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.
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
GST (Goods and Service Tax) is going to transform the fundamentals of doing business in India in terms of speed, ease and competitiveness.
The present Government is leaving no stone unturned to make it a reality from 1st April’2016. In all probability, GST Bill is expected to be passed in the Budget session of 2015.
In this backdrop, we thought of compiling the basic tenets of GST and it’s present status.
Hope you will find it useful.
Share among your professional colleagues and friends to spread the awareness.
Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and services. GST is levied at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer.
GST (Goods and Service Tax) is going to transform the fundamentals of doing business in India in terms of speed, ease and competitiveness.
The present Government is leaving no stone unturned to make it a reality from 1st April’2016. In all probability, GST Bill is expected to be passed in the Budget session of 2015.
In this backdrop, we thought of compiling the basic tenets of GST and it’s present status.
Hope you will find it useful.
Share among your professional colleagues and friends to spread the awareness.
Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and services. GST is levied at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer.
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
VARIOUS FORMS OF INCOME TAX ,BASIC KNOWLEDGE OF GST PPT WHICH REQUIRED FOR A STUDENT TO UNDERSTAND DIRECT AND INDIRECT TAXATION. STUDENTS STUDYING B.COM AND M.COM WILL BE BENEFITED . FOR PRACTITIONERS ALSO WILL BENEFIT.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
hi I am Vishnu I made these project for my school if you like these please tell me to make your ppt with money mail to me to know any things ells etc ...
follow me on insta Vishnu_1807_
and subribe my youtube channel - https://www.youtube.com/@user-in4kz4ex2e
thank you
Similar to Impact of Analysis of Goods And services TAX IN INDIA (20)
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Impact of Analysis of Goods And services TAX IN INDIA
1. ANALYSIS OF THE IMPACT
OF
GST IN INIDA
Submitted To: Submitted
By:
Mrs. Palika Mehta Virender
Tiwari
2. ACKNOWLEDGEMENT
I would like to convey my heartiest thanks to Mrs. Palika Mehta Ma’am, my project guide
who always gave me her valuable time and suggestions during the completion of this
project.
She has been a source of inspiration for me and she helped me in understanding and
remembering important and necessary details of the project.
I would also like to thanks to my all sir CA Mahesh shrivastav, CA Pradep Saini, CA
Ravindra Yadav, CA Saurav Agrawal who helped me a lot in this project and motivated me
a lot.
I would also like to thank god for giving me such wonderful guides who keep on guiding me
at every moment whenever I need them.
3. WHAT IS TAX AND THEIR TYPES?
Tax is obligatory contribution to the state revenue; the government of India levy on
the income of workers and business gains or added up to the cost of some
transactions. Goods and Services.
Types of taxes:
1. DIRECT TAX: The person paying the tax to the Government directly bears the
incident of the tax.
Progressive in nature - high rates of taxes for people having higher ability to pay.
2. INDIRECT TAX: The person paying tax to the government collects the same
from the ultimate customer. Thus, incident of the Tax is shifted to the other person.
Regressive in nature – All the consumer equally bear the burden, irrespective of
their ability to pay.
4. DIRECT TAX
• Banking cash Transaction Tax.
• Corporate Tax.
• Capital Gains Tax.
• Double Tax Avoidance treaty.
• Fringe Benefit Tax.
• Securities Transaction Tax.
• Personal Income-tax.
• Tax Incentives.
INDIRECT TAX
• Anti-Dumping Duty
• Custom Duty
• Excise Duty
• Sales Duty
• Service Tax
• Value Added Tax. Or VAT
7. GST firstly introduced by France.
GST is a comprehensive value added tax on goods and services
It is collected on value added at each stage of saleor purchase in the supply chain
No differentiation between Goods and Services as GSTis levied at each stage in the supply
chain
Seamless input tax credit throughout the supply chain
At all stages of production and distribution, taxes are apass through and tax is borne by
the finalconsumer
All sectors are taxed with very few exceptions / exemptions
GST was introduce on 1st July 2017 under GST ACT 2017, the law was defined
by the constitution of India.
Smt. Nirmala sitharaman is a minister of MIISTERY OF FINANCE of INDIA
GST comes under MINISTRY OF FINANCE(MOF)
There are 2 separate boards has been defined by the MOF:
1. Central board of direct tax(CBDT): Income Tax notification will given by CBDT for
Income Tax.
2. Central Board of Indirect Taxes And Custom(CBIC): All indirect Tax notification
released by the CBIC only.
8. There are only 2 website available for GST
1. www.gst.gov.in for paying Goods & Services Tax
2. www.gstcouncil.gov.in for getting updates for the amendment done by the
government. As GST Is still on it’s maturity stage so in every 6 moths or less then
that government make some changes on GST payment portal to improve
experience of Taxpayers. And there are total 33 members in GST council who
brings Amandement for the better experience.
PURPOSE OF GST
The Two Important Purposes of GST are as followings:
• Single Umbrella Tax Rate: GST shall replace a number of indirect taxes being levied
by union and state government.
