The document provides an overview of the Goods and Services Tax (GST) structure that is being implemented in India. It discusses the shortcomings of the current indirect tax system, including a cascading effect and lack of uniformity. The key features of GST are outlined, such as being a dual tax system with central and state components, and subsuming many existing taxes. The benefits of GST include reduced transaction costs, a single tax rate, and lower average tax burden. Businesses need to assess the impact of GST on their operations and develop an implementation plan to successfully transition to the new system.
As everyone know that our country has recently taken a bold step to eliminate the all indirect taxes levied at different level by different government under the leadership of our energetic PM.
Therefore I have the view that Industry will take time to get settle down since yet some of the part of country engaged into strikes/ deadlocks.
Therefore to overcome that situation we have a detail & summarized presentation on the subject for beginners and every efforts have been put in to make it easy to understand.
As everyone know that our country has recently taken a bold step to eliminate the all indirect taxes levied at different level by different government under the leadership of our energetic PM.
Therefore I have the view that Industry will take time to get settle down since yet some of the part of country engaged into strikes/ deadlocks.
Therefore to overcome that situation we have a detail & summarized presentation on the subject for beginners and every efforts have been put in to make it easy to understand.
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
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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
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.
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.
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
www.actouch.com
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
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.
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.
4 Key impact area on gst implementation synergytas
GST Malaysia is coming for real. With 4 key impact areas on implementation. Join us for the action plan on GST conducted by Dr Choong Kwai Fatt. Visit website www.synegytas.com/gstkls2 for more information.
The debate over the implementation of Goods and Services Tax (GST) has been tiresomely long.
GST is a critical reform in spurring growth in the Indian economy.
When it is introduced, GST is expected to make the tax system simpler and will also help in increased compliance, boost tax revenues, reduce the tax outflow in the hands of the consumers and make exports competitive. The new government will hopefully set forth a roadmap for the implementation of GST soon.
Today’s lesson on GST attempts to simplify this concept for you.
This ppt was presented for a district level inter college paper presentation competition conducted by Sri Krishna College of Engineering and Technology. The event was conducted within three days of the announcement of the IMPLEMENTATION OF GST by THE GOVERNMENT OF INDIA.The topic is "Effect of GST on Various Sectors". The team comprises of myself, Mr.Ajay, Mr. Akhil Naga Surya, Mr.Prasanna. We won the first prize in the competition. We presented under the topic, "Effect of GST on Paint & Cement Sectors of Indian Economy".
In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.
GST Law & Analysis with Conceptual Procedures with Free DVD (October 2016)ARE YOU Ready For GST
This edition of GST book extensively covers in-depth analyses of Model CGST/SGST and IGST Act, 2016 and the Draft Business Processes released by the Government of India. This edition comprehensively discusses all the key GST provisions along with impact, preparations required for GST and challenges ahead, providing an insight to the readers for assisting in smooth transition to GST.
Deloitte helps you to identify and work through the GST implications, to give you the satisfaction that your business’ future plans are GST optimized. See More : https://www2.deloitte.com/in/en/pages/tax/topics/goods-and-services-tax.html
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.
An article on Role of Company Secretaries in GST Era was published in Souvenir of 43rd National Convention of Institute of Company Secretaries of India. Article was contributed by Team : Lex Bolster Global LLP.
This presentation is on GST (Goods and Services Tax), it is about the new taxation system implemented in India. I have tried to keep all information about GST India.
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
We are pleased to share our June 2022 edition of the GST Bulletin covering recent amendments/ updates in the realm of GST.
This issue covers in detail the following:
1. Judicial Updates
• No GST on services by security manager located outside India for subscription to secured notes placed in USA.
• Concessional GST rate of 0.75% on construction applies to promoter and not to sub-contractor.
• Ocean freight levy violates 'Composite supply' principle under GST.
• Secondment of employees by Overseas Group Company is covered under Manpower Supply & liable to service tax.
• Charitable clubs imparting sports training exempt, however entrance/membership fees taxable.
