- GST is levied on the supply of goods or services. A supply can be composite (bundled supplies taxed at the rate of the principal supply) or mixed (separate items taxed at the highest rate).
- Under reverse charge, the recipient of the supply is liable to pay GST instead of the supplier in certain cases like import of services. Key reverse charge supplies include services by unregistered persons, GTA, legal/arbitration services to businesses.
- The document discusses concepts like composite vs mixed supply, reverse charge mechanism, and examples of supplies taxed under reverse charge.
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
Supply under GST (goods and services tax)Aashi90100
This document provides definitions and explanations of key terms under the Goods and Services Tax (GST) in India such as goods, services, taxable person, supplier, recipient, location of supply, and place of business. It explains concepts like input service distributor, usual place of residence, principal place of business, and fixed establishment. The document aims to outline the scope and coverage of entities, transactions, and locations that would be subject to GST in India.
1. The document discusses the taxation of income from salary under the Indian Income Tax Act of 1961.
2. It defines salary broadly to include wages, pension, gratuity, allowances, perquisites, and other payments in lieu of or in addition to salary received from an employer.
3. The key aspects covered are the characteristics of salary income, its computation by adding various salary components and deducting allowances, and the basis of its chargeability for taxation.
This document provides information about income from other sources under the Indian Income Tax Act, including:
- Income from other sources is the residual head of income for any income not covered under other heads.
- Section 56(2) lists specific incomes chargeable under this head, such as dividends, lottery winnings, interest, renting of machinery.
- Other incomes chargeable include various types of interest, director's fees, agricultural income from foreign land, and undisclosed income under sections 68-69C.
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
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.
This document discusses agricultural income as defined in the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources in India. The document outlines the various types of agricultural income, including rents from agricultural land, income from cultivating land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also discusses the tests to determine what constitutes agricultural income and provides examples of incomes that are considered agricultural versus non-agricultural. The document concludes by explaining the process of integrating agricultural income with non-agricultural income for tax purposes when thresholds are exceeded.
LEVY AND COLLECTION OF GST – Scope of Supply - Schedule I, II & IIISundar B N
Under the old tax regime in India, different taxes like excise, VAT/CST, and service tax had different taxable events. GST unified these various taxes and introduced a single taxable event of "supply". Supply includes all forms of supply of goods or services for a consideration in the course of business. Certain activities specified in Schedules I, II and III of the GST acts are treated as supply. For a transaction to qualify as supply under GST, it must be a supply of goods or services, for a consideration, in the course of business, by a taxable person, and be a taxable supply.
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
Supply under GST (goods and services tax)Aashi90100
This document provides definitions and explanations of key terms under the Goods and Services Tax (GST) in India such as goods, services, taxable person, supplier, recipient, location of supply, and place of business. It explains concepts like input service distributor, usual place of residence, principal place of business, and fixed establishment. The document aims to outline the scope and coverage of entities, transactions, and locations that would be subject to GST in India.
1. The document discusses the taxation of income from salary under the Indian Income Tax Act of 1961.
2. It defines salary broadly to include wages, pension, gratuity, allowances, perquisites, and other payments in lieu of or in addition to salary received from an employer.
3. The key aspects covered are the characteristics of salary income, its computation by adding various salary components and deducting allowances, and the basis of its chargeability for taxation.
This document provides information about income from other sources under the Indian Income Tax Act, including:
- Income from other sources is the residual head of income for any income not covered under other heads.
- Section 56(2) lists specific incomes chargeable under this head, such as dividends, lottery winnings, interest, renting of machinery.
- Other incomes chargeable include various types of interest, director's fees, agricultural income from foreign land, and undisclosed income under sections 68-69C.
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
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.
This document discusses agricultural income as defined in the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources in India. The document outlines the various types of agricultural income, including rents from agricultural land, income from cultivating land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also discusses the tests to determine what constitutes agricultural income and provides examples of incomes that are considered agricultural versus non-agricultural. The document concludes by explaining the process of integrating agricultural income with non-agricultural income for tax purposes when thresholds are exceeded.
LEVY AND COLLECTION OF GST – Scope of Supply - Schedule I, II & IIISundar B N
Under the old tax regime in India, different taxes like excise, VAT/CST, and service tax had different taxable events. GST unified these various taxes and introduced a single taxable event of "supply". Supply includes all forms of supply of goods or services for a consideration in the course of business. Certain activities specified in Schedules I, II and III of the GST acts are treated as supply. For a transaction to qualify as supply under GST, it must be a supply of goods or services, for a consideration, in the course of business, by a taxable person, and be a taxable supply.
