This document provides an overview of the Goods and Services Tax (GST) in India, including:
1. GST aims to simplify indirect taxation by amalgamating central and state taxes into a single tax. It is expected to reduce the overall tax burden on goods and make Indian products more competitive.
2. The Constitution Amendment Bill to introduce GST has passed Lok Sabha and is awaiting passage in Rajya Sabha. It provides for a dual GST to be levied by the Center and States.
3. A GST Council will be established to make recommendations on GST rates, exemptions and other features to harmonize policies between the Center and States.
Gst overview, gst concept and status caknowledgeRaju Choudhary
The introduction of Goods and Services Tax on 1 st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market. caknowledge.com provide latest updates on GST in India
GST will apply to all supplies of goods and services except alcoholic liquor for human consumption. Import of goods or services will be treated as a supply under GST and IGST will be levied on imports along with basic customs duty, replacing CVD and special CVD. Certain petroleum products, tobacco, and alcoholic liquor for human consumption are currently outside the purview of GST but may be included in the future upon recommendation of the GST Council. The Central Goods and Services Tax Bill, Integrated Goods and Services Tax Bill, and other related bills were passed in April 2017, with GST implemented across India starting July 1, 2017.
The documents provide an overview of the Goods and Services Tax (GST) system implemented in India in 2017, including:
1) GST is a destination-based consumption tax that subsumes multiple taxes into a single tax applied at all stages of production and distribution.
2) The Indian GST model is a dual GST with taxation powers shared between the central and state governments. An Integrated GST is applied to inter-state transactions.
3) The GST system addresses prior issues of tax fragmentation and aims to create a common national market. It includes mechanisms like the GST Council, e-way bill system, and compensation for states.
The document discusses Goods and Services Tax (GST) in India. It provides details on:
1. GST is a consumption-based tax that will replace existing indirect taxes in India.
2. Under GST, there will be two components - Central GST (CGST) and State GST (SGST). An Integrated GST (IGST) will be applicable on inter-state transactions.
3. GST is expected to simplify tax structure, reduce compliance costs, expand tax base and increase tax revenues through improved compliance. However, certain items like alcohol, petrol and real estate will be outside GST's purview.
The Central Board of Excise and Customs has made available a FAQ that answers all your questions about the Goods and Services Tax that will come to effect starting July 1.
GST is a comprehensive indirect tax regime introduced in India on July 1, 2017 that replaced multiple indirect taxes. It is levied as CGST, SGST, and IGST depending on whether a supply of goods or services is intra-state or inter-state. GST is a destination-based tax collected on value addition at every stage of supply. It aims to reduce the overall tax burden through input tax credit and eliminate cascading of taxes.
Proposed GST - Will it finally happen? - Dr Sanjiv AgarwalD Murali ☆
Proposed GST - Will it finally happen? - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
Gst overview, gst concept and status caknowledgeRaju Choudhary
The introduction of Goods and Services Tax on 1 st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market. caknowledge.com provide latest updates on GST in India
GST will apply to all supplies of goods and services except alcoholic liquor for human consumption. Import of goods or services will be treated as a supply under GST and IGST will be levied on imports along with basic customs duty, replacing CVD and special CVD. Certain petroleum products, tobacco, and alcoholic liquor for human consumption are currently outside the purview of GST but may be included in the future upon recommendation of the GST Council. The Central Goods and Services Tax Bill, Integrated Goods and Services Tax Bill, and other related bills were passed in April 2017, with GST implemented across India starting July 1, 2017.
The documents provide an overview of the Goods and Services Tax (GST) system implemented in India in 2017, including:
1) GST is a destination-based consumption tax that subsumes multiple taxes into a single tax applied at all stages of production and distribution.
2) The Indian GST model is a dual GST with taxation powers shared between the central and state governments. An Integrated GST is applied to inter-state transactions.
3) The GST system addresses prior issues of tax fragmentation and aims to create a common national market. It includes mechanisms like the GST Council, e-way bill system, and compensation for states.
The document discusses Goods and Services Tax (GST) in India. It provides details on:
1. GST is a consumption-based tax that will replace existing indirect taxes in India.
2. Under GST, there will be two components - Central GST (CGST) and State GST (SGST). An Integrated GST (IGST) will be applicable on inter-state transactions.
3. GST is expected to simplify tax structure, reduce compliance costs, expand tax base and increase tax revenues through improved compliance. However, certain items like alcohol, petrol and real estate will be outside GST's purview.
The Central Board of Excise and Customs has made available a FAQ that answers all your questions about the Goods and Services Tax that will come to effect starting July 1.
