This document discusses Goods and Services Tax (GST) in India. It provides an introduction to GST, defining it as an indirect tax on the supply of goods and services that replaced multiple taxes. The document outlines some key advantages of GST, including creating a single market, reducing corruption, and increasing GDP. It also notes some disadvantages such as dual control by central and state governments and potential loss of revenue for some states.
1. Indirect taxes are taxes that are paid indirectly by consumers when purchasing goods or services, with the impact being on one person and the incidence on another.
2. Examples of indirect taxes include excise duty, customs duty, sales tax, service tax, and octroi. These taxes can be shifted from the original payer to other persons.
3. While indirect taxes constitute a major source of government revenue, they are generally considered regressive as the tax burden does not vary based on ability to pay.
This document discusses the concept of indirect taxes. It defines indirect taxes as taxes whose burden can be shifted to others, in part or wholly, through higher prices. Examples given are excise duties, sales tax, service tax, customs duty, and taxes on transportation fares. The objectives of indirect taxes include revenue generation, reducing income inequality, social welfare programs, earning foreign exchange, and regional development. Key features outlined are burden shifting, taxation of commodities/services, and indirect determination of taxpayer ability. Advantages include convenience, disguise of tax effect, difficulty evading, broad tax base, and potential for forced savings. Disadvantages involve regressivity, high collection costs, inflationary effects, and lack of educative value
The document discusses customs duties in India. It outlines that [1] customs duties are levied on imports and exports according to the Customs Act of 1962 and Customs Tariff Act of 1975, [2] basic customs duty is charged on all imported goods at rates specified in the Customs Tariff Act, and [3] additional duties include an additional countervailing duty equal to internal excise duties and an education cess.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
This document discusses various aspects of CGST/SGST levy and collection under Section 9 of the CGST Act, including:
1. Rates not exceeding 20% apply to intra-state supplies except alcoholic liquor for human consumption.
2. Petrol and its by-products shall be levied with effect from the date notified by the government based on council recommendations.
3. For mixed and composite supplies, the highest tax rate among the goods or services in the combination is applied to calculate tax liability for mixed supplies, while the rate applicable to the principal supply is applied for composite supplies.
This document discusses Goods and Services Tax (GST) in India. It provides an introduction to GST, defining it as an indirect tax on the supply of goods and services that replaced multiple taxes. The document outlines some key advantages of GST, including creating a single market, reducing corruption, and increasing GDP. It also notes some disadvantages such as dual control by central and state governments and potential loss of revenue for some states.
1. Indirect taxes are taxes that are paid indirectly by consumers when purchasing goods or services, with the impact being on one person and the incidence on another.
2. Examples of indirect taxes include excise duty, customs duty, sales tax, service tax, and octroi. These taxes can be shifted from the original payer to other persons.
3. While indirect taxes constitute a major source of government revenue, they are generally considered regressive as the tax burden does not vary based on ability to pay.
This document discusses the concept of indirect taxes. It defines indirect taxes as taxes whose burden can be shifted to others, in part or wholly, through higher prices. Examples given are excise duties, sales tax, service tax, customs duty, and taxes on transportation fares. The objectives of indirect taxes include revenue generation, reducing income inequality, social welfare programs, earning foreign exchange, and regional development. Key features outlined are burden shifting, taxation of commodities/services, and indirect determination of taxpayer ability. Advantages include convenience, disguise of tax effect, difficulty evading, broad tax base, and potential for forced savings. Disadvantages involve regressivity, high collection costs, inflationary effects, and lack of educative value
The document discusses customs duties in India. It outlines that [1] customs duties are levied on imports and exports according to the Customs Act of 1962 and Customs Tariff Act of 1975, [2] basic customs duty is charged on all imported goods at rates specified in the Customs Tariff Act, and [3] additional duties include an additional countervailing duty equal to internal excise duties and an education cess.
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
1) GST is a comprehensive indirect tax that will replace multiple taxes levied by the central and state governments. It aims to create a unified national market.
2) The Constitution was amended to implement GST, which will be levied as Central GST, State GST, and Integrated GST on inter-state supplies.
3) A GST Council will be formed comprising representatives of the central and state governments to make recommendations on tax rates and other aspects.
4) GST will apply broadly to all goods and services, with exemptions. It follows a destination-
This document discusses various aspects of CGST/SGST levy and collection under Section 9 of the CGST Act, including:
1. Rates not exceeding 20% apply to intra-state supplies except alcoholic liquor for human consumption.
2. Petrol and its by-products shall be levied with effect from the date notified by the government based on council recommendations.
3. For mixed and composite supplies, the highest tax rate among the goods or services in the combination is applied to calculate tax liability for mixed supplies, while the rate applicable to the principal supply is applied for composite supplies.
