GST-The Basics
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GST is an indirect taxation which is going to replace other indirect taxes such as Excise,VAT,Service Tax.This slide is just a basic about it.
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GST ; AND ITS ACCOUNTING IMPLICATION
The document discusses Goods and Services Tax (GST) in India. It provides background on the efforts to introduce GST, potential benefits including reduced tax burden for companies and economic growth. However, it also notes challenges such as impact on the real estate market and need for strong IT infrastructure. Industry leaders express support for GST, expecting it to enhance economic development and reduce tax evasion. Case studies of GST implementation in other countries like Australia and New Zealand are also presented.
Understanding Goods & Services Tax (GST), India
This document provides an overview of the proposed Goods and Services Tax (GST) system in India. It discusses the limitations of the current indirect tax system, including cascading taxes and lack of centralized administration. The proposed GST system would create a unified tax structure with three components - CGST, SGST, and IGST. This would simplify compliance, reduce costs, and promote a unified national market. The bill has passed the Lok Sabha and is currently tabled in the Rajya Sabha. Implementation of GST is expected to boost investment, employment, and economic growth in India by simplifying taxes and widening the tax base.
Gst key impact areas
This document outlines some of the key impact areas of implementing the Goods and Services Tax (GST) in India. It notes that GST will create a uniform tax rate nationwide and remove exemptions, cascading taxes, and barriers to interstate trade. This is expected to lead to supply chain reengineering, consolidation of warehouses, and flexibility in sourcing. It also may cause some initial inflation and working capital strains. The document provides an example of how prices will be lower after GST compared to the pre-GST tax regime due to full tax credits being available. Finally, it states that GST will significantly impact many business functions and processes across every industry.
Tax Policy Reforms with focus on VAT & GST in India - Jena
Updated 80 slides training material on Goods and Service Tax of India is designed keeping the Value Added Tax and General Sales Tax in the background. General tax reforms in major direct and indirect taxes of India are discussed as introduction keeping overarching taxation guides in background. Impact of direct taxation is analyzed with some original concepts and examples. Some of the concepts and most of the examples and computations demonstrated in VAT and GST section are also original of the author.
PPT ON GOODS AND SERVICES TAX
GST (Goods and Services Tax) is a major tax reform that will transform India into a unified market and manufacturing hub. It will replace multiple indirect taxes and is expected to increase GDP by 1-2% by creating more jobs and opportunities. The GST bill was introduced in Parliament in 2015 and passed in 2016. GST will lower prices for many goods while increasing prices for some services. It will benefit the economy overall but some sectors like banking, medical and IT may see higher costs initially. Careful implementation of tax rates between states and inclusion of petroleum products is needed for GST to be a success in India.
Gst
GST (Goods and Services Tax) is an indirect tax that was introduced in India in 2017 to replace existing taxes levied by central and state governments. It is governed by the GST Council led by the Union Finance Minister. Goods and services are taxed at multiple rates from 0% to 28% depending on their classification, with some items subject to an additional cess. The reform aims to simplify taxation by subsuming many indirect taxes under a single regime and promoting a common national market. A special authority called GSTN was created to develop the IT network to support its implementation across India.
Basics of Goods & Service Tax
GST stands for Goods and Services Tax, which will replace existing indirect taxes such as VAT, service tax, etc. GST is payable on the supply of goods or services and will be collected by the supplier from the customer. There are three types of GST - CGST, SGST, and IGST. CGST and SGST apply to intrastate supplies while IGST applies to interstate supplies. Registered businesses can claim a credit for GST paid on inputs against the GST charged on outputs, subject to certain conditions. The threshold for mandatory GST registration is an aggregate turnover of Rs. 20 lakhs annually, except in North Eastern states where it is Rs. 10 lakhs.
GST in the Cement Industry - by Frahim Adajania
This presentation is a brief abstract of the Goods and Services Tax (GST) applicable in the Cement Industry in India. It includes the taxes applicable before and after the implementation of GST and its effects to the industry.