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
The document provides an overview of the Goods and Services Tax (GST) system in India. Some key points:
- GST is a consumption-based tax levied on the supply of goods and services. It comprises Central GST, State GST, and Integrated GST.
- Many existing taxes at the central and state level will be subsumed under GST including excise duty, VAT, service tax, etc.
- GST will have multiple tax slabs of 0%, 5%, 12%, 18%, 28% and a cess on luxury and 'sin' goods. Composition scheme available for small businesses.
- Input tax credit mechanism allows set-off of taxes paid
The document summarizes the key differences between direct and indirect taxes. Direct taxes include income tax and wealth tax that individuals pay directly to the government. Indirect taxes include sales tax and excise duties that are paid to the government by one entity but ultimately borne by consumers. While direct taxes allow for more control and progressivity based on income, indirect taxes are often seen as less psychologically resisted since costs are included in prices. Both types of taxes have advantages and disadvantages for taxpayers and governments.
GST (Goods and Services Tax) is a comprehensive indirect tax that will combine multiple taxes and levies into a single tax to be applied at every stage of supply of goods and services in India. It aims to overcome the cascading effect of taxes and provide seamless tax credits across the entire supply chain. The GST model proposed for India is a dual GST where both the central and state governments will simultaneously levy GST across the country.
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.
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the types customs duty levied and the duty drawback allowed under the customs law.
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
Profit & Gains from Business or Profession.RAJESH JAIN
This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
Dumping refers to selling goods in foreign markets at prices below what is charged in the home market, in order to gain market share. There are three types of dumping: intermittent, when production exceeds domestic demand; persistent, when a monopolist continuously sells excess production abroad cheaply; and predatory, when a company sells at a loss initially to drive out competitors. Countries employ anti-dumping measures like tariffs, import quotas, or bans to counter the objectives of dumping, which include entering new markets, selling surplus production, expanding trade, and growing industries.
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.
nikhil bhagat indian customs act presentationAkash Maurya
This document provides an overview of Indian customs law and duties. It discusses how customs duties originated in India in 1786 with the formation of the first Board of Revenue in Calcutta. The key acts governing customs include the Customs Act and Customs Tariff Act. Customs duty is levied on imports and exports primarily to raise revenue and regulate trade flows. There are different types of customs duties. Valuation of goods for customs follows five methods in order: transaction value, transaction value of identical goods, transaction value of similar goods, deductive value, and residual method.
This document provides an introduction to custom duty in India. It defines custom duty as an indirect tax levied on goods involved in international trade, with import duties charged on imported goods and export duties charged on exported goods. The document then outlines some of the key points around custom duty, including that it has existed since the Vedic period and is collected and controlled by the central government. It also discusses the types of custom duties charged in India as well as goods that are prohibited from import or export for various policy objectives.
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.
The document provides an overview of the proposed GST framework in India, including:
- The origin and development of GST over time from 2006-2016.
- Key aspects of the proposed GST framework such as the types of taxes (CGST, SGST, IGST), the GST council and committees established, registration process, payment methods, and anticipated benefits.
- Details on the registration process including obtaining registration, approval process, surrender and cancellation of registration.
- An explanation of the various payment methods under GST particularly internet banking and over the counter payments.
Dr. P. Ravichandran has listed his academic and professional qualifications. He provides information on the different heads of income under the Income Tax Act, including salary, house property, business/profession, capital gains, and other sources. He notes that income is first computed under these heads and then adjustments are made for set-off losses before determining total income. The document then focuses on income from salary, providing details on what constitutes salary and allowable deductions. It discusses various forms of retirement benefits like leave encashment, gratuity, pension, and their tax treatment.
The document discusses various types of income that are exempt from income tax under the Income Tax Act in India. It provides details on exemptions for agricultural income, HUF income, partner's share of profit, leave travel concession, pension, leave salary, voluntary retirement compensation, house rent allowance, special allowances like transport allowance, interest income from certain securities, income of employee welfare funds, income of the Employee State Insurance Fund, and a minor child's income. It also discusses tax exemptions that apply specifically for salaried employees, such as exemptions on pension income, leave encashment, gratuity payments, and certain allowances.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses the existing indirect tax structure pre-GST and the major taxes that were subsumed under GST. The key features of GST are described, including that it is a destination-based tax applying to all supplies of goods and services. GST has dual components of Central GST and State GST, with Integrated GST for inter-state transactions. Several important definitions are also summarized, along with the scope of supply and activities classified as supply, composite/mixed supplies, and the levy and collection of tax under the GST framework.
