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..
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 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
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
Direct & Indirect Taxes (MODVAT),(CENVAT),Competition Act 2002 & FEMA Acts ,Business Ethics,
Corporate Governance, Philosophy and strategy of planning in India.
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
Presentation on updates of VAT in UAE is in line with the various advisories issued by Ministry of Finance along with the expert views. VAT is being implemented in the UAE wef 1st January 2018. Presentation has impact of VAT/ Steps to follow to become VAT compliant/ thresholds for VAT registration with process to be followed.
Value Added tax (VAT) – in View of BangladeshIOSRJBM
This paper represents an overview of Value Added Tax (VAT) in Bangladesh. It depicts the basic features of Value Added Tax and its implication, and importance in the growing economy of Bangladesh. Bangladesh faces many problems in raising sufficient tax revenues to fund its economic and social development. To address this problem and to improve economic efficiency and growth, a major tax reform program was initiated in 1991 which centered on the introduction of a value-added tax (VAT) to replace a range of narrowlybased consumption taxes. This study works as a linkage between theory and practice on Value Added Tax. The article represents the social and economical development of the country with the basic awareness which is going at a steady pace among the people and the organization considering it as a key to further economical development. The awareness of Value Added Tax (VAT) is not very old, but still within a short span of time it has shown a remarkable change in the corporate sector and the economy of the country. It has developed a complete sense of care and responsibility towards the country and the welfare of the people.
A students presentation on the topic Indirect Taxes by students from College MCS Banting, Selangor, Malaysia for the subject International Business Law.
The Wealth Tax Act, which came into force from AY1957-58 occupies place of importance in the Indian Taxation System. Though it has got abolished from AY 2016-17, it is in force prior to that period..
This presentation will guide you about various Income Tax Forms to be used with its due dates under Indian Income Tax. Also explains the various terms assigned to those returns & their time limits.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
CAPITAL GAINS some basic provisions are provided. Except for exemption u/s 54/ Useful for B.Com or M.com Students. Provisions related are for AY 2014-15
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.
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.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
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)
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
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.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
2. VAT
Back Ground
In the existing Sales Tax structure, there were problems of double taxation &
multiplicity of taxes ( Single Point, Multiple Point or Last Point taxation ),
resulting in a cascading tax burden.
Also, several States used to levy multiplicity of taxes, such as Turnover tax,
surcharge on sales Tax, Additional Surcharge etc. With introduction of VAT,
these other taxes have been abolished. As a result, overall tax burden is
rationalised and prices in general will fall.
3. VAT
Back Ground …...
The Tax structure has become simple which has improved tax compliance and
also enhanced revenue growth of State.
The VAT is therefore, helping common people, traders, industrialist and also
the Government. It is indeed move towards more efficiency, equal
competition and fairness in taxation regime.
4. VAT
What is VAT ?
It is nothing but multipoint Sales Tax.
It is collected only on value addition at each stage.
Tax paid by the dealer on its purchase of goods & capital goods are eligible for
set off against payment of VAT. [ Input Tax Credit ]
[ Remember, A dealer can not claim the input tax credit if the purchase of goods
and capital goods are not meant for the business. ]
5. VAT
CST & VAT
Central Sales Tax ( CST ) is charged by seller of goods when there is inter-State
sale. ( i.e. Sales made to dealer/consumer in other states.) In this case goods
moves from one State to another State. On the other hand, VAT is charged by the
seller of the goods, when he makes sales within the state.
[ Remember : No input tax credit is available when CST is paid. In other words,
inter-State purchase of goods are not vatable. ]
6. Purchases Made Within State
Paid VAT
Tax Money remains in the State
of buyer & Seller.
Therefore, Input Credit is available to Buyer
Input Tax Credit
On Purchases
Purchases Made from outside State
Paid CST
Tax Money goes in the Seller’s State
Therefore, Input Credit is NOT available to
Buyer
7. VAT
Summary
The principles of VAT are common for the whole country.
Tax is levied at the point of sale.
VAT system are intra-State sale { within the State } while CST system are inter-
State sale { outside State }.
Union Territories are also treated as states.
VAT is implemented by giving set-off of the tax suffered by the Purchases.
{Input Tax Credit }
8. VAT
Variants of VAT
( Various Approaches for Input Credits )
A] Gross Product Variants :
➢Tax is levied at the point of sale.
➢Input Credit is available only for purchases of raw materials.
➢No input credit for capital goods used for manufacturing.
➢VAT Calculation =[ VAT collected from Sales - VAT paid on Purchase of
R.M.]
9. VAT
Variants of VAT
( Various Approaches for Input Credits )
B] Income Variants :
➢Tax is levied at the point of sale.
➢Input Credit is available for purchases of raw materials as well as
depreciation on capital goods.
➢Credit can be availed on a pro-rata basis as & when depreciation is charged
on capital goods.
10. VAT
Variants of VAT
( Various Approaches for Input Credits )
C] Consumption Variants :
➢Tax is levied at the point of sale.
➢Input Credit is available both for purchases of raw materials as well as on
capital goods.
➢No need to examine whether the goods are capital goods or not.
➢VAT Calculation =[ VAT collected from Sales - VAT paid on Purchase of R.M
& on Capital Goods.]
11. VAT
Methods for Computation of Value Addition
There are several methods to calculate value addition for levy of tax. The three
commonly used methods are as under :
A.Addition Method :
➢Value addition is arrived at by aggregating all factory payments plus profits.
( like Rent, Electricity, hire charges, interest, wages, depreciation etc.)
➢No Scope for matching of sales invoice with purchase invoice.
12. VAT
Methods for Computation of Value Addition...
B. Invoice Method :
➢The tax is levied on full sale price & credit is given for the tax paid on
purchases made. Effectively tax is levied on value addition only.
➢Without proper purchase invoice the dealer can not avail input credit so
dealer will take due care to collect all invoice.
➢It’s easy & simple method of computation of value addition.
13. VAT
Methods for Computation of Value Addition...
C. Subtraction Method :
➢ Under this method, the purchase price is deducted from selling price and tax is paid on the net
amount only i.e.value added.
➢ (i) Direct Subtraction Method : Tax is levied on difference between aggregate value of sales
excluding tax & aggregate value of purchase excluding tax.
➢ (ii) Indirect Subtraction Method : Tax is levied on difference between aggregate value of sales
including tax & aggregate value of purchase including tax.
➢ This method is unpopular & cumbersome. It is sometime practically impossible to when various
inputs are used in manufacture of numerous output. It is also not preferred by dealers as their
margin gets disclosed.
14. VAT
❖ Advantages of VAT :
➔Easy to administer & transparent.
➔Less litigation
➔Tax Credit on Purchase of Capital Goods as well.
➔No Cascading effect.
➔Self Assessment.
➔Stringent against tax avoidance.
15. VAT
❖ Limitations of VAT :
➔Detailed Record maintenance.
➔Increase in manpower & investment
➔No credit for tax paid on inter-State purchases.
➔Break in chain in composition scheme.
➔Audit under VAT.
➔Delay in refund of taxes.
16. VAT
❖ Ineligible purchase of Input Credit :
➢ Exempted Goods.
➢ Imported Goods
➢ Inter-state purchases.
➢ Goods received as Free Samples & not for sale.
➢ Purchases which is utilised to manufacture exempted goods.
➢ Purchases where Tax is not shown separately.
➢ Purchase invoice not available.
➢ Purchases from Unregistered Dealer/ Under composition Scheme.
➢ Goods Purchased but are destroyed by fire/stolen/lost.
➢ Goods received on Consignment sales or stock transfer from other state.
➢ Goods purchased & returned within the specified period.