Rs.50 (150–100)
• tax on producer B
would be only Rs.5
(i.e., 10 % of Rs. 50)
while
• the tax paid in
previous system
was Rs. 15 (10 % of
Rs. 150).
In Old Tax System Consumer has to pay Rs 220
In VAT system Consumer Actually Paid Rs 205
9. PROBLEMS WITH VAT
It is not uniform in nature
VAT is different for different states
Different rates of taxation for different
good
10. TAXONOMY OF INDIAN TAXATION
vat / sales tax on sale of goods, other than
newspapers
Stamp duty on other than 10 specified
instruments
tax on agricultural income
Toll tax on utilities
Other taxes on land and buildings, entry of
goods in local area (entry tax),
consumption or sale of electricity,
vehicles, luxuries including taxes
on entertainment, betting and
gambling, alcoholic liquor, narcotic
drugs and opium
11. PRE-REQUISITES FOR MIGRATING
TO A GST REGIME
• Common/unified tax rate for goods and services which may
be ideally, revenue neutral (a suitable GST rate) – dual tax
proposed
• Avoiding or minimizing differential tax rates – under
discussions
• Abolition of other small taxes - under discussions
• Abolition of CST in a phased manner - being done
• Power to levy service tax on select/agreed services to states -
under discussions
• Issue of inter-state services and goods movement vis-à-vis
levy of duty or tax to be sorted out - under discussions
• Revenue sharing mechanism to be rationalized - under
discussions
12. WHAT IS GST
GST is a comprehensive value added tax on goods
and services
It is collected on value added at each stage of sale
or purchase in the supply chain
No differentiation between goods and services as GST
is levied at each stage in the supply chain
Seamless input tax credit throughout the supply chain
At all stages of production and distribution, taxes are
a
Pass through and tax is borne by the final consumer
All sectors are taxed with very few
exceptions / exemptions
13. HISTORY
Feb, 2006 : First time introduced concept of GST and
announced the date of its implementation in 2010
Jan. 2007: First GST study by ASSOCHAM released
by Dr. Shome
Feb. 2007: F.M. Announced introduction of GST from
1 April 2010 in Budget
The Government came out with a First Discussion
Paper on GST in November, 2009
Introduced the 115th Constitution Amendment (GST)
Bill in the year 2011.
14. MODEL OF GST
GST Structure
centre GST
GST to be levied
by the
Centre
State GST
GST to be levied
by the State
Dual GST
GST to be levied by the Centre and the
States concurrently
15. PROPOSED GST RATE
Presently it is (26.5 % , CENVAT-14 % and
State VAT 12.5% )
Items Total GST
rates (in %)
Centre State
Goods 20 12 8
Services 16 8 8
Essential
Goods
12 6 6
16. Taxes proposed to be
subsumed in GST
Central Taxes
Excise Duty
Additional Excise duty
Excise duty under medicinal and toilet
preparation Act
Service Tax
Additional Custom duty commonly known as
countervailing duty (CVD), special additional duty(
SAD)
Surcharge
CENVAT
17. Taxes proposed to be
subsumed in GST
State Taxes
Value added tax (VAT)
Entertainment tax levied by states
Luxury Tax
Tax on Lottery, betting and gambling
Entry tax other than for local bodies
(Octroi)
19. ILLUSTRATION OF GST
Product A VAT System GST System
Base Price 100 100
+ 12% Excise duty 12 NA
+12.5% VAT 14 NA
State GST NA 8
centre GST NA 12
Total Tax Burden 26 20
Value Of Product to
Consumer
126 120
20. WHY DOES INDIA NEED GST
• GST is being introduced majorly due to 2 reason
1. The current indirect tax structure is full of uncertainties due to
multiple rates.
2. Due to multiple rates there are multiple forms.
• GST the tax complexity in the prevailing tax regime.
21. GST COUNCIL
• GST levy will be administered by
1. Union finance minister(chairmen)
2. Union minister in charge of state revenue or finance
3. Minister in charge of finance or taxation.
4. Any other minister(finance minister of the state)
nominated by each state gvt would constitute the
council.
22. DISPUTE SETTLEMENT
AUTHORITY(DSA)
• Dispute between state and centre will be handled by
the DSA.
• Appeal from dsa would be dealt with supreme court.
• Example: if a state receives less revenue in comparison
with its previous one than it can appeal this case to
the dsa.