1) Goods and Services Tax (GST) is a value-added tax introduced in India in 2017 that replaced existing multiple taxes levied by the central and state governments.
2) GST aims to create a common national market by eliminating cascading taxes and promoting India as a single market.
3) Key concepts of GST include the Integrated GST (IGST) for inter-state trade, a destination-based tax instead of origin-based, and a compliance rating system. GST also established a rare example of cooperation between the central and state governments through the GST Council.
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
The document provides an overview of the Goods and Services Tax (GST) system in India. Some key points:
- GST is a consumption-based tax levied on the supply of goods and services. It comprises Central GST, State GST, and Integrated GST.
- Many existing taxes at the central and state level will be subsumed under GST including excise duty, VAT, service tax, etc.
- GST will have multiple tax slabs of 0%, 5%, 12%, 18%, 28% and a cess on luxury and 'sin' goods. Composition scheme available for small businesses.
- Input tax credit mechanism allows set-off of taxes paid
The document summarizes the key differences between direct and indirect taxes. Direct taxes include income tax and wealth tax that individuals pay directly to the government. Indirect taxes include sales tax and excise duties that are paid to the government by one entity but ultimately borne by consumers. While direct taxes allow for more control and progressivity based on income, indirect taxes are often seen as less psychologically resisted since costs are included in prices. Both types of taxes have advantages and disadvantages for taxpayers and governments.
GST (Goods and Services Tax) is a comprehensive indirect tax that will combine multiple taxes and levies into a single tax to be applied at every stage of supply of goods and services in India. It aims to overcome the cascading effect of taxes and provide seamless tax credits across the entire supply chain. The GST model proposed for India is a dual GST where both the central and state governments will simultaneously levy GST across the country.
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.
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the types customs duty levied and the duty drawback allowed under the customs law.
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
Profit & Gains from Business or Profession.RAJESH JAIN
This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
Dumping refers to selling goods in foreign markets at prices below what is charged in the home market, in order to gain market share. There are three types of dumping: intermittent, when production exceeds domestic demand; persistent, when a monopolist continuously sells excess production abroad cheaply; and predatory, when a company sells at a loss initially to drive out competitors. Countries employ anti-dumping measures like tariffs, import quotas, or bans to counter the objectives of dumping, which include entering new markets, selling surplus production, expanding trade, and growing industries.
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.
nikhil bhagat indian customs act presentationAkash Maurya
This document provides an overview of Indian customs law and duties. It discusses how customs duties originated in India in 1786 with the formation of the first Board of Revenue in Calcutta. The key acts governing customs include the Customs Act and Customs Tariff Act. Customs duty is levied on imports and exports primarily to raise revenue and regulate trade flows. There are different types of customs duties. Valuation of goods for customs follows five methods in order: transaction value, transaction value of identical goods, transaction value of similar goods, deductive value, and residual method.
This document provides an introduction to custom duty in India. It defines custom duty as an indirect tax levied on goods involved in international trade, with import duties charged on imported goods and export duties charged on exported goods. The document then outlines some of the key points around custom duty, including that it has existed since the Vedic period and is collected and controlled by the central government. It also discusses the types of custom duties charged in India as well as goods that are prohibited from import or export for various policy objectives.
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.
The document provides an overview of the proposed GST framework in India, including:
- The origin and development of GST over time from 2006-2016.
- Key aspects of the proposed GST framework such as the types of taxes (CGST, SGST, IGST), the GST council and committees established, registration process, payment methods, and anticipated benefits.
- Details on the registration process including obtaining registration, approval process, surrender and cancellation of registration.
- An explanation of the various payment methods under GST particularly internet banking and over the counter payments.
Dr. P. Ravichandran has listed his academic and professional qualifications. He provides information on the different heads of income under the Income Tax Act, including salary, house property, business/profession, capital gains, and other sources. He notes that income is first computed under these heads and then adjustments are made for set-off losses before determining total income. The document then focuses on income from salary, providing details on what constitutes salary and allowable deductions. It discusses various forms of retirement benefits like leave encashment, gratuity, pension, and their tax treatment.
