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
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
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.
GST Overview - Know All About Goods and Service Tax Smart Taxation System in ...HostBooks Limited
GST Overview: Know about 'Goods and Service Tax' smart Taxation System in India. Learn about GST, Indirect Tax structure in India before GST, GST Rates, GST Compensation Cess, Input Tax Credit, GST Composition Scheme, GST Return, TCS in GST eWay Bill and GST Audit through our PPTs and PDFs.
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.
This ppt explains in very brief the facts about GST implementation in India. The taxes which shall be subsumed within GST and the present taxes which shall remain out of GST ambit.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
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
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.
GST Overview - Know All About Goods and Service Tax Smart Taxation System in ...HostBooks Limited
GST Overview: Know about 'Goods and Service Tax' smart Taxation System in India. Learn about GST, Indirect Tax structure in India before GST, GST Rates, GST Compensation Cess, Input Tax Credit, GST Composition Scheme, GST Return, TCS in GST eWay Bill and GST Audit through our PPTs and PDFs.
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.
This ppt explains in very brief the facts about GST implementation in India. The taxes which shall be subsumed within GST and the present taxes which shall remain out of GST ambit.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
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
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
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.
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
Many ways to support street children.pptxSERUDS 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
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
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
1. GOODS & SERVICES TAX - GST
A PRESENTATION
BY
CONFEDERATION OF ALL INDIA TRADERS
NEW DELHI
2. TAXATION POWERS
OF CENTRE
• Income Tax – on income, other than agricultural income
• Excise Duty – on goods manufactured or produced in
India
• Custom Duty – on imports and exports
• Service Tax – on specified services
• Central Sales Tax – on inter-State sale of goods
• Rates of Stamp Duty on 10 specified instruments
CONCURRENT LIST OF BOTH
• Stamp Duties, not including rates of stamp duty on 10
specified instruments.
3. TAXATION POWERS OF STATES
• VAT/Sales Tax - on purchase or sale of goods, other than
newspapers, within a State
• Excise duty - on alcoholic liquor for human consumption
• Rates of Stamp Duty – on other than 10 specified instruments
• Land Revenue
• Tax – on agricultural income
• Toll tax
• Taxes on:
• Land and buildings
• Entry of goods in a local Area (Entry Tax or Octroi)
• Consumption or sale of electricity
• Goods and passengers carried by road or inland waterways
• Vehicles
• Professions, Trades, Callings and Employments
• Luxuries, including taxes on entertainment, betting and
gambling
4. DRAWBACKS OF
CURRENT SYSTEM
– Confusion and Mistrust
– Complex and lacking in stability
– Hidden tax on exports, no state tax on
imports
– High transaction costs
– Narrow base
5.
6. TASK FORCE FOR TAX REFORMS
• A ‘Grand Bargain’. One VAT – The Goods and Services Tax
(GST)
• The Kelkar Task Force was constituted with the mandate to
recommend measures to enable the Government of India to
implement the Fiscal Responsibility and Budget Management
(FRBM) Act, 2003, which seeks to eliminate revenue deficit by
March 31, 2008.
• As the main proposal for tax reform, Dr.Vijay Kelkar and his team
have recommended a single GST (Goods and Services Tax) –
replacing the Cenvat/excise duty, sales tax, service tax, etc. It
would use the VAT principle to tax consumption of almost all
goods and services – with full tax
• Credits for tax paid on purchase of all goods and services will be
available.
7. What is GOODS AND SERVICE TAX
• Goods and Service Tax is a tax on goods and services.
• It is leviable at each point of sale or provision of
service.
• At the time of sale of goods or providing the services
the seller or service provider can claim the input
credit of tax which he has paid while purchasing the
goods or procuring the service
• This is simply very similar to VAT.
• It can be termed as National level VAT on Goods and
Services.
• Only difference in this system is that not only goods
but also services are involved.
• The rate of tax on goods and services are generally the
same.
