VAT is a consumption tax assessed on the value added to goods and services at each stage of production and distribution. It is ultimately borne by the final consumer. India needs VAT to simplify its tax system, increase compliance, and boost revenue. VAT provides benefits like wider coverage and revenue security, but disadvantages include potential regressivity, complexity, inflation, and favoring capital-intensive firms.
This presentation gives an introduction to Taxation
What is a TAX?
Types of Taxes in India
Direct Tax
Sub categories of Direct Tax
Indirect Taxes
Benefits of Taxes
Advantages of Paying taxes
Penalty for not Paying taxes
Traditionally India’s tax regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till tax reforms were undertaken during nineties. The major argument put forth for heavy reliance on indirect taxes was that the India’s majority of population was poor and thus widening base of direct taxes had inherent limitations. But the Indian system of indirect taxation is characterized by cascading, distorting tax on production of goods and services which leads to hampering productivity and slower economic growth. There are endless taxes in present system few levied by Centre and rest levied by state, to remove this multiplicity of taxes and reducing the burden of the tax payer a simple tax is required and that is Goods and Service Tax (GST). This paper throws an insight into the Goods and Service Tax concept, advantages, disadvantages and international scenario
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
The sales tax structure has become simple & transparent after implementation of VAT system in India, also helping in avoiding cascading effect of tax. Summarized provisions are provided in attached PPT..
Mitravitae overview presentation: example integrated renewable energy system ...Mitravitae
Mitravitae takes existing green technologies and turns them into something beautiful: we’re putting food on the table, making clean water in the driest places on Earth, and keeping the lights switched on even when the sun goes down. Mitravitae.com - food, energy and water from renewable technology.
This presentation gives an introduction to Taxation
What is a TAX?
Types of Taxes in India
Direct Tax
Sub categories of Direct Tax
Indirect Taxes
Benefits of Taxes
Advantages of Paying taxes
Penalty for not Paying taxes
Traditionally India’s tax regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till tax reforms were undertaken during nineties. The major argument put forth for heavy reliance on indirect taxes was that the India’s majority of population was poor and thus widening base of direct taxes had inherent limitations. But the Indian system of indirect taxation is characterized by cascading, distorting tax on production of goods and services which leads to hampering productivity and slower economic growth. There are endless taxes in present system few levied by Centre and rest levied by state, to remove this multiplicity of taxes and reducing the burden of the tax payer a simple tax is required and that is Goods and Service Tax (GST). This paper throws an insight into the Goods and Service Tax concept, advantages, disadvantages and international scenario
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
The sales tax structure has become simple & transparent after implementation of VAT system in India, also helping in avoiding cascading effect of tax. Summarized provisions are provided in attached PPT..
Mitravitae overview presentation: example integrated renewable energy system ...Mitravitae
Mitravitae takes existing green technologies and turns them into something beautiful: we’re putting food on the table, making clean water in the driest places on Earth, and keeping the lights switched on even when the sun goes down. Mitravitae.com - food, energy and water from renewable technology.
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.
PPT on GST, The new rule introduced by our Government.
Tax will be equal everywhere.
Sorry For any mistake.
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Direct & Indirect Taxes (MODVAT),(CENVAT),Competition Act 2002 & FEMA Acts ,Business Ethics,
Corporate Governance, Philosophy and strategy of planning in India.
Brief Introduction of India's Biggest Tax Reform GST[GOODS & SERVICE TAX]. Its impact on Indian economy , Its Benefit, Limitations and its Current Scenario in Other Countries
If you go through this whole document very carefully, then it will helps you to understand the overall concept of GST, which is the new taxation system of India.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
2. Definition of VAT.
Meaning of VAT.
Necessity of VAT in INDIA.
Advantages &
Disadvantages of VAT.
3. Value Added Tax (VAT) is
defined as, “ a general
consumption tax assessed
on the value added to
goods and services”.
4. It is a general tax that applies, in
principle, to all commercial
activities involving the production
and distribution of goods and the
provision of services.
It is a consumption tax because it
is borne ultimately by the final
consumer.
5. In India, particularly the trading
community, has believed in
accepting and adopting loopholes
in any system administered by the
state or the Central.
They will also be compelled to
keep proper records of their sales
and purchases.
6. Under the VAT system, no
exemptions will be given and a
tax will be levied at each stage
of manufacture of a product.
7. 1) Coverage .
2) Revenue security .
3) Selectivity .
4) Co-ordination of VAT with
direct taxation.
8. 1) VAT is regressive .
2) VAT is too difficult to operate from
the position of both the
administration and business.
3. VAT is inflationary.
4. VAT favours the capital intensive
firm.