The document discusses various types of income that are exempt from income tax under the Income Tax Act in India. It provides details on exemptions for agricultural income, HUF income, partner's share of profit, leave travel concession, pension, leave salary, voluntary retirement compensation, house rent allowance, special allowances like transport allowance, interest income from certain securities, income of employee welfare funds, income of the Employee State Insurance Fund, and a minor child's income. It also discusses tax exemptions that apply specifically for salaried employees, such as exemptions on pension income, leave encashment, gratuity payments, and certain allowances.
This document provides an overview of the Goods and Services Tax (GST) implemented in India. It discusses the existing indirect tax structure pre-GST and the major taxes that were subsumed under GST. The key features of GST are described, including that it is a destination-based tax applying to all supplies of goods and services. GST has dual components of Central GST and State GST, with Integrated GST for inter-state transactions. Several important definitions are also summarized, along with the scope of supply and activities classified as supply, composite/mixed supplies, and the levy and collection of tax under the GST framework.
1) Goods and Services Tax (GST) is a value-added tax introduced in India in 2017 that replaced existing multiple taxes levied by the central and state governments.
2) GST aims to create a common national market by eliminating cascading taxes and promoting India as a single market.
3) Key concepts of GST include the Integrated GST (IGST) for inter-state trade, a destination-based tax instead of origin-based, and a compliance rating system. GST also established a rare example of cooperation between the central and state governments through the GST Council.
The Central Sales Tax Act, 1956 provides the legal framework for levying and collecting tax on the sale of goods in the course of inter-state trade or commerce in India. Some key aspects include:
1. It defines terms like "sale", "declared goods", "place of business", and categorizes dealers as registered or unregistered.
2. The Act determines when a sale occurs within a state or inter-state and assigns an "Appropriate State" to administer the tax.
3. It empowers the central government to levy tax according to the tax rates of the Appropriate State and provides for the distribution of tax revenues among states.
The document discusses India's proposed Goods and Services Tax (GST) model. It outlines issues with the current indirect tax system, including complex compliance, tax cascading, and lack of uniformity. GST aims to create a unified, simplified indirect tax system to address these issues. It will replace existing taxes like VAT and service tax and be levied as Central GST, State GST and Integrated GST on inter-state supplies. Exemptions are provided for alcohol and petroleum products. Registered businesses can opt for a composition scheme with lower tax rates for small businesses. The model draws from international examples and aims to reduce business costs and boost the economy.
Supply refers to all forms of supply of goods and/or services including sale, transfer, barter, exchange, rental, and disposal made for consideration in the course of business. Supply can be inward, involving receipts or purchases, or outward, involving sales. Supply is characterized based on the recipient, combination of goods/services, location, and tax treatment. Types of supply include composite, mixed, continuous, inter-state, exempt, non-taxable, zero-rated, and taxable supply based on whether consideration is charged, goods/services are naturally bundled, supply occurs across state lines or is subject to tax exemption or refund.
The document provides information on supply under GST including:
- Supply is defined broadly under GST and includes all forms of supply of goods/services for consideration including sale, transfer, barter etc.
- Certain activities such as permanent transfer of business assets are treated as supply even without consideration.
- Schedule II lists various transactions that are treated as supply of goods or services like renting of property, transfer of business assets etc.
- Time of supply determines when the tax liability arises and this is the earliest date among invoice issue, removal of goods or receipt of payment.
GSTN provides a shared IT infrastructure and services to central and state governments, taxpayers, and other stakeholders to implement the Goods and Services Tax in India. It provides common registration, return filing, and payment services to taxpayers. GSTN also partners with other agencies to create an efficient GST ecosystem and encourages third party GST Suvidha Providers to develop applications to simplify services for stakeholders. Additionally, GSTN conducts research, training, and provides backend services to tax authorities on request to improve tax compliance and administration transparency.
The document summarizes key aspects of the introduction of service tax version 2.0 in India through the Finance Act of 2012, which introduced a negative list approach to taxation of services.
Some key points include:
- Service tax revenue has grown significantly over time, with a record 37% growth in FY 2011-12.
- The new system aims to provide clearer definitions and reduce gaps and loopholes to improve tax collection.
- A "service" is defined as an activity carried out for consideration, which can be monetary or non-monetary.
- Various rules are provided to determine the location or "place of provision" of different types of services.