GST is a comprehensive indirect tax regime introduced in India on July 1, 2017 that replaced multiple indirect taxes. It is levied as CGST, SGST, and IGST depending on whether a supply of goods or services is intra-state or inter-state. GST is a destination-based tax collected on value addition at every stage of supply. It aims to reduce the overall tax burden through input tax credit and eliminate cascading of taxes.
Proposed GST - Will it finally happen? - Dr Sanjiv AgarwalD Murali ☆
Proposed GST - Will it finally happen? - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
Indirect taxes are taxes collected by intermediaries in the supply chain but ultimately paid by consumers through higher prices. They contrast with direct taxes which are paid directly to the government by the person being taxed. Common indirect taxes include import duties, sales taxes, and carbon taxes. While they are a major source of government revenue, indirect taxes are often considered regressive since they place a higher relative burden on low-income individuals. They also lack transparency and can distort markets. However, they are generally convenient to administer and difficult to evade.
Constitutional Provisions To levy Taxes For G.S.T.RoopamAmbekar
This document discusses the key constitutional provisions related to goods and services tax (GST) in India. It explains that the constitution was amended to introduce GST and place it in the concurrent list, allowing both central and state governments to legislate on it. A GST Council was established under Article 279A to make recommendations on tax rates and dispute resolution. The council is chaired by the Union Finance Minister and includes state finance ministers. Inter-state GST is levied and collected by the central government under Article 269A.
1.gst constitutional provisions and features of constitution (101st amendme...Mainan Ray
The document summarizes the key constitutional provisions and amendments relating to the introduction of Goods and Services Tax (GST) in India. Some of the key points covered include:
- Article 246A grants concurrent power to the central and state governments to levy GST.
- The GST Council was constituted to make recommendations on GST rates, exemptions, and other aspects.
- Several entries in the Union, State and Concurrent lists were amended to facilitate the GST regime.
- Laws for CGST, IGST, UT GST and GST Compensation were enacted on July 1, 2017.
The document provides an overview of the Goods and Services Tax (GST) in India. Some key points:
- GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services that will replace multiple taxes at the central and state levels.
- It is proposed to be levied as dual GST - CGST by the Centre and SGST by States on intra-state supplies, and IGST on inter-state supplies.
- GST is expected to benefit consumers through a reduction in overall tax burden, make Indian products competitive globally, and boost economic growth.
- A GST Council has been constituted to make recommendations on rates and procedures for levy of CGST, SGST
The document provides answers to frequently asked questions about the Goods and Services Tax (GST) in India. It explains that GST is an indirect tax that will replace existing indirect taxes levied by the central and state governments. It will be administered as both a Central GST and State GST to be levied simultaneously on the supply of goods and services. Transactions within a state will be taxed with SGST and CGST, while inter-state transactions will be taxed with Integrated GST to facilitate seamless tax credits across states. An integrated GST Network and IT system will be implemented to make the GST regime simple and easy to administer.
The document discusses the levy and collection of goods and services tax (GST) in India. It provides details on:
- GST subsumed multiple indirect taxes and is levied on supply of goods and services across India.
- GST is levied and collected under the Central GST Act for intra-state supplies and the Integrated GST Act for inter-state supplies. The recipient is liable to pay tax on notified supplies under reverse charge.
- For intra-state supplies, CGST and SGST/UTGST are levied simultaneously by the Central and State Governments respectively. For inter-state supplies, IGST is levied by the Central Government.
The document provides a historical background of the Goods and Services Tax (GST) in India. It details how GST was proposed in 2000 with a committee headed by Asim Dasgupta tasked to design a model for India. The government began implementing Value Added Tax (VAT) in the 2000s and the Kelkar task force in 2003 recommended a comprehensive GST based on VAT. After several discussions and drafts of the constitutional amendment bill, the bill was finally passed by the Rajya Sabha in August 2016 and ratified by the required number of states within 23 days, leading to the President signing it into law on September 8, 2016.
Cbec releases document on updated gst concept and statusH K Chhabra & Co.
The document provides an overview of the Goods and Services Tax (GST) in India, including:
1) GST was introduced on July 1, 2017 to simplify indirect taxes and reduce tax cascading. It amalgamated many central and state taxes into a single tax.
2) The genesis of GST began in 2006 and its introduction required amendments to the Indian Constitution to allow both central and state governments to levy GST.
3) A GST Council was constituted to make recommendations regarding GST rates, exemptions, and other features to harmonize policies between central and state governments.
The document provides an overview of indirect taxation in India. It discusses that indirect taxes are levied on goods and services and include taxes like excise duty, customs duty, VAT, and service tax. It outlines the pre-GST indirect tax regime involving multiple central and state taxes that resulted in cascading of taxes. The key reform was the introduction of GST in 2017 which unified multiple taxes into a single tax applied to goods and services, aimed at removing the inefficiencies of the prior system. The document also discusses the constitutional framework for taxation in India and administration of indirect taxes.