The document discusses customs duties in India. It explains that the Customs Act of 1962 and Customs Tariff Act of 1975 govern import/export duties in India. There are several types of customs duties: basic customs duty on all imports as per the tariff schedule; additional countervailing duty equal to excise on similar domestic goods; export duties listed in the tariff act. Other duties include auxiliary duty of 50% of value, education cess of 3% of duties, anti-dumping duties to prevent dumping of foreign goods, and safeguard duties to protect domestic industries. The document also outlines customs procedures for imports and exports.
This document discusses India's Goods and Services Tax (GST) composition scheme. It provides:
1) An overview of the composition scheme, which allows eligible small businesses to pay tax at 1% of their annual turnover in lieu of regular tax.
2) Eligibility requirements to opt for the composition scheme, including an annual turnover limit of 50 lakhs.
3) Conditions for opting into the scheme, such as restrictions on inter-state supplies and inability to claim input tax credits.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
TDS stands for Tax Deduction at Source. It is a mechanism for collecting income tax in India whereby the tax is deducted at source from payments like salary, interest, rent, etc. at the time of payment/credit. The payer has to deduct tax as per rates specified in the Income Tax Act 1961 from the payments, deposit the deducted tax with the government, file quarterly TDS returns, and issue annual TDS certificates to the payee. The payee can then claim credit for the TDS while filing their income tax return. The document outlines the basics of TDS, rates of deduction for different types of payments, due dates for depositing deducted taxes, filing returns and issuing certificates
This document provides an introduction and overview of India's GST composition scheme. Key points include:
- The composition scheme is a simple alternative for small taxpayers with turnover less than Rs. 1.5 crore to pay GST at a fixed rate instead of going through regular GST procedures.
- As of 2019, service providers can now opt for the composition scheme if their turnover is below Rs. 50 lakhs.
- To be eligible, total turnover from all businesses with the same PAN must be below Rs. 1.5 crore, and some business types like manufacturers of specific goods are excluded.
- Opting for the composition scheme means no input tax credit can be claimed but
This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
The GST Council is the governing body for GST implementation in India. It is chaired by the Union Finance Minister and comprises state finance ministers. The Council determines GST rates and rules. It aims to create a uniform indirect tax system across India. The Council ensures one uniform GST rate applies to goods and services nationwide.
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
Capital gains tax is levied on profits arising from the transfer of a capital asset. For gains to be taxed under capital gains, there must be a capital asset that is transferred, resulting in profits. Any profits exempted under sections 54-54G are not taxed. Capital assets include all property except certain exceptions like stock-in-trade. Short term capital gains arise from assets held for 36 months or less, while long term gains are for assets held longer. Indexation of cost is used to arrive at capital gains for long term assets by factoring inflation. Profits are taxed differently based on whether the gain is short term or long term.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
The document discusses India's Goods and Services Tax (GST) policies and regulations related to input tax credit. Key points include:
- Under GST, input tax credit is available for goods, services, and capital goods used in the course of business. This is a significant expansion of credit compared to earlier tax systems.
- Credit can be claimed by registered businesses against central GST, state GST, integrated GST, and Union territory tax paid on business purchases.
- Certain documents like tax invoices and bills of entry must be possessed, and payment must be made to the supplier within 180 days, for credit to be claimed.
- There are also time limits, apportionment and reversal
GST is an indirect tax that will unify India's tax system and make it simpler. It aims to eliminate cascading taxes, increase tax collection, and formalize the economy. The document outlines the historical background, objectives, tax structure, types of taxes, and rates under GST. It discusses advantages like removing hidden taxes and the cascading effect. Disadvantages include increased costs for small businesses and the need for online compliance. The impact on GDP is estimated to be 0.9-1.7% increase initially, though some sectors like real estate may see short-term negative effects. Overall, GST has the potential to reform India's tax system but also poses challenges during implementation.
The Kelkar-Shah Committee made recommendations for implementing GST in India in four stages:
1) Establishing IT systems to handle GST processes
2) Building the Central GST system
3) Obtaining agreement from states through political negotiations on a "Grand Bargain"
4) Interacting with states to bring them on board with the GST system
The Committee also recommended reducing customs duties gradually and replacing other indirect taxes such as excise duty and service tax with the GST over time.
This document provides an overview of the Goods and Services Tax (GST) that was implemented in India in July 2017. It defines GST as a comprehensive indirect tax on the supply of goods and services throughout India. The key highlights include:
- GST is a dual GST model with taxation powers shared between the central and state governments.
- It subsumes multiple taxes into a single tax to reduce the cascading effect of taxes and simplify compliance.
- Tax rates under GST range from 0-28% depending on the type of goods or services.