- A negative list of 17 services
This document defines key terms related to VAT in Kerala, India. It defines a dealer as anyone who buys, sells, supplies, or distributes goods as part of their business. It provides examples of what is considered a dealer. It defines other terms like goods, capital goods, input tax, input tax credit, and turnover. It describes how input tax credit works and the eligibility requirements. It also provides examples of manufacturing dealer VAT returns and sections related to input tax credit. The overall document provides definitions and explanations of important VAT concepts in Kerala.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall look at various important definitions and terminologies under the GST Law.
This document provides an overview of the Goods and Services Tax (GST) system and input tax credit mechanism in India. It defines key terms related to GST such as supply, input tax credit, CGST, SGST, IGST. It explains the types of taxes subsumed under GST and rates applicable. The document also discusses the concepts of input tax credit, conditions for claiming it, and documents required. Exceptions where input tax credit cannot be claimed are highlighted. Finally, it provides examples to illustrate input tax credit calculation and sets off.
The document discusses the concept of supply under the Goods and Services Tax (GST) regime in India. It states that the concept of supply has significantly expanded the scope of taxable events compared to previous tax laws, which were based on specific transactions like manufacturing, service provision, sales, contracts, etc. It then lists numerous activities that are considered taxable supplies under GST, including various types of transfers of goods and rights in goods, import/export of goods and services, construction services, land/property leasing, etc. It also outlines certain activities that are not considered supplies like services provided by courts/government and supplies without consideration. Related party transactions are also excluded from the supply definition.
A GOOD TUTORIAL TO UNDERSTAND GOODS AND SEERVICEVijayakumarA35
This document provides information about GST registration requirements in India. It defines key terms related to registration such as aggregate turnover, casual taxable person, etc. It explains that registration is required if aggregate turnover exceeds Rs. 20 lakhs. It also discusses the process of applying for registration online, details required, registration number format, display of registration certificate, amendment and cancellation procedures.
This slide contains GST RCM topic notes. These are simplied and short notes (Summary) on the topic. So student who are reading for the first time are adviced to go through books also
PPT on GST _ Goods & Service tax by top gst expertsCA Milin Shah
https://www.topgstexperts.com/ppt-on-gst_-prepared-presented-by-top-gst-experts/
Top GST Experts have taken a Small Seminar on GST on 9th April at Mumbai_ Please find the PPT attached herewith for your handy reference.
Basic Overview of Goods & Service Tax. this report covers various taxable events, exemption, Input Tax Credit, Place of supply, tax invoice, other voucher and penalty and offence. This is for common user for their first hand use.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
This document provides an overview of the Goods and Services Tax (GST) system in India. It explains that GST aims to create a unified indirect tax system and reduce the overall tax burden. It describes how GST is levied on the supply of goods and services across India, with Central GST, State GST, and Integrated GST applying depending on the nature of the supply. Threshold limits for registration and key tax rates are also outlined. Administrative responsibilities under GST are shared between central and state governments.
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5. All forms of supply of goods and/or services or both such as sale, barter,
exchange etc..
Activities specified in Schedule 1 – supplies made without consideration.
Activities specified in schedule 2 – supplies to be specifically treated as
supply of goods or supply of services.
Supply Includes:
Activities specified in schedule 3 – supplies which is neither supply of
goods nor supply of services.
6. • Supply of goods or services.
• Taxable person.
• Taxable territory.
• Consideration.
• In the course or furtherance of business
7. Particulars Explanations
Goods
Movable property other than money and securities but includes:
- Actionable claim,
- Growing crops, and
- Things attached to or forming part of the land
Not covered
1.Intangible properties
2. Securities
Services
Anything other than
- Goods
- Money
-Securities
Consideration
Something in return i.e, service recipient has to make any payment,
whether in money or otherwise.
Furtherance of Business
Activities are done entirely for business purpose and for the
continuation of same business in future.
13. Permission granted by competent authority to exercise certain privileges.
Without such authorization the activity would have constituted as an illegal act.
LICENSE
17. Permanent Transfer of Business Assets
• Permanent transfer or sale of business assets on which input tax credit has been availed will
also be treated as supply even if there is no consideration received.
• “Permanent transfer” means transfer without any intention of receiving the goods back.
• It is applicable to the sale of business assets only. It does not apply to the sale of personal
land/building and other personal assets.
• Eg: A company is giving its used laptops or computers to a school or charitable
organization without any consideration.
• ITC to be reversed.
18. Supply of Goods via Agent
• By a principal to his agent and the agent will supply them on behalf of the
principal.
