An Overview of Indirect Taxes. By PROF V.N. PARTHIBAN, FICWA, ACS, FIII, ASM, ADIM, MBA, LLM
|
|
- Hilary Cain
- 6 years ago
- Views:
Transcription
1 An Overview of Indirect Taxes By PROF V.N. PARTHIBAN, FICWA, ACS, FIII, ASM, ADIM, MBA, LLM
2 Customs Duty Basic Customs Duty :Levied under Customs Act, 1962 on : Imported goods: (means any goods brought into India from a place outside India) Export goods : (means any goods which are to be taken out of India to a place outside India) Additional Duty equal to Excise duty (CVD) and Additional duty equal to Sales Tax, local tax or any other charges (SAD) is levied under Customs Tariff Act, 1975 Anti dumping duty and safeguard duty, if notified, are also levied under Customs Tariff Act, 1975
3 Central Excise Duty Basic conditions which must be satisfied for deciding dutiability / Excisability of any article are 1. The article should be Goods and, 2. It should have come into existence as a result of Manufacture. If either of the conditions is not satisfied, Central Excise duty can not be levied.
4 CONCEPT OF MANUFACTURE
5 Definitions of Excisable Goods & Manufacture Goods: Central Excise Law does not define goods. An article can be called Goods if It is known to the market as such and Can ordinarily come to the market for being bought and sold. Concept of Marketability An article to be excisable, it must be marketable. The aspect of marketability has been further emphasized and elaborated by the Hon ble Supreme Court in the following cases. - Bhor Industries Ltd. vs Collector 1989 (40) ELT 280(SC) - Moti Laminates vs UOI 1995 (76) ELT 241 (SC) Even semi finished articles, sub-standard articles, by produce, residues, process scrap, articles in unassembled or CKD condition would be Goods if it fulfills test of marketability. Immovable property or articles embedded to earth, structures, erections, installations and turnkey projects are not Good because they can not ordinarily come to the market to be bought and sold
6 Manufacture : - The expression Manufacture has been defined under Section 2 (f) of Central Excise Act, Accordingly to which it includes any process- (i) incidental or ancillary to the completion of and a manufactured product (ii) which is specified in relation to any goods in the Section or Chapter Notes of the Schedule to the Central Excise Tariff Act, 1985 as amounting to manufacture (iii) which in relation to the goods specified in the Third Schedule (MRP goods etc.) involves packing or repacking of such goods in a unit container or labelling or relabelling of containers including the declaration or alteration of retail sale price on it or adoption of any other treatment on the goods render the product marketable to the consumer.
7 The activity or process in order to amount to manufacture must lead to emergence of a new commercial product, different from the one with which the process started. In other words, it should be an article with name, character and use. It is not the nature of the process or activity which determines the issue but the end- result of that process or activity - Empire Industries Ltd. vs UOI 1985 (20) ELT 179 (SC) Repair and reconditioning of an article does not amount to manufacture because no new goods come into existence. Repacking of goods from bulk pack to smaller packs would not ordinarily amount to manufacture unless there is deemed manufacture clause in relevant chapter. Putting together different duty paid items in a kit or box does not amount to manufacture.