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GST ; AND ITS ACCOUNTING IMPLICATION
The document discusses Goods and Services Tax (GST) in India. It provides background on the efforts to introduce GST, potential benefits including reduced tax burden for companies and economic growth. However, it also notes challenges such as impact on the real estate market and need for strong IT infrastructure. Industry leaders express support for GST, expecting it to enhance economic development and reduce tax evasion. Case studies of GST implementation in other countries like Australia and New Zealand are also presented.
Understanding Goods & Services Tax (GST), India
This document provides an overview of the proposed Goods and Services Tax (GST) system in India. It discusses the limitations of the current indirect tax system, including cascading taxes and lack of centralized administration. The proposed GST system would create a unified tax structure with three components - CGST, SGST, and IGST. This would simplify compliance, reduce costs, and promote a unified national market. The bill has passed the Lok Sabha and is currently tabled in the Rajya Sabha. Implementation of GST is expected to boost investment, employment, and economic growth in India by simplifying taxes and widening the tax base.
Gst key impact areas
This document outlines some of the key impact areas of implementing the Goods and Services Tax (GST) in India. It notes that GST will create a uniform tax rate nationwide and remove exemptions, cascading taxes, and barriers to interstate trade. This is expected to lead to supply chain reengineering, consolidation of warehouses, and flexibility in sourcing. It also may cause some initial inflation and working capital strains. The document provides an example of how prices will be lower after GST compared to the pre-GST tax regime due to full tax credits being available. Finally, it states that GST will significantly impact many business functions and processes across every industry.
Tax Policy Reforms with focus on VAT & GST in India - Jena
Updated 80 slides training material on Goods and Service Tax of India is designed keeping the Value Added Tax and General Sales Tax in the background. General tax reforms in major direct and indirect taxes of India are discussed as introduction keeping overarching taxation guides in background. Impact of direct taxation is analyzed with some original concepts and examples. Some of the concepts and most of the examples and computations demonstrated in VAT and GST section are also original of the author.
PPT ON GOODS AND SERVICES TAX
GST (Goods and Services Tax) is a major tax reform that will transform India into a unified market and manufacturing hub. It will replace multiple indirect taxes and is expected to increase GDP by 1-2% by creating more jobs and opportunities. The GST bill was introduced in Parliament in 2015 and passed in 2016. GST will lower prices for many goods while increasing prices for some services. It will benefit the economy overall but some sectors like banking, medical and IT may see higher costs initially. Careful implementation of tax rates between states and inclusion of petroleum products is needed for GST to be a success in India.
Gst
GST (Goods and Services Tax) is an indirect tax that was introduced in India in 2017 to replace existing taxes levied by central and state governments. It is governed by the GST Council led by the Union Finance Minister. Goods and services are taxed at multiple rates from 0% to 28% depending on their classification, with some items subject to an additional cess. The reform aims to simplify taxation by subsuming many indirect taxes under a single regime and promoting a common national market. A special authority called GSTN was created to develop the IT network to support its implementation across India.
Basics of Goods & Service Tax
GST stands for Goods and Services Tax, which will replace existing indirect taxes such as VAT, service tax, etc. GST is payable on the supply of goods or services and will be collected by the supplier from the customer. There are three types of GST - CGST, SGST, and IGST. CGST and SGST apply to intrastate supplies while IGST applies to interstate supplies. Registered businesses can claim a credit for GST paid on inputs against the GST charged on outputs, subject to certain conditions. The threshold for mandatory GST registration is an aggregate turnover of Rs. 20 lakhs annually, except in North Eastern states where it is Rs. 10 lakhs.
GST in the Cement Industry - by Frahim Adajania
This presentation is a brief abstract of the Goods and Services Tax (GST) applicable in the Cement Industry in India. It includes the taxes applicable before and after the implementation of GST and its effects to the industry.