- Registration and returns involve a unified process with the central and state tax authorities for simplification.
- Implementation challenges include transitioning
This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India. Some key points:
- GST is a comprehensive indirect tax that will combine multiple state and central taxes into one. It is levied at each stage of production and distribution.
- The proposed GST structure has two components - Central GST to be levied by the Centre and State GST to be levied by the states. Standard rates are proposed at 20% for goods and 16% for services.
- GST aims to reduce tax cascading and make India's tax system simpler, more transparent and boost the economy by making exports more competitive.
- There were challenges
The document discusses various aspects of income tax in India such as residential status, types of income, tax rates, deductions, and allowances. It provides definitions for key terms, outlines the process for determining residential status, and specifies tax treatment and exemptions for different types of income like salary, gratuity, pension, and perquisites. The document also details income tax slabs and surcharge rates for individuals, HUFs, firms, and companies.
This document discusses different methods for taxpayers to minimize tax liability: tax planning, tax avoidance, and tax evasion. Tax planning involves legally taking advantage of exemptions, deductions, and rebates to reduce taxes. Tax avoidance also reduces taxes legally by exploiting loopholes. Tax evasion illegally underreports income or falsifies information to pay less tax than owed. The document provides examples of actions considered tax planning, such as certain investments, and tax evasion, like falsely claiming donations. Overall it aims to explain legal and illegal options and their objectives in paying the minimum required tax.
Goods and Services Tax (GST) is an indirect tax on the sale, consumption, and manufacturing of goods and services throughout India. It aims to eliminate multiple indirect taxes and create a single, unified Indian market. Unlike other countries, Indian GST consists of three taxes - Central GST, State GST, and Integrated GST. India follows a dual GST model where both central and state governments levy GST concurrently on the same base of goods and services.
This document provides an overview of indirect taxes in India prior to the Goods and Services Tax (GST) era. It discusses the types of indirect taxes in India including Value Added Tax (VAT) and its variants. It outlines key features of indirect taxes such as the taxable event, incidence and impact, regressive nature, and role in generating government revenue. The document also discusses provisions in the Indian Constitution related to tax authority and lists some major defects in the indirect tax structure like multiplicity of taxes, lack of cross-utilization of taxes, obstructed movement of goods, and multiple compliance requirements.
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the problems with the current indirect tax structure, the key features of GST, and how GST aims to be a "game changer" by replacing multiple taxes with a single tax and reducing economic distortions. The document outlines the proposed GST model and rates, input tax credit provisions, registration requirements, and transition provisions. It also summarizes the statutory scheme for levying GST on intra-state and inter-state supplies.
The document discusses customs duties in India. It explains that the Customs Act of 1962 and Customs Tariff Act of 1975 govern import/export duties in India. There are several types of customs duties: basic customs duty on all imports as per the tariff schedule; additional countervailing duty equal to excise on similar domestic goods; export duties listed in the tariff act. Other duties include auxiliary duty of 50% of value, education cess of 3% of duties, anti-dumping duties to prevent dumping of foreign goods, and safeguard duties to protect domestic industries. The document also outlines customs procedures for imports and exports.
This document discusses India's Goods and Services Tax (GST) composition scheme. It provides:
1) An overview of the composition scheme, which allows eligible small businesses to pay tax at 1% of their annual turnover in lieu of regular tax.
2) Eligibility requirements to opt for the composition scheme, including an annual turnover limit of 50 lakhs.
3) Conditions for opting into the scheme, such as restrictions on inter-state supplies and inability to claim input tax credits.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
TDS stands for Tax Deduction at Source. It is a mechanism for collecting income tax in India whereby the tax is deducted at source from payments like salary, interest, rent, etc. at the time of payment/credit. The payer has to deduct tax as per rates specified in the Income Tax Act 1961 from the payments, deposit the deducted tax with the government, file quarterly TDS returns, and issue annual TDS certificates to the payee. The payee can then claim credit for the TDS while filing their income tax return. The document outlines the basics of TDS, rates of deduction for different types of payments, due dates for depositing deducted taxes, filing returns and issuing certificates
This document provides an introduction and overview of India's GST composition scheme. Key points include:
- The composition scheme is a simple alternative for small taxpayers with turnover less than Rs. 1.5 crore to pay GST at a fixed rate instead of going through regular GST procedures.
- As of 2019, service providers can now opt for the composition scheme if their turnover is below Rs. 50 lakhs.
- To be eligible, total turnover from all businesses with the same PAN must be below Rs. 1.5 crore, and some business types like manufacturers of specific goods are excluded.