8 ORGANISATIONAL STRUCTURE OF CBEC CBEC ZONE-1 ZONE-II ZONE-III Commissionerate-I Commissionerate-II Commissionerate-III Commissionerate- IV Division-I Division-II Range-I Range- II Range- III Range- IV
9 Important changes brought in Administration of Central Excise Duty Self removal procedure in 1969 Central Excise Tariff Act based on HSN in 1985 MODVAT scheme in 1986 In 1994, the Gate Pass used for clearances was replaced by invoice and consequently filing of Price declarations was dispensed with. Filing of Classification list dispensed with during 1995 Self Assessment by assessees was introduced during the year 1996
10 Fortnightly payment of duty in 2000 Concept of Valuation of Excisable goods on the basis of Transaction value instead of normal whole sale price introduced during 2000 Central Excise Rules, 2001 replacing Central Excise Rules,1944 (32 Rules replacing 234 Rules) Relaxation in Budget day restrictions E-filing of returns from 2004 Formation of Large Tax payer Units during 2006 Introduction of ACES- A web based workflow based application in 2009
11 GST- Overview
12 GST is: An indirect tax on final consumption of goods and services Levied on businesses and recovered by them on supplies Collected at each stage in the commercial and production chain by producers and suppliers GST is typically charged on registered businesses Input GST incurred in relation to taxable output supplies of goods and services is available as an offset GST thus operates as a pure Value Added Tax (VAT)
13 GST-Global Scenario More than 150 countries have already introduced GST/National VAT Typically GST is a single rate system but two/three rate systems are also in use depending upon requirements The standard GST rate in most countries ranges between 15-20% All sectors are taxed with very few exceptions/ exemptions Full input tax credits on inputs are available. Canada and Brazil alone have dual GST US does not have a GST but only sales taxes Slide 13
14 Objectives of GST Lowered tax rates due to broadening of the tax base and minimizing exemptions & exclusions Creation of a common market across the country Redistribution of the burden of taxation equitably between manufacturing and services Reduction in transaction and compliance costs. Facilitation of business decisions on purely economic considerations Enhanced efficiencies & productivity through the supply chain
15 Dual GST - Current State of Play latest developments States have agreed to have two basic rates of GST. CGST will also be in conformity with the SGST Standard rate in the range of 8% to 9% Lower rate for essential commodities in the range of 4% to 5% Special rate for precious metals is expected to be at 1% Small set of specified products will be exempt from the GST The Central Government and State Governments have agreed to evolve a mechanism for compensating States for revenue losses. Slide 15
16 Dual GST Structure Dual GST will comprise the Central GST and the State GST Both taxes to operate in parallel and to apply on every transaction Stamp duty, toll tax, passenger tax and road tax not subsumed under dual GST Coverage Tobacco products to be subjected to GST, Centre to levy excise duty over and above the GST? Alcoholic beverages to be kept out of the purview of GST? Petroleum products also to be kept out of the purview of GST? Slide 16
17 Proposed dual GST Model Dual GST Goods Existing Rate: 19-20% 8%- CGST 8%- SGST GST: 16 % Services Existing Rate: 10% GST: 16 % 8%- CGST 8%- SGST * Figures are only indicative Slide 17
18 Taxes subsumed in dual GST Dual GST Central Taxes CGST Central Excise CVD SAD Service Tax State Taxes SGST VAT Entertainment tax Luxury tax Lottery taxes State cesses and surcharges Entry tax not in lieu of octroi CST will be phased out Slide 18
19 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 sale of goods for State VAT, will have no relevance - Rules for determining the place and time of supply of goods and services to be formulated Slide 19
20 GST on Imports - Central & State GST on imports to replace Countervailing duty (CVD) and Additional Duty of Customs (SAD) currently levied on import of goods as part of customs duties - GST paid on imports available as input tax credits - Place of supply rules to determine the State in which the SGST on imports is payable Input tax credits Full credits under the CGST and SGST that will operate in parallel Cross-utilization of credits between CGST and SGST not permitted Refund of unutilized accumulated ITC Exports to be zero rated Slide 20
21 Inter-State supplies of goods and services - Integrated GST (IGST) model to be adopted for taxing all inter-state supplies of goods and services including stock / branch transfers - Centre alone to tax inter-state supplies - Centre to levy IGST which would be aggregate of CGST and SGST - Input credits of IGST, CGST & SGST will be available as offsets - Central agency to act as a clearing house for funds transfer amongst the States - Elegant and business friendly model of taxing inter-state supplies Slide 21
22 Treatment of Services - Any economic activity which is not a supply of goods is a supply of services - All services to be taxed with few exceptions - Central GST on services relatively easy to collect - Services to be taxed in the State of consumption - Supply rules to determine the place of consumption for cross-border services - State GST could be charged based on the location of the recipient of services Slide 22