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The Goods and Services Tax (Amendment) Bill — officially known as, the Constitution (122nd Amendment) (GST) Bill, 2014 — is believed to be the biggest tax reform since independence. The Constitution Amendment Bill for Goods and Services Tax (GST) passed in the Rajya Sabha on 3 August 2016, which was approved by the Lok Sabha in May 2015.
gst
The document discusses India's proposed Goods and Services Tax (GST) bill. It provides an overview of the existing indirect tax structure, the need for GST reform to address issues like tax cascading and complexity, and key aspects of the proposed GST model such as a dual GST system administered by both central and state authorities. The GST is expected to lower costs for businesses and consumers while simplifying taxation and boosting the economy.
Introduction to GST for SMEs in Malaysia
Hi everyone,
This is a summary slides that summarizes the GST implementation in Malaysia for SMEs.
If you are interested to know more, please feel free to visit our website at http://www.OfficeCentralCloud.com. Or sign up for a free trial for OfficeCentral, your All-In-One GST-Compliant enterprise management system specially designed for SMEs here: http://www.OfficeCentral.com.my.
Thank you!
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GST bill
The Goods and Services Tax (GST) Bill in India aims to replace existing taxes on goods and services with a single levy, reducing prices long-term and boosting economic growth by making India a single market without tax on tax. It is expected to increase transparency and tax revenues for the government, lower the tax burden on industry, reduce prices for consumers, increase exports by over 10% and GDP growth, and simplify tax procedures by reducing paperwork.
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This document discusses the challenges and impact of implementing the Goods and Services Tax (GST) in Malaysia. It provides background on GST, including what it is, its classification of items as standard-rated, zero-rated, or exempt. It also discusses Malaysia's GST supplies model and provides examples. The document reviews the history of GST/VAT in other countries like France, Germany, Singapore, and Australia. It concludes with recommendations for Malaysia around GST implementation.
Impact of Analysis of Goods And services TAX IN INDIA
GST is a comprehensive indirect tax on the supply of goods and services throughout India that replaced multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. Key aspects of GST include being levied at each stage of the supply chain, providing full and comprehensive input tax credit, and applying to all sectors with few exemptions. The document discusses the types of taxes subsumed under GST as well as those not subsumed. It also covers the basic structure and terms of GST including CGST, SGST, IGST and their applicability.
GSTR 3B Format
Check out the official GSTR-3B Format provided by GSTN.
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Goods & service tax...
GST (Goods and Services Tax) will replace existing indirect taxes in India. It will combine taxes levied by central and state governments. GST is expected to simplify and standardize the tax system while reducing costs for businesses. The tax is levied at each stage of supply but businesses can claim credits for taxes paid on previous purchases. This allows fair pricing while reducing instances of double taxation. The GST rate in India is still being decided but will likely have multiple slabs for essential and luxury goods.
GST
This document provides an overview of the Goods and Service Tax (GST) proposed to be implemented in India. It defines key terms like CGST, SGST, and IGST which will be the central, state, and integrated taxes applied to goods and services. It explains that GST is a destination-based consumption tax where the full amount of taxes is paid to the destination state. Exporting is zero-rated under GST. The document also outlines benefits of GST for government, businesses, and consumers through simplification and harmonization of indirect taxes.
Gst
The document discusses key aspects of the Goods and Services Tax (GST) implemented in India in 2017. It notes that France was the first country to implement a GST in 1954. It outlines the objectives of GST as consolidating indirect taxes and creating tax efficiencies. The document also describes the tax structure under GST, including CGST, SGST and IGST; registration requirements for businesses; and return filing process. It highlights some challenges of the dual GST model, including taxpayers having to pay both CGST and SGST for intra-state supplies.
Article Review on GST in Malaysia
The document discusses the implementation of Goods and Services Tax (GST) in Malaysia. It provides background on GST and how it replaced the previous sales and service tax system. While there was initial opposition, GST has been largely successful in Malaysia. It has increased tax revenue collection which allows for greater government spending on public services and infrastructure development. Though it places a larger burden on lower-income groups, various exemptions have helped reduce costs of essential goods. Overall, GST acceptance has grown over time as the public better understands its role in supporting the country's economic growth.