- Opting for the composition scheme means no input tax credit can be claimed but
This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
The GST Council is the governing body for GST implementation in India. It is chaired by the Union Finance Minister and comprises state finance ministers. The Council determines GST rates and rules. It aims to create a uniform indirect tax system across India. The Council ensures one uniform GST rate applies to goods and services nationwide.
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
Capital gains tax is levied on profits arising from the transfer of a capital asset. For gains to be taxed under capital gains, there must be a capital asset that is transferred, resulting in profits. Any profits exempted under sections 54-54G are not taxed. Capital assets include all property except certain exceptions like stock-in-trade. Short term capital gains arise from assets held for 36 months or less, while long term gains are for assets held longer. Indexation of cost is used to arrive at capital gains for long term assets by factoring inflation. Profits are taxed differently based on whether the gain is short term or long term.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
The document discusses India's Goods and Services Tax (GST) policies and regulations related to input tax credit. Key points include:
- Under GST, input tax credit is available for goods, services, and capital goods used in the course of business. This is a significant expansion of credit compared to earlier tax systems.
- Credit can be claimed by registered businesses against central GST, state GST, integrated GST, and Union territory tax paid on business purchases.
- Certain documents like tax invoices and bills of entry must be possessed, and payment must be made to the supplier within 180 days, for credit to be claimed.
- There are also time limits, apportionment and reversal
GST is an indirect tax that will unify India's tax system and make it simpler. It aims to eliminate cascading taxes, increase tax collection, and formalize the economy. The document outlines the historical background, objectives, tax structure, types of taxes, and rates under GST. It discusses advantages like removing hidden taxes and the cascading effect. Disadvantages include increased costs for small businesses and the need for online compliance. The impact on GDP is estimated to be 0.9-1.7% increase initially, though some sectors like real estate may see short-term negative effects. Overall, GST has the potential to reform India's tax system but also poses challenges during implementation.
The Kelkar-Shah Committee made recommendations for implementing GST in India in four stages:
1) Establishing IT systems to handle GST processes
2) Building the Central GST system
3) Obtaining agreement from states through political negotiations on a "Grand Bargain"
4) Interacting with states to bring them on board with the GST system
The Committee also recommended reducing customs duties gradually and replacing other indirect taxes such as excise duty and service tax with the GST over time.
This document provides an overview of the Goods and Services Tax (GST) that was implemented in India in July 2017. It defines GST as a comprehensive indirect tax on the supply of goods and services throughout India. The key highlights include:
- GST is a dual GST model with taxation powers shared between the central and state governments.
- It subsumes multiple taxes into a single tax to reduce the cascading effect of taxes and simplify compliance.
- Tax rates under GST range from 0-28% depending on the type of goods or services.
- Registration and returns involve a unified process with the central and state tax authorities for simplification.
- Implementation challenges include transitioning
This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India. Some key points:
- GST is a comprehensive indirect tax that will combine multiple state and central taxes into one. It is levied at each stage of production and distribution.
- The proposed GST structure has two components - Central GST to be levied by the Centre and State GST to be levied by the states. Standard rates are proposed at 20% for goods and 16% for services.
- GST aims to reduce tax cascading and make India's tax system simpler, more transparent and boost the economy by making exports more competitive.
- There were challenges
The document discusses various aspects of income tax in India such as residential status, types of income, tax rates, deductions, and allowances. It provides definitions for key terms, outlines the process for determining residential status, and specifies tax treatment and exemptions for different types of income like salary, gratuity, pension, and perquisites. The document also details income tax slabs and surcharge rates for individuals, HUFs, firms, and companies.
This document discusses different methods for taxpayers to minimize tax liability: tax planning, tax avoidance, and tax evasion. Tax planning involves legally taking advantage of exemptions, deductions, and rebates to reduce taxes. Tax avoidance also reduces taxes legally by exploiting loopholes. Tax evasion illegally underreports income or falsifies information to pay less tax than owed. The document provides examples of actions considered tax planning, such as certain investments, and tax evasion, like falsely claiming donations. Overall it aims to explain legal and illegal options and their objectives in paying the minimum required tax.
Goods and Services Tax (GST) is an indirect tax on the sale, consumption, and manufacturing of goods and services throughout India. It aims to eliminate multiple indirect taxes and create a single, unified Indian market. Unlike other countries, Indian GST consists of three taxes - Central GST, State GST, and Integrated GST. India follows a dual GST model where both central and state governments levy GST concurrently on the same base of goods and services.
This document provides an overview of indirect taxes in India prior to the Goods and Services Tax (GST) era. It discusses the types of indirect taxes in India including Value Added Tax (VAT) and its variants. It outlines key features of indirect taxes such as the taxable event, incidence and impact, regressive nature, and role in generating government revenue. The document also discusses provisions in the Indian Constitution related to tax authority and lists some major defects in the indirect tax structure like multiplicity of taxes, lack of cross-utilization of taxes, obstructed movement of goods, and multiple compliance requirements.
