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GST-The Future of India
Prepared by – Chinmay Gangwal
We have to get ready for TAX
Planning and Surprises
3
Sr. No Particulars
1) GST- Meaning and it’s Structure
2) Types of GST- Proposed
3) Functioning of GST
4) Benefits and Disadvantages
Contents :-
GST- Meaning and it’s Structure
‘G’ – Goods
‘S’ – Services
‘T’ – Tax
 GST is a Comprehensive tax levied on which is levied on
production, trading goods and provision of Services.
 GST is a tax on Value addition made at each stage and
benefit of setoff will be continued from manufacture /
service providers up to retailers ,So that ultimate Consumer
Should bear the tax.
Reasons for Change in Taxation System :-
 There are huge number of list in Indirect taxes.
 Complexities.
 Cascading Effect.
 Administration Cost.
 Compliance Cost.
Two-Chain GST
Dual Chain GST
in India
Types of GST- India
In India, there is a planning to implement a dual GST System.
Under Dual GST System, CGST ( Central goods and Service tax)
and SGST (State goods and Service tax) are charged by Central
and State respectively on the transaction of goods and services.
CGST
SGST
Tax Collected by Central
Excise Duty, AED, Service Tax,
Custom Duty, Education Cess and
Surcharges Etc.
Tax Collected by State
VAT,CST, Entertainment Tax,
Luxury Tax, taxes on Lotteries,
Octroi & Entry Tax, Cesses Etc.
Functioning of GST
CGST and SGST are levied on manufacturing, trading and
providing Services and it is collected separately by central and
State.
Taxes paid against CGST allowed as input tax credit while
making a payment of CGST only and other hand in SGST.
Cross Utilization of Input Tax Credit will not be allowed in the
payment of CGST and SGST i.e taxes paid against CGST will not be
allowed as ITC while making a payment towards SGST and Vice
Versa.
SGST CGST
Example:
A manufacture purchase a raw material to produce
finished good of Rs 100 and SGST is Charge on such
material at Rs 10 & CGST will also be levied on it of Rs 10.
Then manufacture sold goods to whole seller for Rs 150
by separately charging both SGST and CGST of Rs 15
each and again goods is sold to directly consumer to Rs
200 by Separately Charging Both SGST and CGST of Rs
20 each. So how will compute the tax liability in the case
of GST..??
Particular Basic Value SGST CGST Total
Value
ITC for
SGST
ITC for
CGST
Liability
CGST SGST
Input For Manufacture
Cost to Manufacture 100 10 10 120 - - 10 10
A] Manufacture’s
Liability
Manufacture Sold
goods to Whole seller
150 15 15 180 10 10 5 5
B] Whole seller’s
Liability
Whole Seller sold
goods to Consumer
200 20 20 240 15 15 5 5
Total Tax Collection 20 20
What about tax on Inter-state Sale or
Services …??
On Inter-state sale, IGST is Charged by Central. IGST is a
combination of both taxes such as CGST and SGST.
Benefit of Credit of IGST will be adjusted against both SGST and
CGST Liability and vice- versa.
Tax revenues accrues to the destination/ importing State based
on Place of Supply Rules.
Extra Tax on Inter State Sale :-
Additional tax not exceeding 1% levied on the
transaction of inter state sale or services by the central
government for a period of Two year and assigned to
the State government from where the good and
Services are supplied.
Treatment of Export and Import under GST
In GST, Export transaction would be considered as Zero –rated
because of increasing of Competitiveness of Indian goods in the
foreign market and Earning more revenue out of them.
Import transaction is treated as same as inter sale or services , it
means that tax on Import includes both CGST and SGST levied by
originating state.
Rates and it’s structures under GST :-
The Combined GST rate is being discussed by government.
The rate of GST is to be proposed between 16% to 20% after
GST rate is arrived at the states and Centre will decided on
CGST and SGST Rates.
There are four rate for GST based on (RNR Based) :-
1) Floor rate for essential good and services.