• Removing Cascading Effect: GST is intended to remove Tax on Tax Effect and
provides to common national market for Goods and Services.
9.
10. TAXES SUBSUMED IN GST
• GST replaced several existing taxes and levies
which include:
Central Taxes to Subsumed
Central excise duty
Services tax
Additional customs duty,
Surcharges & Cess
CVD & SAD
State Taxes to subsumed
State-level value added tax
Purchase Tax
Luxury Tax
Entry Tax
Octroi
Entertainment Tax
11. TAXES NOT SUBSUMED IN GST
Following taxes not to be subsumed under GST :-
State taxes :-
• State Excise Duty :- alcohol, alcoholic preparations, and narcotic substances.
ii. Stamp Duty
iii. Profession Tax
iv. Motor Vehicle Tax
v. Electricity Duty –Doubtful because of inclusion of electricity in the definition of term
“goods”
vi. Sale tax on five petroleum products :- Petroleum Crude, Motor Spirit
(petrol), High Speed Diesel, Natural Gas and Aviation Turbine Fuel
Central taxes :-
Customs Duty.
13. GST Structure
Central GST State GST Integrated GST
GST to be levied by the
Central Government.
GST to be levied by
the State
Government.
GST to be levied by
the Centre and the
States concurrently.
Model of GST
14. BASIC TERMS
SGST -State Goods and Service Tax
i. It is applicable to intra-state sales (within the same state)
ii. It is collected by state Government.
CGST - Central Goods and Service Tax
i. It is applicable to intra-state sales (within the same state)
ii. It is collected by the Central Government.
iii. It replaces earlier taxes such as Central excise and Service Tax
IGST - Integrated Goods and Service Tax {CGST+SGST}
i. It is applicable to inter-state sales (between different states)
ii. It is collected by the Central Government on the inter-state sales.
iii. It replaces earlier taxes such as Central Sales Tax
UTGST – Union Territory Goods and Service Tax
i. The UTGST Act expands to Union Territory Goods and Service Tax.
ii. It is collected by the central government as UT comes under central Government.
15. ITC AVAILABILITY OF CGST, SGST & IGST
In this regards, the availability of ITC for set-off of tax liability also becomes crucial
for businesses across the country. The manner in which one can avail ITC against
each of these 3 taxes are as follows:
• CGST ITC – can be used to offset CGST and IGST (in that order)
• SGST ITC – can be used to offset SGST and IGST (in that order)
• IGST ITC – can be used to offset IGST, CGST and SGST (in that order)
Note:- CGST and SGST cannot be set off against one another.
16. RATES OF GST IN INDIA
RATES DESCRIPTIONS
0.25% to 3% For Gems & jewellery sector
5% Items of Mass consumption which are particularly used by common people
12% & 18% Standard rate ( phone, coaching fees etc.)
28% White Goods eg: Washing Machine, Ac’s, Refrigerator, consumer durable and some
notified services.
28& +
compensation
cess
Sin goods, Aeroted water, Demerits Goods, like pan masala, tobacco.
NOTE: Earlier there was a ‘Rate war’ but under gst regime there are 4 to 6 rates.
17. RATES OF GST IN OTHER COUNTRY
Name of Country GST Rates (in %)
Netherlands 21%
United Kingdom 20%
France 20%
Germany 19%
Russia 18%
China 17%
Pakistan 17%
Mexico 16%
New Zealand 15%
Australia, Brazil, Indonesia, Korea 10%
Japan, Switzerland 8%
Thailand, Singapore 7%
Malaysia 6%
Canada, Jersey 5%
18. TAXABLE EVENT
Before GST Tax event In GST Tax event
In GST, Tax levied on Supply
of Goods / Services based
on Place & Point of Supply.
19. GST IS A DESTINATION BASED TAX
1. Intrastate transaction (within the state) Eg: Ram(UP) sold pen to Raman (UP) (@18%)
CGST =9% Central Govt.
SGST= 9% UP Govt.
2. Interstate transaction (outside the state)
CGST =9% Central Govt.
SGST= 9% HP Govt. (As GST is a destination based Tax.)
Uttar Pradesh
(Ram)
Origin
Uttar Pradesh
(Raman)
Destination
INTRASTATE
Uttar Pradesh
(Ram)
Origin
Himachal Pradesh
(Raman)
Destination
INTERSTATE
20. STATES AND UT’S AS PER GST
1. J & K 11. NAGALAND 21. M P UT’S
2. H P 12. MANIPUR 22. GUJARAT 31. CHANDIGHAR
3. PUNJAB 13. MIZORAM 23. MAHARASHTRA 32. DELHI
4. UTTARAKHAN 14. TRIPURA 24. KARNATAKA 33. DAMAN AND DIU
5. HARYANA 15.MEGHLAYA 25. GOA 34. DADRA & Nagar
haveli
6. RAJASTHAN 16. ASSAM 26. KERALA 35. LAKSHWADEEP
7. U P 17. WEST BENGAL 27. TAMIL NADU 36. PUDUCHERRY
8. BIHAR 18. JHARKHAND 28. TELANGANA 37. ANDAMAN &
NICOBAR ISLANDS
9. SIKKIM 19. ODISHA 29. ANDHARA
PRADESH
10. ARUNACHAL
PRADESH
20. CHATTISHGHAR 30. ANDHARA
PRADESH (new)
NOTE:- DELHI AND PUDUCHERRY IS TREATED AS STATES AS THEY ARE UT’S BUT IN
CASE OF GST THEY ARE TREATED AS A SEPRATE STATE. AND THEY HAVE THERE
OWN LEGISLATIVE ASSMEBLY LIKE OTHER STATE HAVE. PUDUCHERRY WAS ALSO
KNOWN AS PONDICHERRY!!!
