Gst – what you need to know about it
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India's current indirect tax system is complex and it isn't very easy to navigate. In fact, it is one of the trickiest aspects of running a business in India. To resolve this issue , faced by almost every new or existing businessman, the government has decided to implement a simpler more universally accepted 'Goods & Services Tax' (GST). GST would be one indirect tax meant to create and maintain a unified indirect taxation system across the country.
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This document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history and objectives of GST, how it replaces previous indirect tax frameworks, applicable tax rates for goods and services, the registration process, and comparisons of taxes before and after GST. The impact on consumers is also addressed, noting some items may see reduced prices while the overall effect on monthly expenses depends on spending habits. Some challenges remain in fully implementing the new indirect tax system across India.
Gst.ppt
The document discusses Goods and Services Tax (GST) in India. It outlines the key components of GST including CGST, SGST, and IGST. It notes that GST will replace most indirect taxes and be levied on the consumption of goods and services. The document also outlines the proposed tax rates and highlights several benefits of GST such as reduced transaction costs, elimination of cascading taxes, and increased tax collection. It concludes by noting that GST will be a major tax reform for India that could boost the economy but also presents implementation challenges.
GST in India
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST and explains that it is a comprehensive tax on the manufacture, sale, and consumption of goods and services. It also describes how GST will operate across states, the registration process, tax rates, items that may or may not be included, and benefits and challenges of implementing GST in India.
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Impact of Analysis of Goods And services TAX IN INDIA
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Gst – what you need to know about it
- 1. GST – What you need to know about it
- 2. List of taxes replaced by GST ▫ Service Tax, VAT, CST, Purchase Tax. ▫ Entry Tax, Luxury Tax, Entertainment Tax, Advertisement Tax. ▫ Central Excise Duty, Tax on Lotteries. ▫ Special Countervailing Duty. 2
- 3. Benefits of GST ▫ Better transparency and compliance. ▫ An easy-to-understand uniform tax structure. ▫ Reduction in tax cascading and leakage. ▫ Consumers benefit from competitive pricing on goods and services. 3
- 5. CGST ▫ The central government is responsible for collecting Central GST. 5
- 6. SGST ▫ On intra-state sales, the state government collects the state GST. 6
- 7. IGST ▫ On inter-state sales, the central government collects the integrated GST. 7
- 8. The implications of GST slab rates ▫ 5%, 12%, 18%, and 28% are the four tax slabs. ▫ Locally manufactured goods will fall under the lower slab. ▫ Higher slabs will be applied to luxury and negative items. 8
- 9. GST influence on daily life ▫ Individuals will get better pricing on goods and services. ▫ Businesses will get rid of complex taxation systems. 9
- 10. “ Now that you are aware of the term GST, you must have realised the long-term benefits of the same. 10
- 11. 11 Thanks! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : corporate@herofincorp.com Website : https://www.herofincorp.com/ Know More : GST and It's Various Facets