2) Standard rate for general goods and services.
3) Special rate for precious metal.
4) Nil rate.
Registration Procedure under GST :-
There is a provision of threshold limit for small trader having a
turnover is below 10 lakh to applying registration under GST.
If a turnover of trader is below of Rs 1.5 crores then it is
administrated by State (SGST) only and other wise it is
administrated by both government.
GST Registration number is to be linked with PAN and this No. is
around 13-14 digit. It is also known as BIN ( Business
Identification Number)
Composition Scheme under GST :-
In GST also,
Composition Scheme is available to the dealer
having a turnover of Rs 10 to 50 lakh and pay out floor rate
(0.5% ) on turnover.
Role of Dealers towards GST :-
 Every dealer has to file the return under GST Consisting all
details of goods and services.
 CGST and SGST will be collected by dealer and they will deposit
the amount within prescribed time with Central and State
Government.
Taxes are not be subsumed :-
 Tax on Alcohol , liquor, tobacco, Petroleum products.
 Export Duty.
 Toll Tax.
 Environment Tax.
 Road Tax.
Tax on consumption or sale of electricity.
Stamp duty
Not Certain
Benefits – Individuals and Companies
Benefits – Individuals and Companies
In the GST System, Both Central and State taxes will be collected at
the point of Sale or providing a services.
Both Components ( CGST and SGST ) will be Charged on
manufacturing Cost. This will benefit individuals as prices are likely
to go down.
Lower prices of good and Services lead to more Consumption,
thereby helping Companies
Disadvantages of GST :-
1) Tax on Tobacco, petroleum product, liquor etc are the
most important factors not subsumed in GST.
2)No Credit is not available to URD ( Unregistered Dealer)
3) Some Economist say that CGST, SGST, and IGST are
nothing but new names for Central Excise/ Service Tax, VAT
and CST.
Question :-
I am Sorry by heart for any mistake, error or
omission on my part.
Thank You

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Gst the future of india

  • 1. GST-The Future of India Prepared by – Chinmay Gangwal
  • 2.
  • 3. We have to get ready for TAX Planning and Surprises 3
  • 4.
  • 5. Sr. No Particulars 1) GST- Meaning and it’s Structure 2) Types of GST- Proposed 3) Functioning of GST 4) Benefits and Disadvantages Contents :-
  • 6. GST- Meaning and it’s Structure ‘G’ – Goods ‘S’ – Services ‘T’ – Tax  GST is a Comprehensive tax levied on which is levied on production, trading goods and provision of Services.  GST is a tax on Value addition made at each stage and benefit of setoff will be continued from manufacture / service providers up to retailers ,So that ultimate Consumer Should bear the tax.
  • 7.
  • 8. Reasons for Change in Taxation System :-  There are huge number of list in Indirect taxes.  Complexities.  Cascading Effect.  Administration Cost.  Compliance Cost.
  • 9.
  • 10. Two-Chain GST Dual Chain GST in India
  • 11. Types of GST- India In India, there is a planning to implement a dual GST System. Under Dual GST System, CGST ( Central goods and Service tax) and SGST (State goods and Service tax) are charged by Central and State respectively on the transaction of goods and services.
  • 12. CGST SGST Tax Collected by Central Excise Duty, AED, Service Tax, Custom Duty, Education Cess and Surcharges Etc. Tax Collected by State VAT,CST, Entertainment Tax, Luxury Tax, taxes on Lotteries, Octroi & Entry Tax, Cesses Etc.
  • 13. Functioning of GST CGST and SGST are levied on manufacturing, trading and providing Services and it is collected separately by central and State. Taxes paid against CGST allowed as input tax credit while making a payment of CGST only and other hand in SGST.