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the problems with the current indirect tax structure, the key features of GST, and how GST aims to be a "game changer" by replacing multiple taxes with a single tax and reducing economic distortions. The document outlines the proposed GST model and rates, input tax credit provisions, registration requirements, and transition provisions. It also summarizes the statutory scheme for levying GST on intra-state and inter-state supplies.
The document summarizes a webinar on concepts of GST presented by Mr. Tushar Ranjan Barik. It discusses key topics like the meaning of tax, types of taxes, direct vs indirect taxes, components of GST, and advantages of GST. The webinar aims to explain GST mechanisms, features, need for GST in India, and comparisons between pre-GST and post-GST regimes through illustrations. It also lists central and state levies subsumed under GST.
Presentation on igst model gst-ppt-ason27mar2017-v2.pdf;jsessionid=dc9 f68c...Sachin Nagpure
The document provides an overview of the Goods and Services Tax (GST) system implemented in India. It discusses the perceived benefits of GST for trade and consumers, the existing indirect tax structure it replaced, key features of the constitutional amendment act, the GST Council and its role, main features of the GST law, and the role of the Central Board of Excise and Customs. It summarizes decisions made by the GST Council regarding tax rates, thresholds, and administrative processes under GST.
This presentation covers the key features of the Goods and Services Tax (GST) proposed to be implemented in India. It discusses what GST is, how it will work by replacing existing indirect taxes, and the need for GST to simplify taxation and boost the economy. Some issues still to be decided include taxation of inter-state services, place of supply rules, and jurisdictional issues. The presentation provides an overview of India's economy and taxation system to establish the context for why GST reform is needed.
Concept note of Goods & Service Tax (GST) in IndiaANAND GAWADE
The document provides an overview of the proposed Goods and Services Tax (GST) in India. Some key points:
- GST aims to simplify and harmonize India's indirect tax system by subsuming multiple taxes into a single tax applied to the supply of goods and services.
- It will be a dual GST with the Center and States concurrently levying taxes on every supply. Credits from taxes paid at earlier stages can be used to offset taxes on later stages.
- GST is expected to reduce costs, increase tax compliance, and foster a common Indian market to boost economic growth.
- A GST Council will be created to make recommendations on tax rates and ensure cooperation between the
Agriculture taxation And Tax structureShashi Bittu
Direct and indirect taxes apply to agriculture. Direct taxes include income tax on agricultural profits, wealth tax on land/assets, and capital gains tax on sale of farmland. Indirect taxes consist of duties on irrigation equipment. Taxing agricultural income can increase government revenues but assessing income can be difficult for subsistence farms. Property taxes on farmland/livestock are also used with fixed or fluctuating rates depending on land quality or crop prices. Overall the document discusses different types of direct and indirect agricultural taxes and their purposes and challenges.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. GST is proposed as a dual GST model where both the central and state government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the Central and State governments. GST is proposed as a dual GST model where both the Central and State government concurrently levy GST on a common tax base. Key features include nationwide applicability, multi-stage collection on value addition, and provision for input tax credit. Implementation of GST aims to remove cascading effect of taxes and create a unified common national market.
GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. It replaces multiple taxes levied by the central and state governments. GST is proposed as a dual GST model where both the central and state government concurrently levy GST on a common tax base. GST will be levied at every stage of supply of goods and services based on the input tax credit method. This will ensure a seamless transfer of input tax credit between the central GST and state GST.
The document provides an overview of India's tax system, which has a three-tiered structure controlled by the central government, state governments, and local bodies. It describes the major direct taxes like income tax, corporate tax, wealth tax, and capital gains tax. It also discusses the major indirect taxes like excise duty, customs duty, service tax, and state taxes like value-added tax. The tax system has undergone reforms in recent decades to simplify laws, rationalize rates, and broaden the tax base to improve compliance and tax administration.
The document provides an overview of Goods & Services Tax (GST) implemented in India in 2017. It discusses the deficiencies of the previous indirect tax system that GST aimed to address, such as dual levy and multiple registrations. Key aspects of GST covered include the four-tier tax rate structure, input tax credit mechanism, treatment of inter-state supplies, and the major constitutional amendments and legislations passed between 2014-2017 to enable its rollout. Special features of GST highlighted are the single and destination-based tax, subsuming of various central and state taxes, and easier compliance through e-filing of common returns.
