The implementation of GST will help the hospitality and tourism industry by reducing costs for customers, harmonizing taxes, and reducing business transaction costs. Under GST, the hospitality sector stands to benefit from standardized uniform tax rates and easier input tax credit utilization. Key rates include 0% for hotels below ₹999, 12% for ₹1000-₹2499, 18% for ₹2500-₹7499, and 28% for above ₹7500. Non-AC restaurants serving alcohol will be taxed at 18%. While economy air travel will be cheaper at 5%, business class tickets will be dearer at 12%. Restaurants expect costs and prices to decrease due to lower
The report contain Impact of GST on Hospitality sectors and various provision that are applicable to Goods and Service Tax for Hotels, Restaurant sector in India.
It covers Rates of GST, Provision of place of supply, valuation
GST In India An Overview and Impact.
Types of Taxes Covered in CGST, SGST, IGST
Benefits for Government and Customer
GDP growth rate
Many more to find in PPT
Everything you want to known about GST is here and you can use it for increase your knowledge as well as make your own project with the material provided here.
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
Introduction /Concepts of GST
Existing & Proposed Tax Structure in India
Model/Components of GST
Benefits under GST
Applicability & Rate in GST Regime
Impact of GST
GST Set off Chain & its methodology
Functioning of GST
Others Areas of GST
Key Amendments in Bill
Sector Wise Impacts
Flaws of the GST Model
Conclusion.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
Taxation on hotel industry under GST regime - Dr Sanjiv AgarwalD Murali ☆
Taxation on hotel industry under GST regime - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
How GST implementation will have a impact on hospitality sector?Ramya K
Hospitality Industry in India, a big contributor to the country’s economic growth is on high growth. Definitely, gst implementation from July 1,2017 will have huge impact on the hospitality sector.
Presented By http://www.4dhotelbookingsoftware.com/
The report contain Impact of GST on Hospitality sectors and various provision that are applicable to Goods and Service Tax for Hotels, Restaurant sector in India.
It covers Rates of GST, Provision of place of supply, valuation
GST In India An Overview and Impact.
Types of Taxes Covered in CGST, SGST, IGST
Benefits for Government and Customer
GDP growth rate
Many more to find in PPT
Everything you want to known about GST is here and you can use it for increase your knowledge as well as make your own project with the material provided here.
EXPLAINING ABT GST CLAUSE, RULES REGULATION
Executive Summary…………………………………………….1
i
Background of GST within and outside India
ii
Preparation for GST
iii
Need for GST
2
Objective of Study……………………………………………....9
i
Benefits and simplification of GST model in India
3
Scope of GST…………………………………………………...16
4
Literature Review……………………………………………...17
5
Research model………………………………………………...18
6
Data Collection………………………………………………...18
i
Dual GST model to be introduced in India
ii
GST Portal
iii
GST Registration, GSTIN
iv
Composition Dealer, Applicability
v
Migration to GST
vi
Penalties of not registering under GST
vii
Multiple Registration under GST
viii
Input tax credit
ix
x
GST software
GST rate comparison existing tax system v/s new tax system
7
xi
GST return procedure
Data Analysis…………………………………………..............37
i
GST calculation
ii
GST benefit to common man
iii
Impact of GST (Overall, On India, Indian Economy)
8
Negative List…………………………………………………...46
9
List of Tax not considered under GST……………………….48
10
Limitation (Why no to GST)………………………………….49
11
Conclusion……………………………………………………...51
12
Recommendation…………………………………………........53
Introduction /Concepts of GST
Existing & Proposed Tax Structure in India
Model/Components of GST
Benefits under GST
Applicability & Rate in GST Regime
Impact of GST
GST Set off Chain & its methodology
Functioning of GST
Others Areas of GST
Key Amendments in Bill
Sector Wise Impacts
Flaws of the GST Model
Conclusion.
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level.
The Goods and Services Tax is being billed as the significant next step in indirect tax reform since VAT was successfully introduced all over India.
However, in introducing GST, there are some objections from some State governments.
Taxation on hotel industry under GST regime - Dr Sanjiv AgarwalD Murali ☆
Taxation on hotel industry under GST regime - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
How GST implementation will have a impact on hospitality sector?Ramya K
Hospitality Industry in India, a big contributor to the country’s economic growth is on high growth. Definitely, gst implementation from July 1,2017 will have huge impact on the hospitality sector.
Presented By http://www.4dhotelbookingsoftware.com/
Impact of Goods and Services Tax (GST) to the Common Mantridentbull
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.
Goods and services tax in nutshell ,possibility and problemsPrashant Arsul
It is a destination based tax on consumption of goods and services
It is levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff.
only value addition will be taxed and burden of tax is to be borne by the final consumer
General knowledge on GST to understand the biggest tax reform in the Indian Economy.
Note: It's just a brief on GST and does not get into the intricacies. Thank you for viewing.
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Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
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In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
2. GST is a non-discriminatory tax, and its effect will be seen
across verticals.
The Indian hospitality and tourism industry, which was pegged
at US$ 136.2 billion at the end of 2017, is one of the sectors which
will see major changes post-July. Experts observe that the
implementation of GST will help the sector by reducing costs for
customers, harmonizing taxes, and reducing business transaction
costs, but will also have its own set of challenges.