8. GST-AT A GLANCE
Roadmap to GST
Roadmap to GST
Recommend united effort for mega tax reform
Recommend united effort for mega tax reform
To develop roadmap & milestones
To develop roadmap & milestones
To build consensus with States, Center & Empowered Committee
To build consensus with States, Center & Empowered Committee
Create awareness and acceptance for GST
Create awareness and acceptance for GST
VAT
GST
Extend scope to
Inter-state Sales
Bring AED items
under VAT
CST phase-out
Move to single VAT
rate of 8%
Extend scope to
Inter-state Sales
Shift to destination
based VAT
Integrate Services, Imports & CENVAT
9. GST: A UNIFICATION OF TAXES
• A GST classically entails unification of all
levies on goods and services. In the Indian
context, this would mean merging the
following:
• Tax on manufacture of goods (excise duty
levied by the Centre).
• Tax on sale of goods (CST / VAT levied by
both Centre and states).
• Tax on services (levied by Centre and to some
extent by states such as Entertainment tax,
electricity cess, etc).
10. GST WORLD WIDE
• In most countries of the world, a single VAT exist
which covers both goods and services
• All sectors are taxed with very few exceptions/
exemptions.
• Full tax credits on inputs –100% set off
• Canada and Brazil alone have a dual VAT
• India also likely to adopt dual GST Model based
on GST model of Canada w.e.f. 1st April 2010.
11. GST-KNOW TAXES PAID BY YOU
• We all will pay GST on every product or service we buy.
• Since 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.
• No distinction would be made between imported or Indian goods
and they would be taxed at the same rate.
•
• 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.
12. Why do we need
GST today
• In Indian economy the service sector
contributes over 55%.
• Separate taxation of goods and
services is neither viable nor desirable
• Value added in manufacture and sale of
goods require inputs of both — goods
and services and vice versa, which is
often not separable
13. GST In India – A REALITY
• The stage looks all set for the
introduction of unified Goods and
Services Tax (GST) from 2010.
• The Empowered Committee of State
Finance Ministers has proposed a
dual GST — both at Central and
State level.
14. GST- HOW IT WORKS
• The dealers registered under GST (Manufacturers,
Wholesalers and retailers and service providers) will
charge GST on the price of goods and services from
their customers.
• They will claim credits for the GST included in the
price of their own purchases of goods and services
used by them.
• The sellers or service providers collect the tax from
their customer, who may or may not be the ultimate
customer, and before depositing the same to the
exchequer, they deduct the tax they have already
paid.
15. GST- WHAT ALL IT
INCLUDES
1. A sale or supply includes a sale of goods
2. Lease of premises
3. Hire of equipment
4. Giving advice
5. Export of goods and supply of other things.
6. A purchase includes an acquisition of goods
or services such as trading stock a lease,
consumables and other things.
16. GST- HOW IT WORKS
• If a business is registered for GST it must include GST in
the price of goods, services and other things they sell to
others in the course of business. These are called ‘taxable
sales’.
• There are other types of sales where GST is not included in
the price.
• These are either ‘input taxed’ sales or ‘GST-free’ sales.
• GST may be included in the price of purchases (including
importations) made by a business, and it’s a good idea to
allow for it when setting prices.
•
• When a business is registered for GST, they can generally
claim a credit for any GST included in the price they pay for
things purchased by the business. This is called a GST
credit.