2. Notifications/ Circulars
• Due date for filing GSTR-3B for April 2022 extended.
• Due date for payment of tax in GST PMT-06 for April 2022 extended.
• Late fee for delay in filing of Form GSTR-4 waived off.
3. GST Compliance Calendar for June 2022
Pleased to share the third edition of "Income Tax Compliances Handbook" wherein our Tax team has summarized the important compliance related provisions of Income Tax Act 1961 as applicable to FY 2022-2023 (AY 2023-2024)
In a recent ruling, the Uttar Pradesh Authority for Advance Ruling (‘AAR’) has ruled that Input Tax Credit (ITC) shall be available on expenses incurred to comply with the requirements of Corporate Social Responsibility (CSR) under Companies Act, 2013 (CSR Expenses). In this video, we have discussed the aforesaid AAR ruling and relevant legal provisions on the subject.
This ruling would enable companies to consider taking ITC on various Covid relief expenses incurred which are being claimed as CSR expenditure in accordance with the FAQs issued by Ministry of Corporate Affairs through General Circular No.15/2020 dated 10th April 2020.
Further the ruling only deals with CSR mandated under Companies Act, 2013 and ITC eligibility in case of CSR activities undertaken voluntarily or beyond the limits prescribed under Companies Act, 2013 still remain an open area. Though according to rationale given by UP AAR, ITC would only be available if the expenditure is mandatory and not voluntary.
Link of Article : https://taxguru.in/goods-and-service-tax/detailed-analysis-itc-csr-expenditure.html
Recently Karnataka AAR has given a ruling in the matter of “Mr. Anil Kumar Agrawal” holding that salary paid to executive director is not liable to GST as it is covered under schedule III of CGST Act, 2017, thus not to be considered for computing aggregate turnover for registration. This ruling has effectively put aside the confusion of applicability of GST under RCM on director’s remuneration ruled by Rajasthan AAR in the matter of “Clay Craft India Private Limited”. Brief facts and findings of the present ruling are analysed in this update.
#gst #gstupdate #gstupdate #update #snr #krestonsnr
Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under Pre-GST regime by filing form TRAN-1 till 30th June 2020. Hon’ble High Court has held that the statutory time limit given is only directory and therefore, the period of limitation of 3 years under the Limitation Act would apply. More details about this ruling is given in this update #gst #gstupdate #snr #krestonsnr
Amidst extended lockdown period due to coronavirus outbreak, the Central Board of Indirect Taxes & Customs (CBIC) has extended various GST compliance deadlines. Brief of the notifications issued is provided in this GST update. #gstupdate #cbic #snr #krestonsnr #gst
Recently Hon’ble Karnataka Authority of Advance Ruling (AAR) has given a ruling in the matter of “M/s T&D Electricals” holding that no Registration is required under the CGST Act, 2017 for execution of a works contract in other state where there no fixed establishment in that state. In this update, we have analysed the captioned AAR ruling.
#taxlaws #gstupdate #gst #krestonsnr #snr
In the attached handbook, we have included major legal compliance applicable on NGOs in India under Income Tax Act, Foreign Contribution Regulation Act, Payment of Gratuity Act, Provident Fund & Misc Provisions Act. #ngos #Taxation #Compliances #SNR #krestonsnr
Recently Hon’ble Rajasthan Authority of Advance Ruling (AAR) has given a ruling in the matter of “Clay Craft India Private Limited” holding that the remuneration paid to Director whether whole time or not will attract GST under Reverse Charge Mechanism (RCM). In this update, we have analysed the captioned AAR ruling along with capturing the current legal position on the matter. #taxlaws #gst #gstupdate #krestonsnr #snr
From the current financial year 2020-21, Individuals & HUFs are having an option to select between old tax system & New Tax system to discharge their tax obligations. CBDT has recently issued a circular clarifying that employees need to intimate their respective employers regarding their choice and accordingly employer shall compute TDS. However in the absence of intimation, employer shall proceed according to existing tax system. Our tax team has explained the nuances of old and new tax system alongwith detailed comparison making the selection easy.