Impact of GST on Hotels
3. Pre GST
Similar to other industries in India, there were multiple taxes
applicable to hotel industry. These were chiefly in the form of value
added tax (VAT), luxury tax and service tax. The VAT that ranged
between 12% and 14.5%, as well as the luxury tax, was applied over
and above this.
4. 4
Post GST
Under the Goods and Service Tax, the hospitality sector stands to reap
the benefits of standardized and uniform tax rates, and easy and better
utilization of input tax credit. As the final cost to end user decreases,
expect the industry can expect to attract more overseas tourists than
before. This would ideally result in improved revenues for the
government, and there are many pros to this new tax regime which
could help the industry’s growth in the long run. For instance,
complementary food (like breakfast) was taxed separately under VAT,
but now it will be taxed under GST as a bundled service.
5. 5
Pros of GST
Administrative Ease:
GST will abolish several other taxes, leading to a reduction in
procedural steps and more chances to streamline the taxation
process.
Clarity for Consumers:
It was sometimes difficult to differentiate between a Value Added
Tax and an entertainment tax for the common man. However, under
the GST regime customers will see only a single charge on their bill
and it would give them a clear picture of the tax they are paying.
6. Pros continued
Availability of Input Tax:
The tourism and hospitality industry will find it easier to claim
and avail input tax credit (ITC) and will get full ITC on their
inputs. Before GST, the tax paid on inputs (raw edibles for
food, cleaning supplies etc.) could not be adjusted against the
output without any complications. However, this will become
easier in the GST regime.
6
7. 7
RATE OF GST – Renting of hotels, inns, guest houses, clubs,
campsites or other commercial places meant for residential or
lodging purposes:-
Declared Room Tariff upto Rs. 999/- : GST @ NIL
Declared Room Tariff from Rs. 1000/- upto Rs. 2499/- : GST @ 12%
Declared Room Tariff from Rs. 2500/- upto Rs. 7499/- : GST @ 18%
Declared Room Tariff from Rs. 7500/- and above : GST @ 28%
10. Impact of GST on Airfares:
The cost of travel for economy class passengers is likely to be
remaining same. Economy class air travel will became cheaper
with the tax rate 5% against the existing 6% under the GST
regime. But the travelling Business class ticket will became
dearer as the tax will go up from 9%to12%.which will affect
the airline industry. Due to competitive scenario, the airlines
are not expected to implement the tax burden to passenger
as it might affect the airlines occupancy rate.
10
12. Impact of GST on restaurants
According to the National Restaurant Association of India’s India
Food Service Report, the current size of the Indian food service
industry is Rs4,08,040 crore in 2018.Many dishes in India could be
cheaper after GST.
Gains to the restaurant sector:
› Overall cost of procurement of raw materials will go down
› Since most items used in the restaurant industry like food
grains, milk, eggs, curd, common salt, unbranded besan,
sugar, tea, edible oils etc. are either exempt from GST or are
in the 5% GST bracket, the restaurant industry has a lot of
positive takeaways.
› Though the entire restaurant industry will benefit from GST,
cloud kitchens and Food delivery businesses will be most
benefited. 12
13. 13
Establishment Type and Services GST Rate Applicable
At establishments with turnover of <INR 75 lakh 5% (Composition Scheme)
Non-AC restaurants not serving alcohol 12%
Non-AC restaurants serving alcohol 18%
Restaurants with AC or Central heating (whether
serving or not serving alcohol)
18%
Partly AC and partly non-AC restaurants (includes
those serving and those not serving alcohol)
18%
AC Restaurants inside 5-Star Hotels 18%
14. Impact of GST on Tourism
› Tourism is one of the sectors in the economy that is
deliberately over the new regime. Hospitality is one of the
most competitive and steadily growing industries in the
country. The tourism industry contributes nearly US$136
billion to India’s GDP and is expected to further grow to
US$280.5 billion by 2026.
› Hospitality and tourism are also among the highest
employment generating sector and among the top ten sectors
in the country with the highest volume of foreign direct
investment. In addition to being one of the top sources of
foreign exchange, tourism is also among the higher tax
generating sectors in the country
14
15. Travel Industry is one of the booming sectors of the Indian
economy .
The new GST tax slabs of 5%, 12%, 18% and 28% are out and
the Impact of GST on Travel industry is disappointing. The
industry believes that the higher tax slabs will impact and
hinder growth, putting pressure on the bottom line and
squeezing the margins of industry players.
15
16. GST on Healthcare Sector
• GST has now slotted life-saving drugs for Diabetes, Malaria, TB, HIV-AIDS
compulsorily under the 5% slab, while categorizing formulations into the 12
percent slab (up from nine percent).
• Medical furniture such as beds, dentist’s chair and operating table etc.
will be charged at 18% slab of GST
• Diagnostics has been put in 18% and 12% tax slabs; it was 16% prior to
GST
• Some medicines have become more expensive under the GST regime, the
cost of MRI (Magnetic resonance imaging) and X-rays may increase
marginally
16
17. GST on Healthcare Sector
• Medical tourism generates extra revenue for Healthcare industry; it
has grown from $334 million in 2004 to $2 billion this year. With the
implementation of GST, medical tourism is also projected to grow
manifold due to exemption.
• Currently, 5 percent of the country’s GDP is expended on the
Healthcare sector. The healthcare sector is expected to touch $150
billion by end of 2017, from $80 billion in the year 2012 due to the
introduction of GST.
17