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Indirect tax
This document provides information on direct and indirect taxes in India including Goods and Services Tax (GST). It discusses the types of taxes such as income tax, sales tax, and excise duty. It also outlines the key aspects of GST including the different types of GST (CGST, SGST, IGST), return filing requirements, and tax rates applied to various goods.
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Indirect tax
- 1.
- 2. DIRECT TAX Income Tax PropertyTax Corporation Tax Wealth Tax Gift Tax Inheritance Tax
- 3. INDIRECT TAX Excise Duty ImportDuty Export Duty Value Added Tax Sales Tax Service Tax
- 4.
- 5. GOODS & SERVICETAX One Country – One Tax
- 6. Types of GST CGST SGST IGST UGST CentralGoods and Service Tax State Goods and Service Tax Integrated Goods and Service Tax Also called as destination tax Union Territory Goods and Service Tax
- 7. GST Return filing GSTR1 Opted Quarterly or Monthly Filed by a Person have taken GST No. whether the business is continued or not. GSTR 2 To file the Purchases ‘Return’ i.e. details of purchases To take the INPUT GST credit GSTR 2A When our supplier files GSTR-1 in the same month of our purchase, it can be seen by us in GSTR-2A. When our supplier files GSTR-1 in any the month other than purchase, it can be seen by us in GSTR-2B. GSTR 2B
- 8. GST Return filing GSTR3B Filing GST Return Monthly GSTR 4 GSTR 4 Filed by a Person have taken GST No. has to file the GSTR 3B before August which includes summary of inward and outward supplies GSTR 9 Opted Quarterly or Monthly Filed by a Person have taken GST No. whether the business is continued or not.
- 11. Input GST Rs.1,000 Rs.100Rs.1,100 + = Purchaser of Goods = Price of goods 10 % GST Total Purchase Price Rs.1,100 Rs.110 Rs.1,210 + = Seller of Goods = Price of goods 10% GST Total Selling Price Output GST Rs.110 Rs.100 Rs.10 - = Difference = Difference between Input and Output GST is paid to the Central Government.
- 12. Input GST Rs.1,000 Rs.180Rs.1,180 + = Purchaser of Goods = Price of goods 18 % GST Total Purchase Price Rs.1,180 Rs.212.40 Rs.1,392.40 + = Seller of Goods = Price of goods 18% GST Total Selling Price Output GST Rs.212.40 Rs.180 Rs.32.40 - = Difference = Difference between Input and Output GST is paid to the Central Government.
- 13. 28% 18% 12%5% EXEMPT jaggery, milk, eggs, fish seeds, foodgrains, curd, unpacked paneer, natural honey, vegetables, atta, besan, maida, vegetable oil, prasad, salt, bettel leaves, etc. tea, Sugar, coffee, LPG, brooms, chalk, edible oil, skimmed milk powder, milk food for babies, newsprint, umbrella, LPG, natural calcium, etc. mobiles, medicinal grade, dry fruits, packed coconut water, packed water, agarbatti, bio-gas, hydrogen peroxide, iodine, fruit juice, etc. Jams, soups, Ice-cream, Facial tissues, Capital goods, Hair oil, Soap, toothpaste, Iron & steel, Fountain pen, Flourine, Chlorine, Bromine, pasta, corn flakes, etc. Make up, Shampoo, Fireworks, Motorcycles, Cars, Hair Cream, Hair dyes, Custard powder, Pan masala, Chewing gum, Cement, Consumer durables, etc.