The document discusses taxation and the Goods and Services Tax (GST) implemented in India. It provides background on taxation, including definitions of tax, objectives of taxation, and types of taxes such as direct and indirect taxes. It then focuses on GST, defining it as a comprehensive tax on the supply of goods and services that aims to replace existing indirect taxes. GST is described as a dual model with Central GST and State GST applied to intrastate transactions, and Integrated GST applied to interstate transactions. The goals of GST are outlined as creating a single, unified Indian market, reducing the cascading effect of taxes, and simplifying the tax system in India.
The document provides an overview and objectives of understanding the Goods and Services Tax (GST) system in India. It discusses the historical background of GST and concepts like indirect tax, value-added tax. It explains the legal requirements for implementing GST in India and outlines the key parts and chapters of the document, including basic definitions, salient features of GST, provisions for managers, administration and adjudication processes.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) law in India, including the benefits of GST, the existing indirect tax structure it replaces, features of the Constitution amendment, the GST Council, main features of the GST law, and the role of the Central Board of Excise and Customs.
This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India, including:
- The benefits of GST for trade and consumers through simplification and harmonization of taxes.
- The existing complex indirect tax structure that GST intends to replace.
- The Constitutional amendment that was passed to allow for GST and the powers it assigns.
- The role and decisions of the GST Council in determining features of the law and tax rates.
- The main features of the GST laws, including the four-tier tax rate structure, input tax credit system, and registration requirements.
- The roles of the GST Network and Central
This document discusses India's indirect tax system pre-GST. It notes that previously, the central government levied excise duties on manufacturing while states levied VAT on sales. Taxation of inter-state sales was complex. There were multiple taxes like excise duty, VAT, CST, octroi, with different taxable events and authorities. This led to challenges like tax cascading, complex compliance, lack of transparency, and litigation around classifications and exemptions. The goal of GST was to integrate India's indirect tax system and address these pre-existing challenges.
The document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses what GST is, the constitution of the GST Council, the journey to implementing GST, the need for a constitutional amendment, benefits of GST, the proposed dual GST model, key features of GST including chargeability, taxable events, persons, rates, and registration. It also outlines taxes that would be subsumed under GST and those that would be out of the GST regime. The latest updates on GST and emerging implementation issues are also summarized.
The document provides an overview of India's tax system. It discusses:
- India has a three-tiered tax structure controlled by the central, state, and local governments.
- The tax system has undergone reforms in the last 20 years to simplify laws, lower rates, and improve compliance.
- Taxes are divided between the central and state governments, with the central government levying taxes like income tax and the states levying taxes like VAT.
- The tax system aims to generate government revenue and support economic growth through taxes on individuals, companies, goods, property and more.
This ppt is all about data, sources of data and different methods of their collection. In addition, merits and demerits of different methods are also outlined.
This document discusses research problems and types of variables. It begins by outlining the stages of the scientific method and then describes three types of research questions: descriptive, relationship, and difference questions. Next, it covers criteria for selecting a research problem, such as interest, significance, and manageability. The document defines key terms like research problem, variables, and types of variables. It also discusses formulating a well-defined research problem and outlines components of a research problem statement, including delimitations, limitations, and assumptions.
This document discusses research and research methodology. It defines research as a systematic investigation to find answers to a question or solve a problem. Research involves collecting and analyzing data using scientific methods. It begins with identifying a problem or question and develops a research design for systematically investigating the problem. The purpose of research is to enhance knowledge and develop solutions. Good research has key characteristics - it is solution-oriented, logical, objective, empirical, replicable, impartial, systematic, and analyzes data accurately. The methodology explains how the research was conducted systematically.
The document outlines the procedure for Goods and Services Tax (GST) registration in India.
1. It involves declaring PAN, mobile number and email ID, validating these details, and generating a temporary reference number.
2. An application is then filed providing documents, and an acknowledgement is issued upon deposit of tax.
3. The application is verified, and if in order, registration certificate is granted within 3-7 days assigning a GST Identification Number.
The document discusses registration requirements under the Goods and Services Tax (GST) in India. It outlines that registration is mandatory for suppliers above certain turnover thresholds and for certain types of businesses and transactions. There are different types of registrations including compulsory, voluntary, and special provisions for casual or non-resident taxpayers. The key advantages of registration are legal recognition as a supplier, authorization to collect tax, access to input tax credits, and an automated accounting system for taxes.
The document discusses the rationale and benefits of implementing the Goods and Services Tax (GST) in India. It aims to overcome deficiencies in earlier tax laws by creating a common market with uniform tax rates and procedures. This would boost investment, reduce tax evasion, and improve tax compliance. GST benefits various stakeholders by simplifying the tax system, reducing cascading taxes, and mitigating price increases through input tax credits. Key aspects of GST include the types of taxes, governing acts and councils, and recommendations on tax rates, exemptions, and special provisions for certain states. Overall, GST aims to develop a national market, increase exports and revenues, and make the taxation system more transparent.