  • 14. Cross Utilization of Input Tax Credit will not be allowed in the payment of CGST and SGST i.e taxes paid against CGST will not be allowed as ITC while making a payment towards SGST and Vice Versa. SGST CGST
  • 15. Example: A manufacture purchase a raw material to produce finished good of Rs 100 and SGST is Charge on such material at Rs 10 & CGST will also be levied on it of Rs 10. Then manufacture sold goods to whole seller for Rs 150 by separately charging both SGST and CGST of Rs 15 each and again goods is sold to directly consumer to Rs 200 by Separately Charging Both SGST and CGST of Rs 20 each. So how will compute the tax liability in the case of GST..??
  • 16. Particular Basic Value SGST CGST Total Value ITC for SGST ITC for CGST Liability CGST SGST Input For Manufacture Cost to Manufacture 100 10 10 120 - - 10 10 A] Manufacture’s Liability Manufacture Sold goods to Whole seller 150 15 15 180 10 10 5 5 B] Whole seller’s Liability Whole Seller sold goods to Consumer 200 20 20 240 15 15 5 5 Total Tax Collection 20 20
  • 17. What about tax on Inter-state Sale or Services …?? On Inter-state sale, IGST is Charged by Central. IGST is a combination of both taxes such as CGST and SGST. Benefit of Credit of IGST will be adjusted against both SGST and CGST Liability and vice- versa. Tax revenues accrues to the destination/ importing State based on Place of Supply Rules.
  • 18. Extra Tax on Inter State Sale :- Additional tax not exceeding 1% levied on the transaction of inter state sale or services by the central government for a period of Two year and assigned to the State government from where the good and Services are supplied.
  • 19. Treatment of Export and Import under GST In GST, Export transaction would be considered as Zero –rated because of increasing of Competitiveness of Indian goods in the foreign market and Earning more revenue out of them. Import transaction is treated as same as inter sale or services , it means that tax on Import includes both CGST and SGST levied by originating state.
  • 20. Rates and it’s structures under GST :- The Combined GST rate is being discussed by government. The rate of GST is to be proposed between 16% to 20% after GST rate is arrived at the states and Centre will decided on CGST and SGST Rates. There are four rate for GST based on (RNR Based) :- 1) Floor rate for essential good and services. 2) Standard rate for general goods and services. 3) Special rate for precious metal. 4) Nil rate.
  • 21. Registration Procedure under GST :- There is a provision of threshold limit for small trader having a turnover is below 10 lakh to applying registration under GST. If a turnover of trader is below of Rs 1.5 crores then it is administrated by State (SGST) only and other wise it is administrated by both government. GST Registration number is to be linked with PAN and this No. is around 13-14 digit. It is also known as BIN ( Business Identification Number)
  • 22. Composition Scheme under GST :- In GST also, Composition Scheme is available to the dealer having a turnover of Rs 10 to 50 lakh and pay out floor rate (0.5% ) on turnover.
  • 23. Role of Dealers towards GST :-  Every dealer has to file the return under GST Consisting all details of goods and services.  CGST and SGST will be collected by dealer and they will deposit the amount within prescribed time with Central and State Government.
  • 24. Taxes are not be subsumed :-  Tax on Alcohol , liquor, tobacco, Petroleum products.  Export Duty.  Toll Tax.  Environment Tax.  Road Tax. Tax on consumption or sale of electricity. Stamp duty Not Certain
  • 25. Benefits – Individuals and Companies
  • 26. Benefits – Individuals and Companies In the GST System, Both Central and State taxes will be collected at the point of Sale or providing a services. Both Components ( CGST and SGST ) will be Charged on manufacturing Cost. This will benefit individuals as prices are likely to go down. Lower prices of good and Services lead to more Consumption, thereby helping Companies
  • 27.
  • 28. Disadvantages of GST :- 1) Tax on Tobacco, petroleum product, liquor etc are the most important factors not subsumed in GST. 2)No Credit is not available to URD ( Unregistered Dealer) 3) Some Economist say that CGST, SGST, and IGST are nothing but new names for Central Excise/ Service Tax, VAT and CST.
  • 30. I am Sorry by heart for any mistake, error or omission on my part.