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This document provides an overview of the Goods and Services Tax (GST) in India. Some key points:
- GST is an indirect tax that will replace existing taxes like sales tax, service tax, and duties. It aims to create a unified market and reduce the cascading effect of taxes.
- GST will be levied by the central and state governments simultaneously on the supply of goods and services. There will also be an integrated GST for inter-state transactions.
- GST is expected to simplify taxation, boost revenue, increase competitiveness, and benefit consumers, industry and agriculture by reducing costs and improving the tax system. It is an important reform that could boost India's economic growth.
Gst presentation
The document discusses the Goods and Services Tax (GST) model proposed for India. It explains that GST aims to replace existing indirect taxes with a single, unified tax to reduce the cascading effect of taxes. It will treat goods and services uniformly and ensure input tax credits are not blocked. This will help lower production costs and inflation rates. The document outlines the proposed GST model, including rate structures, inter-state transactions, exemptions, and its basis in the Indian Constitution. It also discusses the expected benefits of GST such as increased demand, competitiveness and government revenues once implemented nationally.
Gst impact on Dealer Management Solutions (DMS)
This document provides an overview and guide to understanding the impacts of the proposed Goods and Services Tax (GST) regime in India on dealer management systems (DMS). It discusses key aspects of GST including the tax components of central GST, state GST, and integrated GST. It also summarizes the potential functional, IT systems, governance, and operational impacts of GST compliance on DMS. Specifically, it outlines considerations for areas like master data, business applications and interfaces, reporting, and test builds. The document estimates the development effort required for GST compliance at 15-20% and total effort including testing at 35-40%. It provides recommendations on establishing a project plan and governance structure to effectively measure progress and ensure
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This document summarizes key aspects of GST registration in India based on draft rules released by the government. It notes that registration will be required if annual aggregate turnover exceeds Rs. 9 lakhs (Rs. 4 lakhs in North Eastern states). It outlines the registration procedure and discusses provisions for migrating existing taxpayers. It also discusses the impact of GST on the manufacturing sector, including opportunities for improved sourcing and credit availability, as well as challenges related to multiple proposed GST rates and potential differences in rates between goods and services.
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Introduction to GST for SMEs in Malaysia
Hi everyone,
This is a summary slides that summarizes the GST implementation in Malaysia for SMEs.
If you are interested to know more, please feel free to visit our website at http://www.OfficeCentralCloud.com. Or sign up for a free trial for OfficeCentral, your All-In-One GST-Compliant enterprise management system specially designed for SMEs here: http://www.OfficeCentral.com.my.
Thank you!
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The document discusses the impact of the Goods and Services Tax (GST) on India's logistics sector. It notes that GST will eliminate the tax-on-tax regime and make tax a non-factor in supply chain decisions. This will allow companies to consolidate warehouses across states, reducing costs. The logistics sector is estimated to see a 10-15% reduction in costs. Companies will need to redesign distribution networks and adapt pricing, warehousing, and purchasing strategies to take advantage of the opportunities presented by GST.
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The Goods and Services Tax (GST) Bill in India aims to replace existing taxes on goods and services with a single levy, reducing prices long-term and boosting economic growth by making India a single market without tax on tax. It is expected to increase transparency and tax revenues for the government, lower the tax burden on industry, reduce prices for consumers, increase exports by over 10% and GDP growth, and simplify tax procedures by reducing paperwork.
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The document provides information about the Goods and Services Tax (GST) implemented in India in 2017. It discusses key aspects of GST such as how it subsumes many indirect taxes, its dual structure with CGST and SGST, applicable tax rates, and estimated impacts. Some key points include that GST is expected to reduce costs for businesses and consumers by mitigating the cascading effect of taxes, while increasing tax collection and transparency across the country.
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This document discusses the challenges and impact of implementing the Goods and Services Tax (GST) in Malaysia. It provides background on GST, including what it is, its classification of items as standard-rated, zero-rated, or exempt. It also discusses Malaysia's GST supplies model and provides examples. The document reviews the history of GST/VAT in other countries like France, Germany, Singapore, and Australia. It concludes with recommendations for Malaysia around GST implementation.