This document provides an overview of goods and services tax (GST) in India. It defines GST and explains how it will combine multiple taxes into a single tax applied to goods and services. It also describes key aspects of GST such as how it will be administered, the registration process, taxable items, and compliance requirements. Preparations are needed at the central and state government levels as well as for taxpayers to ensure a smooth transition to this significant tax reform.
Introductions to Indirect Tax - Types, Structure, Constitutional Powers, ReformsSundar B N
Constitutional Powers of Taxation
Comparison between Old and New Tax stream
Structure of Indian Tax System
Different Types of Taxes
Taxes under Indirect Tax Family in India
Recent Tax Reforms Committees and its Recommendations
Canons of Taxation
Public Finance
Public Expenditure
Public Revenue
Welfare State
Fiscal Discipline
The document provides an overview of Goods & Services Tax (GST) implemented in India in 2017. It discusses the deficiencies of the previous indirect tax system that GST aimed to address, such as dual levy and multiple registrations. Key aspects of GST covered include the four-tier tax rate structure, input tax credit mechanism, treatment of inter-state supplies, and the major constitutional amendments and legislations passed between 2014-2017 to enable its rollout. Special features of GST highlighted are the single and destination-based tax, subsuming of various central and state taxes, and easier compliance through e-filing of common returns.
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.
The document summarizes a presentation about capturing value through expanded cross-functional agile teams. It discusses how agile development teams can be optimized by having individual engineers communicate effectively, engineering managers help teams progress collaboratively, and using tools to aid development. It also discusses how agile organizations of the future will have cross-functional product, project, and requirements managers leading teams to better satisfy customers.
This 3-sentence guide summarizes a document about Red Hat Linux certification:
Redhat Linux Certified Professional is a step-by-step guide for becoming certified in Red Hat Enterprise Linux, with the document intended to help beginners learn about installing and configuring the Red Hat server.
Paychex One-Source Solutions provides comprehensive HR services and support options through a single partner. It offers centralized data management, flexible service options tailored to clients' needs, easy-to-use online access, and reliable support from highly trained professionals at cost-justified rates based on Paychex's experience serving over 570,000 clients.
This document describes the JetStor 780JH/JHD ultra high density SAS JBOD subsystem. It can hold 80 drives in a 4U height chassis using a dual controller design. It supports hot-swappable 2.5" or 3.5" SAS, SATA, or SSD drives through an 6Gb/s or 12Gb/s SAS backplane. It also has four hot-swappable power supplies and front-accessible maintenance.
GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.
Indirect taxes are taxes collected by intermediaries in the supply chain but ultimately paid by consumers through higher prices. They contrast with direct taxes which are paid directly to the government by the person being taxed. Common indirect taxes include import duties, sales taxes, and carbon taxes. While they are a major source of government revenue, indirect taxes are often considered regressive since they place a higher relative burden on low-income individuals. They also lack transparency and can distort markets. However, they are generally convenient to administer and difficult to evade.
Constitutional Provisions To levy Taxes For G.S.T.RoopamAmbekar
This document discusses the key constitutional provisions related to goods and services tax (GST) in India. It explains that the constitution was amended to introduce GST and place it in the concurrent list, allowing both central and state governments to legislate on it. A GST Council was established under Article 279A to make recommendations on tax rates and dispute resolution. The council is chaired by the Union Finance Minister and includes state finance ministers. Inter-state GST is levied and collected by the central government under Article 269A.
1.gst constitutional provisions and features of constitution (101st amendme...Mainan Ray
The document summarizes the key constitutional provisions and amendments relating to the introduction of Goods and Services Tax (GST) in India. Some of the key points covered include:
- Article 246A grants concurrent power to the central and state governments to levy GST.
- The GST Council was constituted to make recommendations on GST rates, exemptions, and other aspects.
- Several entries in the Union, State and Concurrent lists were amended to facilitate the GST regime.
- Laws for CGST, IGST, UT GST and GST Compensation were enacted on July 1, 2017.
The document provides an overview of the Goods and Services Tax (GST) in India. Some key points:
- GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services that will replace multiple taxes at the central and state levels.
- It is proposed to be levied as dual GST - CGST by the Centre and SGST by States on intra-state supplies, and IGST on inter-state supplies.
- GST is expected to benefit consumers through a reduction in overall tax burden, make Indian products competitive globally, and boost economic growth.