23 Procedures : Allotment of a PAN-linked taxpayer identification number with 13/15 digits. - Uniform procedure for collection of both CGST & SGST to be prescribed in the respective legislations. - Single tax invoice for charging and collecting both taxes. - Submission of periodical returns, in common format, to both the CGST & SGST authorities. Slide 23
24 Taxation of inter-state transactions IGST model State 1 State 2 Input IGST CGST SGST Invoice Value 100 CGST Nil State 1 GST Nil IGST 16 * Dealer Final Consumer Input IGST CGST SGST Invoice Value 200 CGST 16 State 2 GST *IGST, CGST & SGST can be used to offset IGST liability Input SGST used to pay IGST to be paid by exporting States to Central Govt. Central Govt to pay input IGST used to pay SGST in the importing State to the importing State Govt. Central Clearing agency will manage the allocation of funds between States
25 Key Issues & Challenges Federal GST law to be drafted Uniform State GST law model State GST code to be adopted Constitutional amendments required - to enable Central Government to tax beyond manufacturing stage - to enable States to charge service tax - to enable levy of GST on imports Rates - Integration of a large number of Central & State Taxes - Multiplicity of taxes and tax rates Thresholds Continuation of area specific exemptions Central GST and State GST
Goods and Service Tax (GST)
Goods and Service Tax (GST) 1. Basics of GST 2. Working Model of GST 3. GST Compliances- Monthly and Annual Filings 4. GST Impact on E-Commerce 5. GST Impact on Services ( IT/ITES) BASICS of GST GST is
More informationM/s PRANJAL JOSHI & CO
Introduction to GST Basic information GST stands for Goods and Service Tax. GST is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture
More informationINTRODUCTION TO GOODS AND SERVICE TAX
The Union Finance Minister Mr. P. Chidambaram in his budget speech in 2006 has said: It is my sense that there is a large consensus that the country should move towards a National Level Goods and Service
More informationThe Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, seeks to amend the Constitution of
Concept Note on GST 1.Introduction The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, seeks to amend the Constitution of India to facilitate the introduction of Goods and Services Tax
More informationGoods and Service. By CMA Sachin Kathuria. CMA Sachin Kathuria
Goods and Service Tax (GST) in India By 1 Existing Tax structure in India 2 Tax Structure Direct Tax Indirect Tax Income Tax Wealth Tax (Now abolished) Central Tax State Tax Excise Service Tax Customs
More informationSALIENT FEATURES OF PROPOSED GST
SALIENT FEATURES OF PROPOSED GST GST is a consumption based levy. Destination principle would be applicable in normal course of business to business [B2B] other than for few services and business to consumer.[
More informationCHARTERED ACCOUNTANTS THE ROADMAP TO GST
CHARTERED ACCOUNTANTS THE ROADMAP TO GST Target date of GST Roll Out: 1st April 2017 R.Tulsian and Co LLP 2016 1 Shashwat Tulsian,Partner GST is one indirect tax for the whole nation, which will make India
More informationGoods and Service Tax (GST)
Indirect Taxes Committee of ICAI Goods and Service Tax (GST) Globally Known As VAT Standardised PPT by Indirect Taxes Committee Institute of Chartered Accountants of India Major Initiative in 2014-15 Organized
More informationGoods and Service Tax (GST)
Goods and Service Tax (GST) Globally Known As VAT Standardised PPT by Indirect Taxes Committee Institute of Chartered Accountants of India copyright@idtc_icai_2015 1 Indirect Taxes Committee of ICAI Major
More informationC A. S H A S H A N K S H E K H A R G U P T A P A R T N E R - I N D I R E C T T A X
OM HARE GURVEY NAMAH GOODS AND SERVICES TAX A DISCUSSION C A. S H A S H A N K S H E K H A R G U P T A P A R T N E R - I N D I R E C T T A X J U N E 2 0 1 6 BACKGROUND WHAT IS GST? WHY GST? (a) & (b) BRIEF
More informationPress Information Bureau Government of India Ministry of Finance
Press Information Bureau Government of India Ministry of Finance Frequently Asked Questions (FAQs) on Goods and Services Tax (GST) 03 August 2016 15:32 IST Following are the answers to the various frequently
More informationIMPORTS UNDER GST. Duty Calculation:
IMPORTS UNDER GST In the GST regime, IGST and GST Compensation cess will be levied on imports by virtue of sub-sections (7) & (9) of Section 3 of the Customs Tariff Act, 1975. Barring a few commodities
More informationCOMPONENTS OF GST GST. IGST (Interstate and Imports) CGST (Intrastate) SGST (Intrastate)
WHAT IS GST Largest tax reform in the Indirect Taxation regime. PAN Based Registration Levied on supply of goods or services. Supply includes Stock Transfer. Supply being the Taxable Event, the concept
More informationGoods and Services Tax
Goods and Services Tax Overview and Impact Analysis CA Neeraj Menon THE PROPOSED GST FRAMEWORK IN INDIA Dual-GST Centre and States to levy GST on common base (CGST & SGST) Salient features IGST on interstate
More information26 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...