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GST is a comprehensive indirect tax on the supply of goods and services throughout India that replaced multiple taxes levied by the central and state governments. It aims to create a single, unified Indian market to make India a common economic market. Key aspects of GST include being levied at each stage of the supply chain, providing full and comprehensive input tax credit, and applying to all sectors with few exemptions. The document discusses the types of taxes subsumed under GST as well as those not subsumed. It also covers the basic structure and terms of GST including CGST, SGST, IGST and their applicability.
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Goods & service tax...
GST (Goods and Services Tax) will replace existing indirect taxes in India. It will combine taxes levied by central and state governments. GST is expected to simplify and standardize the tax system while reducing costs for businesses. The tax is levied at each stage of supply but businesses can claim credits for taxes paid on previous purchases. This allows fair pricing while reducing instances of double taxation. The GST rate in India is still being decided but will likely have multiple slabs for essential and luxury goods.
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This document provides an overview of the Goods and Service Tax (GST) proposed to be implemented in India. It defines key terms like CGST, SGST, and IGST which will be the central, state, and integrated taxes applied to goods and services. It explains that GST is a destination-based consumption tax where the full amount of taxes is paid to the destination state. Exporting is zero-rated under GST. The document also outlines benefits of GST for government, businesses, and consumers through simplification and harmonization of indirect taxes.
Gst
The document discusses key aspects of the Goods and Services Tax (GST) implemented in India in 2017. It notes that France was the first country to implement a GST in 1954. It outlines the objectives of GST as consolidating indirect taxes and creating tax efficiencies. The document also describes the tax structure under GST, including CGST, SGST and IGST; registration requirements for businesses; and return filing process. It highlights some challenges of the dual GST model, including taxpayers having to pay both CGST and SGST for intra-state supplies.
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The document discusses the implementation of Goods and Services Tax (GST) in Malaysia. It provides background on GST and how it replaced the previous sales and service tax system. While there was initial opposition, GST has been largely successful in Malaysia. It has increased tax revenue collection which allows for greater government spending on public services and infrastructure development. Though it places a larger burden on lower-income groups, various exemptions have helped reduce costs of essential goods. Overall, GST acceptance has grown over time as the public better understands its role in supporting the country's economic growth.
Frequently asked questions on gst
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.
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This document provides an overview of the Goods and Services Tax (GST) in India. Some key points:
- GST is an indirect tax that will replace existing taxes like sales tax, service tax, and duties. It aims to create a unified market and reduce the cascading effect of taxes.
- GST will be levied by the central and state governments simultaneously on the supply of goods and services. There will also be an integrated GST for inter-state transactions.
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This document provides an overview of the Goods and Services Tax (GST) that is proposed to be implemented in India. It discusses the present indirect tax structure in India and how it will be replaced by GST. The key benefits of GST for taxpayers and the exchequer are highlighted. Challenges of implementing GST based on lessons from the present system are outlined. Important milestones in the implementation of GST in India are also summarized.
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Have you had trouble making sense of the hundreds of articles on the Goods and Service Tax? We did too. We realized that we could not make sense of GST because we did not understand the basics. So we studied many documents and met a lot of experts to understand the logic of GST.
We are very happy to share that understanding with you. You can learn about Input Tax credit, what changes with GST, how many taxes are going away and what does it all mean for industry and government. What is more, all this has been communicated using simple examples and easy language.
If you find this presentation useful, please do share it on Email, FaceBook, Twitter and other social media.
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Goods and service tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level. • Gst is a tax on goods and services with value addition at each stage. • Gst willinclude many state and central level indirect taxes.
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Goods and Services Tax (GST) is an indirect tax that subsumes multiple indirect taxes into a single tax. [GST consists of Central GST (CGST), State GST (SGST), and Integrated GST (IGST).] CGST and SGST apply to intra-state supplies while IGST applies to inter-state supplies. Under GST, input tax credit can be claimed which helps avoid the cascading effect of taxes. Registered persons need to comply with invoice rules and can opt for a composition scheme if turnover is below the threshold.