- A GST Council has been constituted to make recommendations on rates and procedures for levy of CGST, SGST
The document provides answers to frequently asked questions about the Goods and Services Tax (GST) in India. It explains that GST is an indirect tax that will replace existing indirect taxes levied by the central and state governments. It will be administered as both a Central GST and State GST to be levied simultaneously on the supply of goods and services. Transactions within a state will be taxed with SGST and CGST, while inter-state transactions will be taxed with Integrated GST to facilitate seamless tax credits across states. An integrated GST Network and IT system will be implemented to make the GST regime simple and easy to administer.
The document discusses the levy and collection of goods and services tax (GST) in India. It provides details on:
- GST subsumed multiple indirect taxes and is levied on supply of goods and services across India.
- GST is levied and collected under the Central GST Act for intra-state supplies and the Integrated GST Act for inter-state supplies. The recipient is liable to pay tax on notified supplies under reverse charge.
- For intra-state supplies, CGST and SGST/UTGST are levied simultaneously by the Central and State Governments respectively. For inter-state supplies, IGST is levied by the Central Government.
The document provides a historical background of the Goods and Services Tax (GST) in India. It details how GST was proposed in 2000 with a committee headed by Asim Dasgupta tasked to design a model for India. The government began implementing Value Added Tax (VAT) in the 2000s and the Kelkar task force in 2003 recommended a comprehensive GST based on VAT. After several discussions and drafts of the constitutional amendment bill, the bill was finally passed by the Rajya Sabha in August 2016 and ratified by the required number of states within 23 days, leading to the President signing it into law on September 8, 2016.
Cbec releases document on updated gst concept and statusH K Chhabra & Co.
The document provides an overview of the Goods and Services Tax (GST) in India, including:
1) GST was introduced on July 1, 2017 to simplify indirect taxes and reduce tax cascading. It amalgamated many central and state taxes into a single tax.
2) The genesis of GST began in 2006 and its introduction required amendments to the Indian Constitution to allow both central and state governments to levy GST.
3) A GST Council was constituted to make recommendations regarding GST rates, exemptions, and other features to harmonize policies between central and state governments.
The document provides an overview of indirect taxation in India. It discusses that indirect taxes are levied on goods and services and include taxes like excise duty, customs duty, VAT, and service tax. It outlines the pre-GST indirect tax regime involving multiple central and state taxes that resulted in cascading of taxes. The key reform was the introduction of GST in 2017 which unified multiple taxes into a single tax applied to goods and services, aimed at removing the inefficiencies of the prior system. The document also discusses the constitutional framework for taxation in India and administration of indirect taxes.
This document provides an overview of goods and services tax (GST) in India. It defines GST and explains how it will combine multiple taxes into a single tax applied to goods and services. It also describes key aspects of GST such as how it will be administered, the registration process, taxable items, and compliance requirements. Preparations are needed at the central and state government levels as well as for taxpayers to ensure a smooth transition to this significant tax reform.
Introductions to Indirect Tax - Types, Structure, Constitutional Powers, ReformsSundar B N
Constitutional Powers of Taxation
Comparison between Old and New Tax stream
Structure of Indian Tax System
Different Types of Taxes
Taxes under Indirect Tax Family in India
Recent Tax Reforms Committees and its Recommendations
Canons of Taxation
Public Finance
Public Expenditure
Public Revenue
Welfare State
Fiscal Discipline
The document provides an overview of Goods & Services Tax (GST) implemented in India in 2017. It discusses the deficiencies of the previous indirect tax system that GST aimed to address, such as dual levy and multiple registrations. Key aspects of GST covered include the four-tier tax rate structure, input tax credit mechanism, treatment of inter-state supplies, and the major constitutional amendments and legislations passed between 2014-2017 to enable its rollout. Special features of GST highlighted are the single and destination-based tax, subsuming of various central and state taxes, and easier compliance through e-filing of common returns.
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.
The document summarizes a presentation about capturing value through expanded cross-functional agile teams. It discusses how agile development teams can be optimized by having individual engineers communicate effectively, engineering managers help teams progress collaboratively, and using tools to aid development. It also discusses how agile organizations of the future will have cross-functional product, project, and requirements managers leading teams to better satisfy customers.
This 3-sentence guide summarizes a document about Red Hat Linux certification:
Redhat Linux Certified Professional is a step-by-step guide for becoming certified in Red Hat Enterprise Linux, with the document intended to help beginners learn about installing and configuring the Red Hat server.
Paychex One-Source Solutions provides comprehensive HR services and support options through a single partner. It offers centralized data management, flexible service options tailored to clients' needs, easy-to-use online access, and reliable support from highly trained professionals at cost-justified rates based on Paychex's experience serving over 570,000 clients.
This document describes the JetStor 780JH/JHD ultra high density SAS JBOD subsystem. It can hold 80 drives in a 4U height chassis using a dual controller design. It supports hot-swappable 2.5" or 3.5" SAS, SATA, or SSD drives through an 6Gb/s or 12Gb/s SAS backplane. It also has four hot-swappable power supplies and front-accessible maintenance.