This power point is all about highlighting the concept of National Income in the Indian context and various methods for its calculation. Further, various limitations of National Income are also underlined.
The document discusses disaster risk reduction and management in Jammu and Kashmir (J&K), India, with a focus on the 2014 floods. It provides background on disaster risk management concepts and structures in India. It then analyzes the 2014 Kashmir floods that caused widespread damage, discussing the impacts such as major economic losses. While disaster management plans and authorities exist in J&K, the response to the floods showed that early warning systems and enforcement of policies are still lacking. The document concludes with recommendations to strengthen flood preparation, response, and mitigation in J&K through measures like improved infrastructure, warning systems, and community education.
This presentation is all about highlighting present scenario of food security in India and the Issues and challenges it is facing. Furthermore, some of the pragmatic measures have been given so as to make India a food secure nation.
This document summarizes a presentation on disaster risk reduction and management in Jammu and Kashmir (J&K) with a focus on the 2014 floods. It discusses key concepts of disaster risk management and outlines the objectives and methodology of the study. It then provides details on the 2014 Kashmir floods, their impacts, and challenges going forward. The document concludes with recommendations to improve J&K's disaster management system, such as establishing early warning systems, restricting unplanned growth, and introducing modern technologies.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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Pre- GST Era in India
1. PRE GOODS AND SERVICES TAX
(GST) ERA
By
Dr. Mohmed Amin Mir
Assistant Professor
Department of Commerce & Management Studies
Islamia College of Science & Commerce
(Autonomous with CPE Status)
Srinagar - 190002, Jammu & Kashmir, India
2. Came into effect from July 1, 2017
GST is a Single Best Tax Reform Undertaken Since Independence to
Ease Compliance
One Nation, One Tax, One Market
One tax for:
Manufacturing
Trading
Services
GST is a ‘Destination based tax’ i.e. a tax on goods and services
which will be paid at the point of receiving
GST will be levied on all transactions such as sale, transfer, purchase,
barter, lease or import of goods and/or services
1
3. GST is levied on supply of goods or services
(or both) at each stage of supply chain
starting from manufacture or import till the
last retail level.
GST will be administered together by the Centre and the States
involving both the Central and State levies
2
4. Tax system in India traces its origin to the prehistoric texts –
Arthashastra & Manusmriti
Taxes were paid by farmers & artisans in the form of:
Agricultural produce
Silver
Gold
Modern Tax system in India was introduced by the Sir James
Wilson during British Rule in India in 1860
3
5. Is a Three Tier Federal Structure [Central, State & Local Municipal
Bodies]
Power to Levy and Collect Taxes Emerges from the Constitution of
India
Article-265 “No tax shall be levied or collected except by the authority
of Law”
Prohibits arbitrary collection of taxes
Article-246: Authority to enact law & Levy taxes and duties is
given by Article-246.
The parliament may make laws for the whole of India or any part of
the territory of India
The State legislature may make laws for whole or part of the state
4
6. In administrative terms, India is a federation of many states (& Union
Territories) strengthened by Centre at the axis
7th Schedule of the Constitution lists the Taxation Powers of Union and States
List-I of 7th Schedule listed the taxation powers of Centre Govt via entries
82 to 92 and Entry-97
List-II of 7th Schedule listed the taxation powers of State Govts via entries
45 to 63
List-III does not contain any entry means Union and States had no
concurrent powers of Taxation
Residual Powers of Taxation belonged to Union vide Entry-97 of List-I.