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The document provides an overview of the Goods and Services Tax (GST) system being implemented in India. It discusses the existing indirect tax system and its shortcomings, as well as the rationale for introducing GST. Key points include:
1) GST will replace multiple existing indirect taxes and be levied on the supply of goods and services.
2) It aims to create a common national market by removing economic distortions caused by the current tax system.
3) GST will be implemented as a dual model with taxation powers shared between the central and state governments.
Presentation GST _ Vinay Bhushan _ Taxpert
The document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India. It discusses the existing tax system with separate taxes for central and state governments, and describes GST as a comprehensive indirect tax on the supply of goods and services that will replace many existing taxes. GST will be levied concurrently by the central and state governments and will help create a common national market.
Gst personal
The document discusses key aspects of the proposed Goods and Services Tax (GST) in India such as:
1) It outlines the current indirect tax structure and how taxes will be subsumed under GST.
2) It presents the key benefits of GST for taxpayers like simplification and ease of compliance as well as benefits for the exchequer like improved revenue collections.
3) Illustrations are provided to showcase how tax burdens will be reduced for businesses under GST compared to the current indirect tax system.
Gst personal
This document discusses Goods and Services Tax (GST) in India. It provides an overview of the present and proposed indirect tax structure in India, highlighting the benefits of GST for taxpayers and the government. It also outlines some of the key challenges in implementing GST based on lessons from the present tax system. The document then reviews important milestones in India's transition to a GST system.
GST INDIA
The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
GST Part 1
This document discusses GST (Goods and Services Tax) in India, including problems and solutions related to its implementation. It provides examples of calculating GST for various transactions, such as sales within and between states. It also addresses topics like input tax credit, import/export of goods, and calculating tax payable and refunds. The document aims to help understand complexities of the Indian GST system through worked examples.
Understanding the GST
The document provides an overview of the Goods and Services Tax (GST) system in India. Some key points:
- GST is a consumption-based tax levied on the supply of goods and services. It comprises Central GST, State GST, and Integrated GST.
- Many existing taxes at the central and state level will be subsumed under GST including excise duty, VAT, service tax, etc.
- GST will have multiple tax slabs of 0%, 5%, 12%, 18%, 28% and a cess on luxury and 'sin' goods. Composition scheme available for small businesses.
- Input tax credit mechanism allows set-off of taxes paid
Gst And its Impacts Project
The document discusses the Goods and Services Tax (GST) that was introduced in India. It provides an overview of the existing taxation system including sales tax, VAT, excise duty, and service tax. It explains the problems with the current system and the need for GST to simplify taxation. GST is a dual GST model with Central GST and State GST levied on the same base. It aims to remove cascading of taxes and create a unified national market. Key benefits of GST include reduced prices, improved logistics, and a more transparent and efficient tax system.
GST for Small Enterprises by CA RISHI GOYAL
The document discusses key aspects of the Goods and Services Tax (GST) implemented in India. It notes that GST is a tax on the supply of goods and services, levied at each stage of supply. There are three types of GST: Central GST, State GST, and Integrated GST. Certain state and central taxes are subsumed under GST. Suppliers must register under GST if their aggregate annual turnover exceeds certain thresholds. Special categories of persons also require registration regardless of turnover. Input tax credit rules and return filing requirements are also outlined.
Gst1
Goods and Services Tax (GST) is an important indirect tax reform in India that will replace multiple taxes imposed by central and state governments. It will be a dual GST with taxation powers shared between the central and state governments. While the central government can tax services and goods up to production, states can tax sale of goods. Constitutional amendments are needed to properly implement GST. GST will be a comprehensive tax on supply of goods and services that aims to eliminate cascading taxes and provide seamless input tax credits. It has faced delays in implementation due to lack of consensus among states on certain issues.