Qatar Big Data & Analytics Summit Brouchre15th - 17th May 2016Kumaraguru Ramanujam
The document summarizes an upcoming Big Data & Analytics summit in Qatar. It will take place from May 15-17, 2016 at The Ritz-Carlton in Doha, Qatar. The summit will provide attendees an understanding of how businesses can use big data to drive growth and how data analytics will change product development, marketing, and customer engagement. Industry leaders will present real-world big data use cases. Experts will deliver case studies and insights on big data innovation from organizations worldwide. Pre-conference workshops on developing an enterprise data strategy will be led by a Vice President from Silicon Valley Data Science. The main conference will include talks on enabling smart governments through big data, innovative policy transformation using big data, driving change through
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AC&NC provides full product line up of Network Attached Storage (NAS) systems that are all built for reliability and ease of use. AC&NC also offers combined NAS and Storage Area Networks (SAN) into a single system, allowing for a consolidated storage and network environment.
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The document discusses the introduction and key features of the Goods and Services Tax (GST) in India. It notes that GST will replace existing indirect taxes and help reduce costs for businesses through elimination of cascading taxes. Some key features highlighted are that GST will be applicable on supply of goods and services, will be a dual tax levied concurrently by the central and state governments, will provide input tax credits to avoid double taxation, and will have common exemptions and thresholds for small businesses. The document was contributed by CA Vinay Bhushan of Taxpert Professionals.
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
Dear Friends,
As we all know that GST has been introduced w.e.f 01/07/2017 and this could be a landmark move. For reference of all, I have attached a brief introduction for your reference.
This document discusses key aspects of the Goods and Services Tax (GST) introduced in India. Some of the main points covered include:
- GST is a single, unified indirect tax that will replace multiple taxes at the central and state levels. It is expected to benefit taxpayers through reduced compliance costs and a common, nationwide market.
- GST will be levied concurrently by the central and state governments on a common tax base. There will be a Central GST (CGST) and State GST (SGST). An Integrated GST (IGST) will be levied on inter-state supplies.
- The Constitution was amended to allow for concurrent taxation powers on goods and services.
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the genesis and need for GST, the key benefits, and the constitutional amendment process. It also covers the core concepts of GST including the dual GST model and relevant definitions such as goods, services, consideration, reverse charge, and taxable person. The overview contains several tables and charts to illustrate the topics in a clear and visual manner.
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 analysis of the proposed Goods and Services Tax (GST) in India. It discusses the current status of the GST bill, which has been passed by the Lok Sabha but is pending in the Rajya Sabha. There are some issues still being debated, such as the GST rate. The document also analyzes how GST will work in India as a dual GST model with both central and state governments levying tax. It outlines the scope of goods and services to be taxed under GST and how the levy will be implemented. Overall the analysis finds that GST could boost economic growth and make India's tax regime more efficient and transparent.
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.
The document provides an overview of the Goods and Services Tax (GST) that is proposed to be implemented in India. It discusses that GST aims to create a single, unified indirect tax by subsuming multiple taxes into one. It will be levied as Central GST (CGST) and State GST (SGST) on intra-state supplies, and as Integrated GST (IGST) on inter-state supplies. The document outlines the proposed GST rate structure and registration process, and explains how input tax credit will work under GST.
GST UNIT 1 learning and practice of goods and serviceshpotter46103
The document discusses Goods and Services Tax (GST) in India. It provides an overview of GST, including that it replaced multiple indirect taxes and brought uniformity to the tax structure across states. GST is a consumption-based tax that is levied as Central GST, State GST, and Integrated GST on inter-state supplies. The document outlines several key features of GST like the input tax credit mechanism, threshold exemptions for small businesses, and an online compliance system. It also discusses the benefits of GST for government, businesses, and consumers in India.
After implementations of GST In India from 01 Jul 2017,many questions are coming to the mind of people which may or may not be right.Min of Fin Govt of India has put this information of all.
The document provides answers to frequently asked questions about the Goods and Services Tax (GST) in India. It explains that GST is an indirect tax that will replace existing indirect taxes levied by the central and state governments. It will be administered as both a Central GST and State GST to be levied simultaneously on the supply of goods and services. Transactions within a state will be taxed with SGST and CGST, while inter-state transactions will be taxed with Integrated GST to facilitate seamless tax credits across states. An integrated GST Network and IT system is being developed to facilitate online registration, returns and payments for easy compliance.
GST is regarded as the major reform in the field of Indian Indirect Taxation. This presentation will help in understanding the likely framework of GST, its impact and some challenges in its implementation.