17. • China - 17%
• Indonesia - 10%
• Philippines -10%
• Taiwan (Chinese Taipei) - 5%
• UK -17.5%
• Australia -10%
• France -19.6%
• Germany -16%
• Denmark -25%
GST- RATES WORLD WIDE
No. of Countries : 140
18. • Central Taxes
Excise Duty
Additional Excise duty
Service Tax
CVD, SAD
Surcharge
• State Taxes
VAT
Entertainment tax levied by states
Luxury Tax
Tax on Lottery
Entry tax other than for local bodies
TAXES Proposed TO BE
SUBSUMED IN GST
19. • Central Taxes
Specific Cess
Excise duty on tobacco products
• State Taxes
Items containing alcohol
Entertainment tax (Local Bodies)
Entry tax for local bodies
Electricity duty
TAXES NOT BE INCLUDED
IN GST
20. • Dual GST : Central GST & State GST
• Destination based State GST
• Common Base
• Uniform Classification
• Uniform Forms – Returns, Challans etc
• No cascading of Central and State taxes
• Cross credit between Centre and State not allowed
• Tax levied from production to consumption
GST : KEY FEATURES
21. • 2 Rate Structure : Lower and Standard Rate
• Precious metals and stones very low rate
• GST Exemption for some times
• Some Goods at lower rate (excludes Ind. Inputs)
• Petroleum products, liquor and narcotics excluded
from GST regime
PROPOSED GST RATES
22. • Exempted products :
– Food Grains, Bread, Salt, Milk, Vegetable, Meat,
Fish
• Goods at Lower Rate :
– Tea, Milk Powder, Coffee beans, Toy, Beedi,
Bicycles
• Govt. aided public health and education
exempted
INDICATIVE GST RATES
23. User Charges likely to
be out of GST
It has also suggested keeping levies like the toll tax,
environment tax and road tax outside the GST ambit, as these
are user charges
Likely Rate – 16 percent Total
• It is envisaged that the framework of dual GST would
embody multiple rate of taxes for goods , but a single
rate for services within a state . There are indications
that the rate could be in the range of 16-20 per cent. The
government is expected to come out with a white paper
on the transition to GST shortly .
24. GST : KEY FEATURES
• HSN to be applied for goods
• Uniform return & collection procedure for
central and state GST
• 13 digit PAN based common TIN
Registration
• TINXSYS to track transactions
25. GST : AUTHORITIES
• CGST – To be administered by Central
Government.
• SGST – To be administered by State
VAT Department
• Inter State Transaction – To be
administered by A common Centralized
Authority
26. GST- AS WE LOOK AT
• India to have only two indirect taxes namely GST,
both Central GST & State GST, and Customs duty.
• Central GST to include central excise, service tax
and education cess.
• State GST to include a combination of all taxes
presently levied by the state and octroi by
municipalities. CST needs to be phased out before
introduction of GST.
• Both Central GST and State GST to be levied on the
common base price from manufacturing stage to
retail stage on goods and similarly on services.
• Tax on sale of property to be levied on the value
addition under state GST and not on the total
amount as applicable presently
27. GST- AS WE LOOK AT
• Input tax credit to be available for Central GST as well
as State GST paid irrespective of the collecting agency.
• Selection of services for imposing GST should continue
with the Central Government. States can be allowed to
collect dual GST on certain services, which are directly
consumed like beauty treatment, health club etc. State
should Choose and not the Centre should impose such
services on them?
• Dual GST should be levied on imports also with facility
of credit for the tax paid.
• 9.Exports must be zero rated i.e. there should be no tax
element in the price of goods exported.
28. TAXING OF INTER
STATE TRANSACTION
• Tax payment by exporting dealer to the
account of receiving state
• Credit allowed to the buying dealer by
receiving state on verification
• Retention by receiving state on sale to non
dealer
• Declaration form to be discontinued
29. SEAMLESS CREDIT…
• It will also end the distortion in
differential tax treatment of various
goods and services. GST is going to
be pinnacle of achieving an
integration of excise duties, service
tax, State value added tax and other
local taxes. With GST, uniformity of
levy of indirect taxes will be ensured
across the country.
30. SEAMLESS CREDIT
MECHANISM
• Input tax credit to be available for
Central GST as well as State GST
paid irrespective of the collecting
agency
• Create a nationwide clearinghouse
mechanism to facilitate transfer of
Central and State GST and allow
credit for tax paid
31. Imports could be taxed?
• Dual GST should be levied on imports
also with facility of credit for the tax
paid
• Exports must be zero rated i.e. there
should be no tax element in the price
of goods exported
32. TAX EXEMPTIONS
• Area Based
To be discontinued after current
eligibility period
• Product Based
To be converted in to refund route
• Limited Flexibility
To Centre & States barring few exceptions
33. GST- IT’S SYSTEM
Invoice System:
• In this system, the credit of GST paid is claimed on the
basis of invoice.
• It is claimed when the invoice is received.
• It is immaterial whether payment is made or not.
• The GST (Output) is accounted for when invoice is raised.
• The time of receipt of payment is immaterial.
• The advantage of invoice system is that the input credit
can be claimed without making the payment.