21. CLASSIFICATION OF
GOODS AND SERVICES TAX
1. HSN (Harmonised Systems of Nomenclature): is used for classifying the goods under
GST regime.
Taxpayers whose turnover is upto Rs.1.5 Crores are required to mention HSN code in their
invoices.
Taxpayers whose turnover is above Rs.1.5 Crores but below 5 crores shall use 2 digit code.
The Taxpayers whose turnover is Rs. 5 chore & above shall use 4digit code.
Here Turnover means: Annual Turnover of preceding financial year.
2. SAC Services (Services Accounting Code): The SAC code means services Accounting goes
under services fall under GST are classified.
A new scheme of classification of service has been devised wherein the services of various
descriptions have been classified under various sections, headings and groups. Each
groups consists of various service code(tariff). 6 digit Numeric value)
FOR EXAMPLE: SAC 999293 is for “Commercial training and coaching services”.
22.
23. BASIC DIFFERENCE BETWEEN PRE-ENACTMENT OF GST
&
POST ENACTMENT OF GST
TOPIC BEFORE GST AFTER GST
Multiple Acts Many Acts prevailed before GST. There is only one Act i.e. GST ACT 2017
Cascading
Effects
Tax was collected on Tax. Tax paid by the taxable person, can be
utilized as input credit by other taxable
persons (Except Final Consumer.)
Double Taxation Single Commodity/ services was Taxed twice Single point Tax was charged on sale of
Goods/ Services.
Multiple
Taxable Event
Taxable liability arise on different events under
multiple Acts.
Taxable liability arises on supply as per GST
Act.
Multiple Tax Tax was paid under multiple challans to
different government bodies having multiple
due dates.
Tax is paid only under GST Act with one due
date to pay Tax. (Currently It’s 20th of next
month).
Multiple
Procedure
Multiple Returns and documents were required
to be submitted by different Acts.
Only single Sets of Returns and
documentation is required to be submitted in
24. WHAT IS CASCADING EFFECT?
• Without Cascading Effect (GOOD)
• With Cascading Effect (BAD)
Suppliers Price GST(@)18%) Invoice/BIll
A B Rs. 10,000 Rs. 1,800 Rs. 11,800
B
C
Rs. 12,000 (20% Value
Addition of Rs. 2,000 on base
price)
1800+360 (18% on 2000
added)
Rs. 14,160
(12,000+1,800+360)
C D Rs.14,400( 20% Value
addition of Rs. 2,400 on base
price)
1800+360+432(18% on
2,400)
Rs. 16992
(14400+1800+360+432)
Suppliers Price GST(@)18%) Invoice/BIll
A B Rs. 10,000 Rs. 1,800 Rs. 11,800
B C
Rs. 14160 (11800+2360
20% value addition on
invoice values i.e. Rs.
11,800)
1800+749(18% on 2360
added)
Rs. 16709
(14160+2549)
16709-
1800(ITC)=14909/-
25. BENEFITS/ADVANTAGES OF GST
Gst brings benefits to all stakeholders of industry, Government and the consumer. It’ll lower the
cost of gods and services, give a boost to the economy and make the products and services globally
competitive. GST is a win-win situation for the entire country. The significant benefits of GST are
discussed below.
No multiple Taxes
No cascading effect
No double Taxation
Uniformity in provision
Buoyancy to the government revenue
Boost to “Make India” initiative
26. LIMITATION OF GST
Increased costs due to software purchase
Being GST-compliant
GST will mean an increase in operational costs
GST came into effect in the middle of the financial year
GST is an online taxation system
SMEs will have a higher tax burden
27. OBJECTIVES OF THE RESEARCH UNDERAKEN: -
The research has been undertaken and presented considering the following foremost objectives:
1. To gain an in-depth understanding of GST taxation system evolution.
2. Understanding in - depth the concept of new taxation system introduced - Goods and Services
Tax (GST) in India.
3. Understanding the features, working, and differentiating the old taxation system in India v/s
GST.
4. To evaluate the advantages and challenges surrounding GST.
5. To evaluate the prospects of taxation position of various goods and services in India.
6. To furnish the information for future research on GST based taxation system.
28. CONCLUSION:-
It can be concluded from the above discussion that GST will provide relief to
producers and consumers by providing wide and comprehensive coverage of input
tax credit set-off
Efficient formulation of GST will lead to resource and revenue gain for both Centre
and States
It can be further concluded that GST have a positive impact on indian sectors and
industry