GST: Freedom from multiple taxes - Dr Sanjiv AgarwalD Murali ☆
GST: Freedom from multiple taxes - Dr Sanjiv Agarwal - Article published in Business Advisor, dated August 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
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 provides an overview of goods and services tax (GST) implementation in India. It discusses the complex indirect tax structure that previously existed, with various central and state taxes. GST was introduced on July 1, 2017 to simplify and harmonize India's tax system. The GST Council was established to make recommendations around GST design and administration, with decisions requiring a 3/4 majority. GST aims to make India a unified market by reducing economic distortions caused by the prior complex tax regime.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
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1. For Departmental Officers only
Page 1 of 7
GST – CONCEPT & STATUS
Introduction
The introduction of Goods and Services Tax (GST) would be a very
significant step in the field of indirect tax reforms in India. By amalgamating a
large number of Central and State taxes into a single tax, it would mitigate
cascading or double taxation in a major way and pave the way for a common
national market. From the consumer point of view, the biggest advantage would
be in terms of a reduction in the overall tax burden on goods, which is currently
estimated at 25%-30%. Introduction of GST would also make Indian products
competitive in the domestic and international markets. Studies show that this
would instantly spur economic growth. Last but not the least, this tax, because
of its transparent character, would be easier to administer.
Genesis
2. The idea of moving towards the GST was first mooted by the then Union
Finance Minister Shri P. Chidambaram in his Budget for 2006-07. Initially, it
was proposed that GST would be introduced from 1st
April, 2010. The
Empowered Committee of State Finance Ministers (EC) which had formulated
the design of State VAT was requested to come up with a roadmap and structure
for the GST. Joint Working Groups of officials having representatives of the
States as well as the Centre were set up to examine various aspects of the GST
and draw up reports specifically on exemptions and thresholds, taxation of
services and taxation of inter-State supplies. Based on discussions within and
between it and the Central Government, the EC released its First Discussion
Paper (FDP) on the GST in November, 2009. This spells out the features of the
proposed GST and has formed the basis for discussion between the Centre and
the States so far.
Salient Features of GST
3. The salient features of GST are as under:
(i) GST would be applicable on supply of goods or services as against the
present concept of tax on the manufacture of goods or on sale of goods or
on provision of services.
(ii) GST would be a destination based tax as against the present concept of
origin based tax.
2. For Departmental Officers only
Page 2 of 7
(iii) It would be a dual GST with the Centre and the States simultaneously
levying it on a common base. The GST to be levied by the Centre would
be called Central GST (CGST) and that to be levied by the States would
be called State GST (SGST).
(iv) An Integrated GST (IGST) would be levied on inter-State supply
(including stock transfers) of goods or services. This would be collected
by the Centre so that the credit chain is not disrupted.
(v) Import of goods or services would be treated as inter-State supplies and
would be subject to IGST in addition to the applicable customs duties.
(vi) For an initial period of two years or as further extended on the
recommendation of the GST Council, a non-vatable Additional Tax not
exceeding 1% on inter-State supply of goods would be levied and
collected by the Centre and assigned to the originating State. The Select
Committee of the Rajya Sabha has recommended that this tax should be
levied only when the supply is made for a consideration.
(vii) CGST, SGST & IGST would be levied at rates to be mutually agreed
upon by the Centre and the States under the aegis of the GST Council.
(viii) GST would replace the following taxes currently levied and collected by
the Centre:
a) Central Excise duty
b) Duties of Excise (Medicinal and Toilet Preparations)
c) Additional Duties of Excise (Goods of Special Importance)
d) Additional Duties of Excise (Textiles and Textile Products)
e) Additional Duties of Customs (commonly known as CVD)
f) Special Additional Duty of Customs (SAD)
g) Service Tax
h) Cesses and surcharges insofar as far as they relate to supply of
goods or services
(ix) State taxes that would be subsumed within the GST are:
a) State VAT
b) Central Sales Tax
c) Purchase Tax
d) Luxury Tax
e) Entry Tax (All forms)
f) Entertainment Tax (not levied by the local bodies)
g) Taxes on advertisements
h) Taxes on lotteries, betting and gambling
3. For Departmental Officers only
Page 3 of 7
i) State cesses and surcharges insofar as far as they relate to supply of
goods or services
(x) GST would apply to all goods and services except Alcohol for human
consumption, Electricity and Real Estate.
(xi) GST on petroleum products would be applicable from a date to be
recommended by the Goods & Services Tax Council.
(xii) Tobacco and tobacco products would be subject to GST. In addition, the
Centre would continue to levy Central Excise duty.
(xiii) A common threshold exemption would apply to both CGST and SGST.