23. IMPORTANCE OF ARTICLE
246(A)
• There is resistance by the SG as VAT is the main source of
revenue for the SG.
• In 246(a) certain powers are allocated to the state
government.
• The parliament & legislature of every state will have the
power to make law with respect to goods and service tax
imposed by union(gvt) or by the state.
24. BENEFITS OF GST
Transparent Tax System
Uniform Tax system Across India
Reduce Tax Evasion
Export will be more competitive
25. HURDLES IN IMPLEMENTATION
Dispute between centre and Tax over Tax
Sharing
Highly sophisticated IT infrastructure required
.
Issue of taxing e-commerce is to be
appropriately addressed and integrated.
Political Imbalace
26. GST Global Scenario
More than 140 countries have already
introduced GST/National VAT.
France was the first country to introduce GST
system in 1954.
Typically it is a single rate system but
two/three rate systems are also prevalent.
Canada and
Brazil alone have a dual VAT.
Standard GST rate in most countries
ranges between 15-20%.
27. INDIA'S GST STRUCTURE IS
COMPLEX, SAYS IMF
• Report says the proposed GST structure will require the centre to
coordinate with 30 states, which is an administrative challenge.
• Even as the international monetary fund (imf) says the proposed goods
and services tax (gst) will improve tax compliance and enhance
economic growth by 1-1.5 per cent over time, it finds the structure of
the indirect tax regime in india complex.
• “The gst design being contemplated is... Fairly complex, with a dual
administration arrangement that involves the tax authorities of both
the centre and states separately taxing a single transaction,” says the
fund in a report on india.
28. GST – ADVANTAGES
• As a developing country, india needs a transparent & unambiguous tax
structure
• A complex tax structure with multiple rates of taxes
• Multiple taxes across the supply chain
• High transaction cost in the hands of the tax payers
• Increased tax collections due to wider tax base and better compliance
• Improvement in international cost competitiveness of indigenous goods and
services.
• Enhancement in efficiency in manufacture and distribution due to economies of
scale
• GST encourages an unbiased tax structure that is neutral to business processes,
business models, organization structure, product substitutes and geographical
locations
• Helping as a weapon against corruption
• GST operates on a negative list i.e. All goods and services are subject to GST
unless specifically exempted
•
29. GST – ADVANTAGES
• Nature of complexities i.e. Classification to
valuation regarding taxability, exist in the present
structure.
Some of such burning issues are:
Excise on MRP
Excise, VAT and service tax on software,
VAT & service tax on:
• Works contracts
• Right to use
30. GST : PROPOSED KEY
FEATURES
Dual GST : central GST & state GST
Destination based state GST
Uniform classification
Uniform forms – returns, challans ( in electronic
mode)
No cascading of central and state taxes
Cross credit between centre and state not allowed
Tax levied from production to consumption
31. GST : GLOBAL
PERSPECTIVE
• It has been a part of the tax landscape in Europe for the past 50 years.
• It is fast becoming the preferred form of indirect tax in the Asia-
pacific region.
• While countries such as Singapore and new Zealand tax virtually
everything at a single rate, Indonesia has five positive rates, a zero rate
and over 30 categories of exemptions.
• In china, GST applies only to goods and the provision of repairs,
replacement and processing services.
• It is only recoverable on goods used in the production process, and gst
on fixed assets is not recoverable.
• There is a separate business tax in the form of vat.
32.
33. GST : GLOBAL PERSPECTIVE
• Goods and services tax in brazil
• Brazil was the first country to adopt GST system.
• Brazil has adopted a dual gst where the tax is levied
by both the central and the provincial
governments.
• Gst rate is 20 %.
34. GST- CAN WE ADOPT IT
• An information network allowing GST Council to cross-
check payment information should be developed.
• What is needed is an IT system like the tax information
network (tin), where the TDS or the vat credit is recorded
in a central database.
• Paper bills and fraud to be largely eliminated.
35. KNOWING MORE ABOUT GST
• We all will pay GST on every product or service we buy/ consume
• All indirect taxes levied by the states and the centre will be
merged into one GST, we would exactly know how much tax we
pay which at present is difficult to understand.
• The sellers or service providers collect the tax from their
customer.
• Before depositing the same to the exchequer, they deduct the tax
they have already paid.
• The success of GST would rest upon efficiency, equity and
Simplicity.