NOTHING IS CERTAIN IN LIFE EXCEPT DEATH AND TAX

Transcription

1 NOTHING IS CERTAIN IN LIFE EXCEPT DEATH AND TAX

2 THREE LEVELS OF GOVERNMENT RESPONSIBLE FOR IMPOSING TAXES Central/Union Level State Level Local Level

3 TYPES OF TAXES Direct Tax Indirect Tax Imposed on persons Imposed by central government Rate of interest is uniform Imposed on goods and services Imposed by central government or state Different rate of interest Income tax is the only direct tax

4 INDIRECT TAX Goods Services Central State Excise Duty VAT Excise Duty Custom Duty Entertainment Custom Duty Service Tax Luxury Sales Tax CST VAT CST Octroi/Entry Tax

5 CHAIN OF TAXES AT DIFFERENT STAGES Manufacturer Wholesale Retailer Customer

6 GOOD AND SERVICE TAX Rationalise the Indirect Taxes Dual GST Central GST State GST

7 ADVANTAGES OF GST Remove almost all indirect taxes. Remove cascading effect or tax on tax. Reduce flow of black money. One India one market. Seemless flow of goods across nation. Ease of doing business.

8 Present Structure Rs.) (In Post GST Structure Rs.) (In GOODS 100 GOODS SUB. TOTAL % 14 VAT@14% COST OF THE PRODUCT 124 TOTAL TAX COST OF THE PRODUCT:

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10 NOT IN GST LIST Custom Liquor Stamp Electricity Petrol Alcohol

11 TAX SLABS No tax Goods No tax will be imposed on items like Jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc. Services Hotels and lodges with tariff below Rs 1,000, Grandfathering service has been exempted under GST.

12 TAX SLABS 5% Goods Items such as fish fillet, Apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats will attract tax of 5 %, Services Transport services (Railways, air transport), small restraurants will be under the 5% category because their main input is petroleum,

13 TAX SLABS 12% Goods Apparel above Rs 1000, frozen meat products, butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, TAX SLABS tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cellphones will be under 12 % tax slab. Services Non-AC hotels, business class air ticket, fertilisers, Work Contracts will fall under 12 per cent GST tax slab

14 TAX SLABS 18% Goods Most items are under this tax slab which include footwear costing more than Rs 500, Bidi Patta, Biscuits (All catogories), flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors. Services AC hotels that serve liquor, telec,it services, branded garments and financial services will attract 18 per cent tax under GST...

15 TAX SLABS 28% Goods Bidis, chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles, aircraft for personal use, will attract 28 % tax - the highest und aircraft for personal use,the highest under GST system. Services 5-star hotels, race club betting, cinema will attract tax 28 per cent tax slab under GST..

16 About ASCC We at ASCC endeavour to provide all services related to Industrial Real Estate and Consents & Licenses under One Roof Pan India thus saving the valuable time of the clients. Our Strengths: Industrial, Warehouse and Commercial Real Estate Transaction Specialists All permits and licenses to run your industry/activity under one roof Compliance Audits, Inspection & Consulting Supply-Chain-Management Consultancy In case you wish to avail services of ASCC Pvt. Ltd. you may kindly contact Ms. Vanita at or mail to We assure you highly professional services by our company. Look forward to serve you.

17 THANK YOU!