Taxpayers with a turnover below it would be exempt from GST. A
compounding option (i.e.to pay tax at a flat rate without credits) would be
available to small taxpayers below a certain threshold. The threshold
exemption and compounding scheme would be optional.
(xiv) The list of exempted goods and services would be kept to a minimum and
it would be harmonized for the Centre and the States as far as possible.
(xv) Exports would be zero-rated.
(xvi) Credit of CGST paid on inputs may be used only for paying CGST on the
output and the credit of SGST paid on inputs may be used only for paying
SGST. In other words, the two streams of input tax credit (ITC) cannot be
cross utilised, except in specified circumstances of inter-State supplies,
for payment of IGST. The credit would be permitted to be utilised in the
following manner:
a) ITC of CGST allowed for payment of CGST;
b) ITC of SGST allowed for payment of SGST;
c) ITC of CGST allowed for payment of CGST & IGST in that order;
d) ITC of SGST allowed for payment of SGST & IGST in that order;
e) ITC of IGST allowed for payment of IGST, CGST & SGST in that
order.
(xvii) ITC of Additional Tax would not be permitted.
(xviii)Accounts would be settled periodically between the Centre and the State
to ensure that the credit of SGST used for payment of IGST is transferred
by the Exporting State to the Centre. Similarly the IGST used for
payment of SGST would be transferred by the Centre to the Importing
State.
(xix) The laws, regulations and procedures for levy and collection of CGST
and SGST would be harmonized to the extent possible.
4. For Departmental Officers only
Page 4 of 7
GST and Centre-State Financial Relations
4. Currently, fiscal powers between the Centre and the States are clearly
demarcated in the Constitution with almost no overlap between the respective
domains. The Centre has the powers to levy tax on the manufacture of goods
(except alcoholic liquor for human consumption, opium, narcotics etc.) while
the States have the powers to levy tax on the sale of goods. In the case of inter-
State sales, the Centre has the power to levy a tax (the Central Sales Tax) but,
the tax is collected and retained entirely by the originating States. As for
services, it is the Centre alone that is empowered to levy service tax. Since the
States are not empowered to levy any tax on the sale or purchase of goods in the
course of their importation into or exportation from India, the Centre levies and
collects this tax as additional duties of customs, which is in addition to the Basic
Customs Duty. This additional duty of customs counterbalances excise duties,
sales tax, State VAT and other taxes levied on the like domestic product.
Introduction of the GST would require amendments in the Constitution so as to
concurrently empower the Centre and the States to levy and collect the GST.
4.1 The assignment of concurrent jurisdiction to the Centre and the States for
the levy of GST would require a unique institutional mechanism that would
ensure that decisions about the structure, design and operation of GST are taken
jointly by the two. For it to be effective, such a mechanism also needs to have
Constitutional force.
Constitution (One Hundred and Twenty Second) Amendment Bill, 2014
5. To address all these and other issues, the Constitution (115th
Amendment)
Bill was introduced in the Lok Sabha on 22.03.2011. The said Bill lapsed with
the dissolution of the 15th
Lok Sabha. The Constitution (122nd
Amendment) Bill
has now been introduced in the 16th
Lok Sabha on 19.12.2014. The Bill
provides for a levy of GST on supply of all goods or services except for the
specified goods. The tax shall be levied as Dual GST separately but
concurrently by the Union (CGST) and the States (SGST). The Parliament
would have exclusive power to levy GST (IGST) on inter-State trade or
commerce (including imports) in goods or services. The Central Government
will have the power to levy excise duty in addition to the GST on tobacco and
tobacco products. As a temporary measure, for two years (or for such further
period as recommended by the GST Council), a non-vatable additional tax not
exceeding 1% on inter-State supply of goods would be levied and collected by
the Centre and assigned to the originating State.
5. For Departmental Officers only
Page 5 of 7
5.1 A GST Council (GSTC) would be constituted comprising the Union
Finance Minister, the Minister of State (Revenue) and the State Finance
Ministers to recommend on the GST rate, exemption and thresholds, taxes to be
subsumed and other features. This mechanism would ensure some degree of
harmonization on different aspects of GST between the Centre and the States as
well as across States. One half of the total number of members of GSTC would
form quorum in meetings of GSTC. Decision in GSTC would be taken by a
majority of not less than three-fourth of weighted votes cast. Centre would have
one-third weightage of the total votes cast and all the States taken together
would have two-third of weightage of the total votes cast.