Our Tax team has summarised the important compliance related provisions of Income Tax Act 1961 and prepared the compliance hand book for easy reference.
In the Finance bill passed by Lok Sabha, the government has made certain significant changes predominantly with regard to the applicability of various provisions as were originally introduced in the Finance Bill. Our tax alert providing brief summary of the significant changes in relation to Income Tax Act, 1961
Summary of announcements made by Hon'ble Finance Minister on 24th March 2020 regarding extension of due dates and other relaxations in compliances pertaining to Income Tax & GST.
Vivaad Se vishwas scheme has been introduced by Government of India to provide one time opportunity for settlement of pending litigation by paying the basic tax amount and complete waiver of interest and penalty.
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020.This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
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2. Contents
2GST Private & Confidential 2
Present Indirect Tax Structure and its shortcomings
Other Issues
GST – Meaning and history
GST – Salient Features
Benefits of GST structure
01 Present Indirect Tax Structure in India
02 Entering into the era of GST
Are you ready for GST?
How SNR can assist?
03 Road Map for GST
4. The present indirect tax structure imposes various taxes on different taxable
events/ transactions which is evident from the various indirect taxes, their
respective laws, regulations and rules.
GST Private & Confidential
Present Indirect Tax Structure
CENTRAL
TAX
STATE
TAX
Excise Duty
Service Tax
Addl. Duty of Excise
Surcharge & Cess
CVD & SAD
VAT
CST
Purchase Tax
Luxury Tax
Surcharge & Cess
Entry Tax
4
5. 03
02
01 Cascading Effect
• Levying of VAT on gross assessable value inclusive of excise duty.
Non-availability of credit of Excise Duty to traders
• Central excise is levied on goods manufactured or produced in India
• Cenvat credit of excise duty is not available to traders
Dual taxability under Central & State laws for certain transactions
• Issues in classification of transactions into sale or services
• Duplicity of taxes on various sectors viz IPRs, Work Contract, Installation, etc.
GST Private & Confidential
Shortcomings in the present structure
5
6. • Too many indirect taxes with different rates and provisions
• Present tax structure is highly complicated
• The States have no powers to levy tax on services
• The States have to rely exclusively on compliance improvements
or rate increase for their revenues
GST Private & Confidential
04 Lack of uniformity in provisions and rates
05 Inability of States to levy tax on services
6
7. GST Private & Confidential
Other issues
Complex tax structure
Lack of uniformity in provisions
Non-harmonization of tax rates
Lack of automation
Lack of procedural manuals
Lack of skilled officials
No system for automated scrutiny of 100% tax returns
Lack of cross verifications with other tax administrations
Lack of efficient mechanisms to control evasion
7
9. Tax on supply of goods, or services or both.
A progressive tax regime globally
Inbuilt efficiencies to broaden the tax base, decrease cascading effect and reduce
revenue leakages.
Significant shift from origin-based taxation to a destination-based tax structure
Impact on the operating business models and the revenues of the centre/states.
Potential to impact cash flow, pricing, working capital, supply chain and IT systems
An opportunity for transforming the businesses.
Meaning
GST Private & Confidential 11
10. 2004 - Kelkar Task Force suggested National level GST.
July 2009 – Finance Minister formed Empowered Committee of State Finance
Ministers and announced implementation of GST from April 2010
March 2011 – 115th Constitution Amendment Bill introduced in Lok Sabha
December 2014 – 122nd Constitution Amendment Bill again introduced in Lok Sabha
May 2015 – Constitution Amendment Bill passed in Lok Sabha and bill introduced in
Rajya Sabha
August 2016 – Constitution Amendment Bill passed by Rajya Sabha and most of the
state assemblies also ratified the bill
September 2016 – President signed the Bill and GST council was formed
History
GST Private & Confidential 11
11. In India, the GST model will be “dual GST” having both Central and State GST
component levied on the same base.
All goods and services barring a few exceptions will be brought into the GST base.
No distinction between goods and services for the purpose of the tax with common
legislations applicable to both.