Experience Next Generation Banking A monthly publication from South Indian Bank To kindle interest in economic affairs... To empower the student community... www.southindianbank.com Student s corner ho2099@sib.co.in
More informationImplementation of Goods and Service Tax (GST) in India. Opportunities and Challenges for CMA
Implementation of Goods and Service Tax (GST) in India Opportunities and Challenges for CMA CMA Rajesh Shukla At ICWA Chapter meet 14 th August 2015 Aurangabad Present Indirect Taxation Structure 2 Background
More informationAll About GST and Model GST Law
All About GST and Model GST Law 1 Contents GST Basics Supply Meaning & Scope Supply - Time & Place Valuation Rules Input Tax Credit Administration & Procedures Transitional Provisions 2 Basics of GST 3
More informationGoods & Service Tax. (GST) BBNL Vendor MEET
Goods & Service Tax (GST) BBNL Vendor MEET 28.6.2017 1 Overview GST In short How to Charge Tax Changes Now Tax on both goods and services when supplied Replacing - Central Excise, Service Tax, VAT, Entry
More informationGoods and Service Tax in India. CA Ashutosh Thaker
Goods and Service Tax in India CA Ashutosh Thaker Ashutosh.thaker@verita.co.in Contents 01 Why &Salient features of Indian GST 02 Key Concept of GST 03 What should be of concern Central Govt. & State Govt.
More informationCurrent Tax Structure in India
History of GST More than 150 countries have already introduced GST. France was the first country to introduce GST system in 1954. Typically it is a single rate system but two/three rate systems are also
More informationGoods and Services Tax A benchmark transformation from present tax regime to the unified tax framework
Goods and Services Tax A benchmark transformation from present tax regime to the unified tax framework Edition 2 September 15, 2016 Introduction GST Regime The much-awaited GST now becomes a law with President
More informationGOODS AND SERVICE TAX (G.S.T.) OPPORTUNITIES AND CHALLENGES
62 News & Views 2010 NTN I II GOODS AND SERVICE TAX (G.S.T.) OPPORTUNITIES AND CHALLENGES Sudhir Kumar Arora Advocate 140, Ist Floor, Navyug Market, Implementation of G.S.T. Principal Costing Impact. Possibility
More informationTITLE: GST LAW: AN EXECUTIVE SUMMARY
Pramod Kumar Rai, Advocate Managing Partner B.Tech (IITKanpur), LLB (Gold Medal), LLM (USA) Former Joint Commissioner of Customs, Excise & Service Tax (IRS). Email: pramodrai@ymail.com, pramod@athenalawassociates.com
More informationGOODS & SERVICE TAX. Unleashing of the new era in the Indirect Taxation Arena. By CA. Chitresh Gupta
GOODS & SERVICE TAX Unleashing of the new era in the Indirect Taxation Arena Date : 22 nd May 2015 Venue: District Tax Bar Association, Faridabad By CA. Chitresh Gupta B.Com(H), FCA,IDT(Cert),IFRS(Cert)
More informationGST. Concept & Roadmap By CA. Ashwarya Agarwal
GST Concept & Roadmap By CA. Ashwarya Agarwal 1 What is GST?? GST Goods and Services Tax Clause 12A of Article 366 of The Constitution of India goods and services tax means any tax on supply of goods,
More informationVALUATION OF TAXABLE SUPPLY UNDER REVISED GST LAW & VALUATION RULES UNDER DRAFT MODEL GST LAW FEW THOUGHTS. Indirect Taxes Committee, ICAI
VALUATION OF TAXABLE SUPPLY UNDER REVISED GST LAW & VALUATION RULES UNDER DRAFT MODEL GST LAW FEW THOUGHTS Indirect Taxes Committee, ICAI 1 VALUE OF TAXABLE SUPPLY Sec 15 For any levy / tax, apart from
More informationA PRESENTATION GOODS AND SERVICES TAX AN OVERVIEW