5.2 The Constitution Amendment Bill needs to be passed by a two-third
majority in both Houses of Parliament and subsequent ratification by at least
half of the State Legislatures. The Bill has been passed by the Lok Sabha on
06.05.2015. The Bill was referred to the Select Committee (of 21 members led
by Sh. Bhupendra Yadav, Hon’ble MP) of Rajya Sabha on 12.05.2015. The
Select Committee has since submitted its Report on the Bill on 22.07.2015. The
Bill awaits passage in the Rajya Sabha. After passage of the Bill by both Houses
of Parliament, ratification by State legislatures and receipt of assent by the
President, the process of enactment would be complete.
Other Legislative Requirements
6. Suitable legislation for the levy of GST (Central GST Bill and State GST
Bills) drawing powers from the Constitution can be introduced in Parliament or
the State Legislatures only after the enactment of the Constitution Amendment
Bill and on the recommendation by the GSTC. Unlike the Constitutional
Amendment, the GST Bills would need to be passed by a simple majority.
Obviously, the levy of the tax can commence only after the GST Law has been
enacted by the respective legislatures. Also, unlike the State VAT, the date of
commencement of this levy would have to be synchronized across the Centre
and the States. This is because the IGST model cannot function unless the
Centre and all the States participate simultaneously.
Recent Developments on the GST
7. Five Committees have been constituted by the Empowered Committee of
State Finance Ministers (EC) to deal with the various aspects of work relating to
the introduction of GST. The Committees are:
6. For Departmental Officers only
Page 6 of 7
(i) The Committee on the Problem of Dual Control, Threshold and
Exemptions in GST Regime;
(ii) The Committee on Revenue Neutral Rates for State GST & Central GST
and Place of Supply Rules (A Sub-Committee has been constituted to
examine issues relating to the Place of Supply Rules);
(iii) The Committee on IGST & GST on Imports (A Sub- Committee has been
set up to examine issues pertaining to IGST model);
(iv) The Committee to examine Business Processes under GST Regime
(Three Sub-Committees have been constituted to examine issues
pertaining to Registration & Returns, Refunds and Payments);
(v) The Committee to draft model GST Law (Three Sub-Committees have
been constituted to draft various aspects of the model law);
7.1 The first four Committees have submitted their final reports which have
been approved by the Empowered Committee and are under consideration of
the Government of India. The three Sub-Committees constituted to draft model
law have also submitted their reports to the main Committee where these three
reports are being discussed for finalization. The EC has asked the Committee on
the Problem of Dual Control, Threshold and Exemptions in GST Regime to re-
work on the limits of threshold exemption and compounding threshold.
7.2 The Reports on four business processes, viz. registration, return, payment
and refunds have recently been put in public domain for comments and
feedback of stakeholders. Interactive workshops for trade and industry are being
conducted at various places for educating them.
7.3 GSTN is a private company constituted under Section 25 of the
Companies Act, 1956 has been set up by the Government. GSTN would provide
three front end services, namely registration, payment and return to taxpayers. It
will also assist some States with the development of back end modules. GSTN
has already appointed M/s Infosys as Manage Service Provider at a total project
cost of around Rs 1380 crores for a period of five years.
Role of CBEC
8. The CBEC is playing an active role in the deliberations in the various
Committees constituted by the Empowered Committee. It is expected to play an
equally important role in the drafting of GST law and procedures, particularly
7. For Departmental Officers only
Page 7 of 7
the CGST and IGST law, which will be exclusive domain of the Centre. This
apart, the CBEC would need to prepare, in advance, for meeting the
implementation challenges, which are quite formidable. The number of
taxpayers is likely to go up significantly. The existing IT infrastructure of
CBEC would need to be suitably scaled up to handle such large volumes. Based
on the legal provisions and procedure for GST, the content of work-flow
software such as ACES (Automated Central Excise & Service Tax) would
require review. DG Systems has already constituted a Steering Committee for
implementation of GST System for CBEC. Augmentation of human resources
would be necessary to handle such large number of taxpayers scattered across
the length and breadth of the country. Capacity building, particularly in the field
of Accountancy and Information Technology for the departmental officers have
to be taken up in a big way.
8.1 CBEC officials, as members of these Committees / Sub-committees, are
playing a significant role in the work relating to design and contours of the
proposed GST regime.
8.2 The meetings of the Empowered Committee are attended by the Nodal
Member of the CBEC and other officials.
8.3 A GST Policy Wing headed by a Commissioner level officer has been
created within CBEC. Further Directorate General of Service Tax has been
shifted from Mumbai to Delhi and has been renamed as Directorate General of
GST. The said Directorate has been given a well-defined mandate to work on
various aspects of GST.
9. The GST law is still evolving and the dialogue continues between the
Centre and the States on related issues. A number of procedural, legal and
administrative issues relating to GST are under active discussions in various
Committees / Sub-committees constituted by the EC and in various Groups
constituted by the CBEC.
(This Note is for creating general awareness about the GST among the officers
and staff of CBEC)
*****