GST simplified for textile traders
This presentation plan covers the key aspects of the proposed Goods and Services Tax (GST) regime in India. It begins with an overview of the existing indirect tax structure and its limitations. It then discusses the main benefits of GST such as simplification and harmonization of indirect taxes. The presentation goes on to explain the key features of GST including the dual GST model, registration requirements, input tax credit provisions, invoice rules, payment of tax, and return filing process. It also touches on other aspects like valuation, e-way bill system, reverse charge mechanism and composition scheme. Specific issues related to textile traders are also mentioned. Overall, the document provides a comprehensive overview of the major elements of the proposed G
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GST-The Basics
- 3. TAXES DIRECT INCOME TAX WEALTH TAX INDIRECT SALES TAX/VAT CST CENTRAL EXCISE DUTY SERVICE TAX CUSTOM
- 4. TAXES DIRECT INCOME TAX WEALTH TAX INDIRECT SALES TAX/VAT CST CENTRAL EXCISE DUTY SERVICE TAX CUSTOM
- 5. TAXES DIRECT INCOME TAX WEALTH TAX INDIRECT CUSTOM GST
- 6. THE PRESENT SYSTEM OF INDIRECT TAXATION Ref. Tax Levy by Levied on Credit can be set-off against Covered by GST 1 Central Excise duty Centre Manufacture 1,2 Yes 2 Service Tax Centre Providing services 1,2 Yes 3 Customs Centre Import - No 4 CVD* under Customs Centre Import (compensating Excise) 1,2 Yes 5 SAD* under Customs Centre Import (compensating Sales Tax) 1 Yes 6 CST Centre Inter-State sales - Yes 7 VAT State Sales within a state 7 Yes (* CVD-CounterVai l ing Duty;Sad-Special Additional Duty)
- 7. THE NEED FOR GST REMOVE CASCADING EFFECT OF TAXES Price=100 +taxes@10 % =110 B C Purchase Price 110 +Tax@10% =121 A Purchase Price 121 +Tax@10% =133
- 9. Transaction NEW System OLD System Comments Sale within the state SGST CGST VAT & Excise/ ST Under the new system, a transaction of sale within the state shall have two taxes, SGST-which goes to the State; and CGST which goes to the Centre Sale outside The state IGST CST & Excise/ ST Under the new system, a transaction of sale from one state to another shall have only one type of tax, the IGST-which goes to the Centre
- 11. A(MUMBAI) Sale Price=100 SGST@8%=8 CGST@8%=8 B(PUNE) Sale Price=200 SGST@8%=16-Input SGST=8 CGST@8%=16-Input CGST=8 C(NAGPUR) CENTRAL Mumbai MAHARASTR A
- 12. A(INDORE) Sale Price=100 SGST@8%=8 CGST@8%=8 B(BHOPAL) Sale Price=200 IGST@16%=32-SGST & CGST=16 C(LUCKNOW) CENTRAL Transfer of credit : SGST MADHYA PRADESH
- 13. A(DELHI) Sale Price=100 IGST@16%=16 B(JAIPUR) Sale Price=200 CGST@8%=16-Input IGST(8)=8 CGST@8%=16-Input CGST(8)=8 C(JODHPUR) CENTRAL Transfer of Credit : IGST Jaipur RAJASTHAN
- 14. Reduction in prices Increase in Government Revenue Less compliance and procedural cost Taxes which cannot be set off will reduce All India tax will be based on value added No value added implies no tax to be paid to the government Creation of a tax neutral supply chain. You follow any route; the tax given to the government will remain the same. Entry tax, Octroi etc. Will be there, but as is evident, these are also being slowly removed. This will make the supply chain perfectly neutral to taxes
- 15. Factors to be kept in mind about GST All the states implement the GST together and that too,at the same rates. For smooth functioning, the GST legislation clearly sets out the taxable event. It should be clearly identifiable as to where the goods are moving. CAs will have to take the onus to spread the awareness about GST.
Editor's Notes
- Prepared by : Aman Jajoo Roll no : 300 Room no : 12