PricewaterhouseCoopers Introduction to GST September 2009
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1 Introduction to GST September 2009
2 Significant features of proposed dual GST Model Basic Structure - identified taxes to be subsumed under dual GST - stamp duty, toll tax, passenger tax and road tax not subsumed under dual GST - exports to be zero rated Rates - uniform rates for services - multiple rates for goods Input tax Credits (ITC) - full credits under the Central and the State GST that will operate in parallel - Cross-utilisation of credits between Central GST and State GST not permitted - refund of unutilised accumulated ITC Slide 2
3 Significant features of proposed dual GST Model Dual GST Central Taxes Central Excise Additional duty of customs Service Tax State Taxes VAT Entertainment tax Luxury tax Octroi Lottery taxes Electricity duty State surcharges Purchase tax CST will be phased out Toll Tax, stamp duty, passenger tax, road tax are not proposed to be included in GST Slide 3
4 Significant features of proposed dual GST Model Dual GST e.g. 8% - State GST 8% - Central GST Goods Existing Rate: 20% GST: 16 % Services Existing Rate: 10% GST: 16 % Slide 4
5 Significant features of proposed dual GST Model Taxable Events in GST - The Federal and State GST will both be leviable on supply of goods and services. - Hence, the present taxable events of manufacture, for central excise, and for sale of goods for State VAT, will have no relevance. - Elaborate rules for determining the place and time of supply of goods and services will be formulated - Budget 2009 authorises the Central Government to formulate such rules under present service tax dispensation. Slide 5
6 Key Decision Areas under dual GST KEY DECISION AREAS Supply Chain Indigenous supplies vs Imports Intra-State vs inter-state procurement of goods and services Manufacturing locations Service locations Inhouse vs Contract manufacturing Direct sales vs stock transfers Warehouse & stocking points Cost sharing arrangements Credits under dual GST Availment of credit including credits on transitional stocks Allocation of credits between exempt and taxable supplies Tracking parallel credits across Central and State GST Mechanism for reversal of credits GST on imports Record Keeping Updation of IT systems Invoicing Maintenance of books and accounts, stock records, invoicing etc Slide 6
7 Suggested Next Steps Dual GST is an inflexion point in India s fiscal landscape Its introduction would majorly impact procurement patterns, supply chains, product pricing and reach It would also impact India sourcing Dual GST presents both challenges and opportunities Impact assessment on a business to business basis is essential to ensure GST is a positive for corporates Slide 7
8 PwC can partner with you on smooth transition to GST Slide 8
9 For more information, please contact: S. Madhavan/ R. Muralidharan Pvt. Ltd. 2nd Floor, Vatika Triangle Sushant Lok - 1, Block A Mehrauli Gurgaon Road Gurgaon Tel: / Fax: s.madhavan@in.pwc.com r.muralidharan@in.pwc.com Somnath Ballav Pvt. Ltd. South City Pinnacle, 4 th Floor Plot No. X-1/1, Block EP, Sector V Salt Lake Electronic Complex Kolkata Tel: Fax: somnath.ballav@in.pwc.com Jayant Jain Pvt. Ltd. # 32, Khader Nawaz Khan Road Nungambakkam, Chennai Tel : Fax : jayant.jain@in.pwc.com Sachin Menon/ Prasad Paranjape / Santosh Dalvi Pvt. Ltd. PwC House, 2nd Floor, Plot No.18A, Guru Nanak Road (Station Road) Bandra [West] Mumbai Tel: Fax: sachin.menon@in.pwc.com prasad.paranjape@in.pwc.com santosh.dalvi@in.pwc.com Indraneel Roy Chaudhury Pvt. Ltd. 6th Floor, Tower `D, The Millenia 1 & 2, Murphy Road Ulsoor Bangalore Tel: Fax: indraneel.r.chaudhury@in.pwc.com Ashlesh CH. Verma Pvt. Ltd. # /82/A/113A Road No. 36, Jubilee Hills Hyderabad Tel: Fax: ashlesh.c.verma@in.pwc.com Slide 9
10 Thank you All rights reserved. refers to the network of member firms of International Limited, each of which is a separate and independent legal entity. *connectedthinking is a trademark of LLP (US). 10
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