A PRESENTATION ON GOODS AND SERVICES TAX AN OVERVIEW BY ASHU DALMIA & ASSOCIATES CHARTERED ACCOUNTANTS A-36, 2 nd Floor, Guru Nanak Pura Laxmi Nagar, Delhi-110092, INDIA Tel: +91 11 22466591, 22422707,
More informationThe study of conversion of Indirect Taxes into GST in India
International Journal of Management, IT & Engineering Vol. 7 Issue 5, May 2017, ISSN: 2249-0558 Impact Factor: 7.119 Journal Homepage: Double-Blind Peer Reviewed Refereed Open Access International Journal
More informationPARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD
SIMPLIFYING THE GST CODE PARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD CURRENT STRUCTURE CASCADING EFFECT TAX ON TAX Excise/VAT/CST/Entry Tax/BCD/CVD/AED, ETC. Excise/VAT/CST Branch Transfers VAT/CST WHY
More informationGST Workshop 9th June 2017
GST Workshop 9 th June 2017 GST Model- Basic Features GST is tax on the supply of goods and services, right from the manufacturer/service provider to the consumer. Destination based consumption Tax (Tax
More informationGOODS & SERVICES TAX (GST) (Status as on 01 st May, 2017)
GOODS & SERVICES TAX (GST) (Status as on 01 st May, 2017) 1 PRESENTATION PLAN WHY GST : BENEFITS EXISTING INDIRECT TAX STRUCTURE FEATURES OF CONSTITUTION AMENDMENT ACT GST COUNCIL MAIN FEATURES OF GST
More informationAir India. June Page 1
Air India June 2017 Page 1 Contents GST Overview Comparative tax scenarios: Current vs. GST Credit Mechanism Concept of Place & Time of Supply Valuation under GST Compliances under GST Page 2 Overview
More informationGOODS AND SERVICE TAX (GST) IN INDIA Challenges Ahead. February 28, 2016
GOODS AND SERVICE TAX (GST) IN INDIA Challenges Ahead February 28, 2016 PRESENT SCENARIO: ISSUES & CONCERN Indian truck drivers clock an average of 280 km per day as against world average of 400 km per
More informationGST. The New Fiscal Baby
GST The New Fiscal Baby GST A Major Reform in Indirect Taxation post Indian Independence INDIRECT TAXATION PARENT ACTS Central Excise & Salt Act, 1944 Central Excise Tariff Act, 1975 Customs Act, 1962
More informationBASIC CONCEPTS, SUPPLY, LEVY & COLLECTION OF GST
BASIC CONCEPTS, SUPPLY, LEVY & COLLECTION OF GST GST Basic Concepts Single Tax Payable on Taxable Supply of G&S Multi Stage & Destination based Consumption Tax GST Charged only on Value Addition No (Reduced)
More informationEmployer-employee under GST - HR
Employer-employee under GST - HR At CII Hyderabad By S V Ramachandra Rao M/s Resource Inputs Limited. www.resourceinputs.com +919849948654 INTRO GST stands for Goods and Services Tax France was first to
More informationGST Implications. All India Distillers Association Hotel Crowne Plaza February 23, Discussion by: CA Gaurav Gupta
GST Implications All India Distillers Association Hotel Crowne Plaza February 23, 2017 Discussion by: CA Gaurav Gupta FCA, LLB, DISA Author GST Law & Practise - Service Tax Law & Practise Agenda GST exclusion
More informationTHE CHAMBER OF TAX CONSULTANTS BASIC CONCEPTS O F G S T
THE CHAMBER OF TAX CONSULTANTS BASIC CONCEPTS O F G S T 1 Understanding GST Covering 2 Legislations, 174 Sections,3 Schedules TAXES IN INDIA There are mainly two types of taxes DIRECT TAXES INCOME TAX
More informationDownloaded from Update PPT on GST (As on 01 st January 2018)
Update PPT on GST (As on 01 st January 2018) 1 This presentation is for education purposes only and holds no legal validity 2 The Journey to GST 2006 First Discussion Paper was released by the Empowered