Using such powers Union Govt imposed Service Tax
Constitution does not provide any taxation powers to Local Govt
5
7. 1. Entry-82: Taxes on Income (other than agricultural Income)
2. Entry-83: Duties of Customs (including Export duties)
3. Entry-84: Duties of Excise (Except on alcoholic Liquors and narcotics but
including medicinal and preparation containing alcohol)
4. Entry-85: Corporation Tax
5. Entry-86: Taxes on Capital value of Assets (Exclusive of agricultural land
of individuals and companies)
6. Entry-87: Estate Duty in respect of property (other than agricultural land)
7. Entry-88: Duties in respect of succession to property (other than
agricultural land)
8. Entry-89: Terminal Taxes on goods & Passengers carried by railways,
sea or air, taxes on railway fares & freights
6
8. 9. Entry-90: Taxes on transactions in stock exchanges and future
markets (other than stamp duty)
10. Entry-91: Rates of stamp duty on Bills of exchanges, cheques,
promissory notes, bills of lading, letters of credit, policies of
insurance, transfer of shares, debentures
11. Entry-92: Taxes on sale or purchase of newspapers and on
advertisements published therein
12. Entry-92 C: Taxes on services
13. Entry-97: Any other matter not included in List-II (Residual Powers)
7
9. 1. Entry-45: Land Revenues
2. Entry-46: Taxes on agricultural income
3. Entry-47: Duties in respect of succession to agricultural land
4. Entry-48: Estate duty in respect of agricultural land
5. Entry-49:Taxes on lands and building
6. Entry-50: Taxes on Mineral rights
7. Entry-51: Duties of excise on alcoholic liquors and narcotics
manufactured/produced in the state
8. Entry-52: Taxes on entry of goods into a local area for
consumption/use/sale
9. Entry-53: Taxes on the consumption or sale of electricity
10. Entry-54:Taxes on the sale/purchase of goods other than
newspapers
11. Entry-55:Taxes on advertisement other than advertisements
published in the newspapers (and advertisements broadcast by
radio or TV)
8
10. 1. Entry-56:Taxes on Goods and passengers carried by road or inland
waters
2. Entry-57:Taxes on vehicles
3. Entry-58:Taxes on animals and boats
4. Entry-59: Tolls
5. Entry-60: Taxes on professions, trades, callings and employment
6. Entry-61: Capitation taxes
7. Entry-62:Taxes on luxuries including taxes on entertainment,
amusements, bettings & Gamblings
8. Entry-63: Rates of stamp duty in respect of documents other that
specified in the provisions of List-I with regard to rates of stamp duty 9
11. Tax Structure
Direct Tax
Income Tax Wealth Tax
Indirect Tax
Central Tax
Excise Service Tax Customs
State Tax
VAT
Entry Tax,
luxury tax,
Lottery Tax, etc.
10
Indirect Tax is collected by an Intermediary
Burden is not transferred in the form of taxes but as a part of the prices of Good/Services
VAT is a multi-stage tax levied at each stage of the value addition chain, with a provision to
allow input tax credit (ITC) on tax paid at an earlier stage, which can be appropriated against
the VAT liability on subsequent sale.
12. 1. Taxable Event
Taxes are levied on purchase/sale/manufacture of goods & provision of services
2. Incidence & Impact
Falls on two different persons
Tax burden is shifted by the supplier to the buyer
3. Regressive Taxation
Do not depend on paying capacity
4. Impact of Indirect Taxes on Goods & Services
Increases its prices. Hence leads to inflation
5. Promotes Welfare
Harmful/sinful products like alcohol/tobacco etc may be taxes at higher rate
6. Major Source of Revenue
More than 50% of total tax revenue
11
13. 1. Cascading Effect
VAT was also payable on Excise duty component of the price resulting in cascading effect
No credit of service tax paid on input service used in selling of goods is provided by state
governments
Tax was levied on tax
Boosted Inflation
2. Multiplicity of Taxes/ Cess
Tax structure cumbersome as no. of taxes were levied in Pre GST regime
Excise duty, VAT, entry tax, luxury tax, entertainment tax, service tax, octroi tax etc
3. Overlapping of Jurisdiction
Distinction between goods and services was difficult. Hence, overleaping of State VAT and Central
Services Tax
Works Contract, Food related services in restaurants, caterers, computer software, SIM Cards,
Renting of Movable property etc.
4. Rivalry among States
Pre GST tax regime was Origin Based Tax
Taxes were collected & utilised by state administration where goods/services were
transacted/manufactured or supplied
Encouraged states to provide sales tax/VAT relief
Discouraged supply of goods from other states by imposing entry tax, octroi, luxury tax etc.
12
14. 5. Hindrance to Integrated Market System
Due to invisible barriers of CST, VAT, entry tax etc
Check posts on the boundaries of states
6. Loss of Man & Truck Hours
Due to check posts mounted by states on entry points plus huge corruption
7. Difficulty in Compliance for Taxpayers
Multiplicity of Taxes, Tax laws, multiple tax authorities
Different taxable event like Manufacture for Excise duty, Import & Export of goods for Custom
duty, Rendering of services for Service Tax, transfer of ownership for sales tax/VAT
Compliance required voluminous effort on the part of taxpayer
8. Difficulty in Cross Verification of Credit Availed by Assessee
Due to Lack of online data the verification was done offline
Difficult for tax dept to get verification report from supplier
Fraudulent credits
9. Tax Evasion
Burden of compliance, multiplicity of tax laws, fudging of records, concealment of transaction,
bribing of tax officials increased the propensity to evade taxes
10. Huge Amount of Litigation: Lot of disputes regarding availment of credit, determining of
manufacture of goods, value of goods, classification of goods resulted in pendency of tax demands
13
15. 11. Different Points of Taxation
13. Lack of Uniformity
13. Multiple & Repetitive Compliances
13