• By an agent to his principal when the agent receives these goods on behalf
of the principal.
19. Transactions between Related Persons
• Supply made between related persons for inadequate or no Consideration in
course or furtherance of business.
20. Who is a related person under GST?
• Director of one business is the director of another business.
• An employer and an employee.
• Any person holds at least 25% of shares in another company.
• They are under common control or management.
• The entities together control another entity.
• They are members of the same family.
21. Transactions between Related Persons
• Supply made between related persons for inadequate or no Consideration in
course or furtherance of business.
Eg: Eastern Condiments Inter Branch Stock Transfers.
• Exception: Relief has been given in a case where an employer gifts his
employee and the value of gift is less than Rs. 50,000. It is not considered as
Supply.
22. Taxable Person Importing Services From a
Related Person
• Import of services by a taxable person from a related person or from any of
his other establishments outside India, for business purposes, will be treated
as supply.
• Tax has to be paid by service receiver on RCM basis.
• Eg: Mwt company in kerala importing services from its related party
IHM Australia.
23. SCHEDULE - II
Activities to be specifically treated either as supply of
goods or supply of services
24. • Schedule II to the CGST Act contains the list of activities or transactions
which have been classified either as supply of goods or supply of service.
• For example, under works contract both sale of goods and provision of
service were involved and therefore taxable event under both the Statutes i.e.
respective VAT law and service tax law got imposed.
25. Sl.No Description of Supply Example
1 Transfer of the title in goods.
Sale of goods by one taxable
person to another.
2
Transfer of title in goods under an agreement and the
property in goods will pass at a future date upon payment
of full consideration.
Hire Purchase Agreement
3
Transfer/disposal of business assets, with or without
consideration.
Sale of office computer to
charitable organisation.
4
Goods forming part of the assets on ceasing to be a
taxable person.
Sale of all assets on winding up of
business.
5
Supply of goods by an unincorporated association/body
of persons (BOP) to its member.
Supply of food, gaming tools,
books etc. by Lions club to its
members.
26. Sl.No Description of Supply Example
1
Transfer of right in goods without the transfer of title. Renting a Cab
2
Any lease, tenancy, license to occupy land.
Leasing of land for a specified
period.
3
Any lease or letting out of the building for business or
commerce, either wholly or partly.
Rent Agreements
4
Any treatment or process which is applied to another person’s
goods.
XYZ ltd sent their tools to ABC
ltd for polishing.
5
Renting of immovable property Renting of Godown
27. Sl.No Description of Supply Example
6
Under the direction of a person carrying on a business,
making available of business goods for personal purpose.
Use of company guest house by
an employee for arranging a
personal function.
7
Development, design, programming, customisation,
implementation of information technology software.
ERP softwares
8 Works contract as defined in clause (119) of section 2.
Agreement for construction of
Building
9
Supply of goods being food or any other article for human
consumption except alcohol.
Restaurant Services
29. • Services by Employee to Employer in the course of Employment.
• Services by Court & Tribunal under any Law for the time being in force.
• The function performed by Member of Parliament, State Legislature etc.
• Services by a foreign Diplomatic mission located in India.
• Services of a Funeral, Burial, crematorium, mortuary including transportation
of deceased.
• Actionable claims, other than lottery, betting and gambling.
30. FAQ
ABC ltd, an insurance company disposes its old computers worth Rs.5000 to a charitable
organisation for free of cost -
- Supply of Goods
H&M ltd purchased license key for its antivirus software in the office –
- Supply of Service
L&T ltd, a construction company agreed to construct flat/villas for skyline group
(Works contract)
- Supply of services
XYZ ltd, an automobile shop is winding up its business and decided to sell off all its assets
- Supply of Goods
Supply of Goods or Supply of Services?
32. • Supply made by a taxable person.
• Comprises two or more taxable supplies of goods or services.
• Single price.
• And are naturally bundled.
• One of which is a principal supply.
• Taxed at the rate of Principal Supply
33.
34. • Supply made by a taxable person.
• Comprises two or more taxable supplies of goods or services
or both, or any combination thereof.
• Single price.
• And are not naturally bundled.
• Highest rate of tax.
35.
36.
37. FAQ
Indus motors sells a brand-new vehicle along with registration, insurance
& free service.