Taxable event in case of goods would be ‘supply’ instead of ‘manufacture’.
Cross - utilization of input of CGST in payment of SGST and vice versa, will not be
allowed, except in the case of inter-state supply of goods & services.
The small business entities whose gross annual turnover is less than prescribed limit
will not be covered by GST law.
Integrated GST will be levied on import of goods & services into India and the
incidence of tax will follow the destination principle.
Salient features
GST Private & Confidential 11
12. Indirect taxes to be subsumed into GST
CENTRAL
INDIRECT
TAXES
Central Excise Duty
Service Tax
Additional Excise Duty
Excise Duty levied under the Medicinal and Toilet
Preparations (Excise Duties) Act, 1955
Additional Duty and Special Additional Duty of Customs
Central cesses and surcharges in so far as they relate to
supply of goods and services
STATE
INDIRECT
TAXES
VAT / Sales Tax
Entertainment Tax (other than the tax levied
by the local bodies)
Central Sales Tax
Octroi and Entry Tax
Purchase Tax
Luxury Tax, taxes on lottery, betting & gambling along with
state cesses and surcharges
GST Private & Confidential 12
13. Benefits of GST
01 Reduces transaction costs and unnecessary wastage
A single registration and a single compliance will suffice for both CGST and
SGST provided Government enables effective IT Infrastructure and
integrates states IT systems with the union.
02 Eliminates the multiplicity of transactions
The reduction in the number of taxes applicable in a chain of transactions
will help to reduce the paper work and clean up the current mess that is
brought by existing indirect taxation laws.
03 One point single-tax
This will help the business community to decide their supply chain, pricing
modalities and in the long run will help the consumers to get goods at a
competitive price. Pricing will no longer be the function of tax components
but function of sheer business intelligence and innovation.
GST Private & Confidential 13
14. 04 Reduces average tax burden
The cost of tax that consumers have to bear will be certain and it is
expected that GST would reduce the average tax burden on the
consumers.
05 Reduces corruption
As the number of taxes reduces, so does the number of visits to multiple
departments reduces and further since most of the processes would be
online and automated, there shall be reduction in corruption.
GST Private & Confidential 14
16. GST requires business organizations to take a holistic approach rather than
a restricted view .
GST may be introduced at a short notice (currently efforts are being made
by GOI to make it effective from 1st April 2017)
The time available for businesses to analyse the impact of GST and make
changes across business functions will remain a significant challenge.
The business transformation triggered by GST would entail
identifying, addressing and leveraging various tax and
business drivers.
It would also include taxability and rates, exemptions and
concessions, cash flow and refunds, supply chain network,
governing rules and regulations and compliance framework.
GST Private & Confidential 16
Are you ready for GST? - Challenges
17. Businesses need to adopt a structured approach to prepare for the transition. Broadly, the
approach should encompass the following:
What should be your approach?
Assessment of the impact of GST on different business functions
Drawing up an implementation plan
Zeroing down the target operating model
Implementation and transition
Post-implementation validation and refinement of the operating model selected
Communicate with stakeholders including suppliers/channel partners.
Revising the tax compliance set up, statutory records templates, tax manuals,
compliance calendars, Frequently Asked Questions, etc.
GST Private & Confidential 17
18. ANALYSE
Analysing the
impact of GST
implementation
on your business
and structuring a
target operating
model which
minimises tax
cost and
maximise
benefits
REALIGNING
TARGETS
01 02 03 04 05
How SNR can assist?
06 07
Deploying and
realigning the
target operating
model post GST
implementation.
TESTING
Testing IT
systems,
updating masters
and handling the
cut-over and
migration-related
issues.
TRAINING
Undertake
training sessions
on the business
related processes
under GST .
Implement
necessary
process changes
to manage the
potential cash
flow impact.
Effectively
navigating
through cut
off/transitional
issues like pre-
GST stock of
goods, pre-GST
credit etc.
Post
implementation,
support in
meeting out the
compliances
under GST
environment.
APPLY PROCESS
CHANGE
NAVIGATION SUPPORT
GST Private & Confidential 18