• The disadvantage of the invoice system is that the GST
has to be paid without receiving the payment.
34. GST-HOW OTHER COUNTRIES DO
• More than 130 countries have introduced GST in some
form.
• 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.
• It is interesting to note that there are over 40 models
of GST currently in force, each with its own
peculiarities.
• 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.
35. GST-CAN WE ADOPT IT
• An information network allowing states to cross-check
payment information (TINXSYS) has been put to trial and
is expected to improve compliance and reduce evasion.
• 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.
• Through this, paper bills and fraud are largely eliminated.
• It is unfair to expect such an initiative to come from the
committee working on state VAT, given the lack of
sustained organisational capacity required.
36. ISSUES FROM TRADER’S
PERSPECTIVE
• Dialogue with Trade & Industry and all other stake holders
• GST code to be made public atleast 6-9 months before
implementation.
• Industrial inputs, Capital goods at lowest rate, say 1%
• List of exempted goods – specific/common across states
• Stock transfers should be exempted monitors thru system based
controls
37. ISSUES FROM TRADER’S
PERSPECTIVE
• All declaration forms (Form F, C) should be abolished
• Monitoring through system based controls
• Full set of Input tax credit to the assesses/entity, based on
principle of business cost and expenditure.
• Immediate credit of stock transfers, without one-to-one co-
relation
• Set-off should be on entity/concern basis.
• Refunds, if any, should be automatic through system based
controls.
38. GST-NO TAX EVASION
• To check tax evasion, the Task Force has
proposed an IT-intensive 'Risk Intelligence
Network' (RIN).
• This would put three sets of databases
together – what the firm tells CBDT, what
it tells CBEC and what it puts forth to the
public, including shareholders.
39. ISSUES YET TO BE
DECIDED
• Constitutional amendment authorizing state
to collect and retain tax on services.
• Integration of certain Central & State
taxes (Various Cess, Electricity duty,
Entertainment tax etc.)
• Taxation of inter state services and
their method of taxation
• Stock transfer
• Road permits and check posts
40. ADMINISTATIVE
ISSUES / Bottlenecks
• Grant of ITC for inter-state transactions by receiving
state depends on efficient banking and related
mechanism
• Lack of IT preparedness of certain States is a key
bottleneck
• Success of the proposed GST structure critically
depends on operation of the effective IT system
• Getting tax refunds for exempted goods based on
budgetary allocation may delay refunds
41. WHAT CAIT DEMANDS
• Traders are tax collectors & not the tax
payers. Therefore they should be correctly
defined as Tax Collectors under GST Taxation
System.
• Traders should be reimbursed by the Govt. for
expenses incurred on collection of GST.
• Some sort of effective mechanism has to be
developed to ensure that benefit of reduction
in cost must be passed to end consumer. The
large manufacturers & companies may be
advised by virtue of law to declare their Pre-
GST & Post-GST cost of production to the
respective State taxation department.
42. WHAT CAIT DEMANDS
• Beside central & state taxes, the local Governing bodies like
Municipal Corporation etc are also levying several commercial
taxes. Either such taxes may also be amalgamated in GST or
a lowest uniform tax structure may be levied to avoid any
kind of disparity in taxes & rates between local bodies of
different states.
• The VAT registration Number should itself be construed as
GST no. & traders should not be asked to apply afresh.
Further, the procedure of obtaining new GST registration
numbers should be made simple & easy.
• The refund procedure in GST should be made quite simple &
it is to be ensured that within much reasonable time, the
traders should get back their refund and in case of delay, the
traders should be compensated with interest by the
department.
43. WHAT CAIT DEMANDS
• In order to make the stakeholders aware about modalities of
GST and other related issues, an intensive nationwide publicity
campaign inclusive of workshops, seminars etc may also be
planned with the active assistance of trade associations.
• A special working group on GST may be formed both at Centre
& state levels with representatives of trade & industry for
preparing final roadmap of GST & its implementation.
• Since GST will be based on computerization system, it is
suggested that computer may be made available to traders on
subsidy to be provided by the Government.
• It is also suggested that GST software may be made available
to all traders & others section of the society free of cost.