- Composite supply
PNV agencies, a home appliance seller sells a refrigerator along with 2
bottles of water
- Mixed Supply
Anns bakers sells a combo pack of sweets, chocolates, cakes & dry fruits
of various brands for Rs.500
- Mixed Supply
42. “Reverse charge” means the liability to pay tax is by the recipient of supply
of goods or services instead of the supplier of such goods or services.
45. • Section 9 (3) of CGST Act
• Registered service recipient liable to pay GST.
• Exception: where the value of such supplies is less than
Rs 5,000.
46. Description of supply of Goods Supplier of goods Recipient of goods
Cashew nuts, not shelled or peeled. Agriculturist. Any registered person.
Bidi wrapper leaves (tendu). Agriculturist. Any registered person
Tobacco leaves. Agriculturist. Any registered person.
Silk yarn.
Any person who manufactures silk
yarn from raw silk or silk worm.
Any registered person.
Raw cotton. Agriculturist Any registered person.
Supply of lottery.
State Government, Union Territory
or any local authority.
Lottery distributor or selling agent.
Used vehicles, seized goods, old and
used goods, waste and scrap.
Central Government, State
Government, Union territory or a
local authority.
Any registered person.
47. Description of supply of Service Supplier of service Recipient of service
Any service supplied by any person who
is located in a non-taxable territory to
any person in taxable territory.
Any person located in a non-taxable
territory
Any registered person in taxable
territory.
GTA Services.
Goods Transport Agency (GTA) who has
not paid integrated tax at the rate of 12%.
Any registered person.
Legal Services by advocate.
An individual advocate including a senior
advocate or firm of advocates.
Any business entity located in the
taxable territory.
Services supplied by an arbitral tribunal
to a business entity.
An arbitral tribunal.
Any business entity located in the
taxable territory.
Services provided by way of
sponsorship to any body corporate or
partnership firm.
Any person.
Any body, corporate or
partnership firm located in the
taxable territory.
48. Description of supply of Service Supplier of service Recipient of service
Services supplied by a director of a
company or a body corporate to the said
company or the body corporate.
A director of a company or a body
corporate.
The company or a body corporate
located in the taxable territory.
Services supplied by an insurance agent to
any person carrying on insurance business.
An insurance agent.
Any person carrying on Insurance
business, located in the taxable
territory.
Services supplied by a person located in
non- taxable territory by way of
transportation of goods by a vessel from a
place outside India up to the customs
station of clearance in India.
A person located in Non-taxable territory.
Importer, as defined in clause (26) of
section 2 of the Customs Act,
1962(52 of 1962), located in the
taxable territory.
Supply of services by an author, music
composer, photographer, artist or the like
by way of transfer or permitting the use or
enjoyment of a copyright covered under
section 13(1).
Author or music composer,
photographer, artist, or the like.
Publisher, music company, Producer
or the like, located in the taxable
territory.
Supply of services by the members of
Overseeing Committee to Reserve Bank of
India.
Members of Overseeing Committee
constituted by the Reserve Bank of India.
The Reserve Bank of India .
49. Description of supply of Service Supplier of service Recipient of service
Services supplied by the Central Government,
State Government, Union territory or local
authority to a business entity excluding, -
Central Government, State
Government, Union territory or local
authority
Any business entity located in
the taxable territory
(1) renting of immovable property, and
(2) services specified below-
(i) services by the Department of Posts
provided to a person other than Governments
(ii) services in relation to an aircraft or a vessel,
inside or outside the precincts of a port or an
airport;
(iii) transport of goods or passengers.
Services provided by business facilitator (BF) to
a banking company (01.09.2019)
Business facilitator (BF) A banking company, located in
the taxable territory
Services of lending of securities under
Securities Lending Scheme, 1997 (01.09.2019)
Lender i.e. a person Borrower of the securities under
the Scheme through an approved
intermediary of SEBI.
50.
51. • E commerce operator has to collect and pay GST for the services thus
supplied.
• In case the electronic commerce operator does not have a physical
presence in the taxable territory, person representing such an e-commerce
operator shall be liable to pay the tax.
Mr. A Mr. B
GST to Govt
Editor's Notes
xcvxc
For example, a company based in Mumbai employs an agent in Pune (Maharashtra) and sends goods to him. GST is applicable
For example, a company in the Delhi employs an agent in the city. The agent buys goods from the city and sends them to the principal to sell in the suburbs.
Persons shall be deemed to be related if they fall under any of the categories below:
Example – Eastern Condiments Stock Transfers
For example, mwt importing services from maxworth in mumbai