More informationMarking Scheme. Session TAXATION (782) CLASS XII. Total marks: 100 Theory: 60 Marks Practical: 40 Marks. 1 Deduction From Gross Total Income
Marking Scheme Session 2018-19 TAXATION (782) CLASS XII Total marks: 100 Theory: 60 Marks Practical: 40 Marks UNITS UNIT NAME TOTAL 1 Deduction From Gross Total Income 2 Computation Of Ta x Liability Of
More informationValue Added Tax Overview. Harley Duncan, KPMG Joe Huddleston, EY Boston, August 4, 2017
Value Added Tax Overview Harley Duncan, KPMG Joe Huddleston, EY Boston, August 4, 2017 Notices The following information is not intended to be written advice concerning one or more Federal tax matters
More informationAsian Research Consortium
Asian Research Consortium Asian Journal of Research in Business Economics and Management Vol. 5, No. 8, August 2015, pp. 58-68. ISSN 2249-7307 Asian Journal of Research in Business Economics and Management
More informationResponse to questions raised by members in relation to Goods and Services Tax ( GST )
Response to questions raised by members in relation to Goods and Services Tax ( GST ) 1. What will be the treatment for hallmarking charges recovered from Customer? As per Section 15 of the CGST Act, 2017,
More informationSai Om Journal of Commerce & Management A Peer Reviewed International Journal
Volume 4, Issue 6 (June, 2017) UGC APPROVED Online ISSN-2347-7571 Published by: Sai Om Publications GOODS AND SERVICES TAX (GST) VS CURRENT INDIRECT TAX ENVIRONMENT IN INDIA AND IMPACT OF GST ON REAL ESTATE
More informationINTRODUCTION TO GST & CONSTITUTIONAL PROVISIONS
INTRODUCTION TO GST & CONSTITUTIONAL PROVISIONS Discussing the concept of GST and the basis of its levy - By Prakhar Jain HISTORY OF GST IN INDIA Idea of a national GST was first brought about by Kelkar
More informationA Peek into GST... GST is commonly known as Destination based tax on consumption of goods and services.
Kharabanda Associates, Chartered Accountants A Peek into GST... Volume 1, Issue 1 Date : January 20, 2017 Inside this Issue : GST Demystified 2 Input tax credit, Supply & Liability GST Trend, VAT & Valuation
More informationSUGGESTIONS AND RECOMMENDATIONS
CHAPTER VI SUGGESTIONS AND RECOMMENDATIONS This study Impact of Value Added Tax on the Financial and Tax Management Practices of VAT Assessees of Kerala was undertaken to identify the efficiency and effectiveness
More informationFREQUENTLY ASKED QUESTION (FAQs) ON GOODS AND SERVICE TAX (GST)
FREQUENTLY ASKED QUESTION (FAQs) ON GOODS AND SERVICE TAX (GST) As the GST has been rolled out with effect from 1 st July 2017, it is important to analyze the impact of GST on our Bank. For smooth functioning
More informationGST Concept and Design
GST Concept and Design GST Understanding from the First discussion paper released by the Empowered Committee of State Finance Ministers on November 10, 2009 1 Understanding GST Brief History Need for GST
More informationBRIEF ON GST. GST is a destination based tax and levied at a single point at the time of consumption of goods or services by the ultimate consumer.
BRIEF ON GST GST is a destination based tax and levied at a single point at the time of consumption of goods or services by the ultimate consumer. GST will be levied on all goods and services except on
More informationFAQ. Hindustan Shipyard Limited
FAQ Hindustan Shipyard Limited 1 Q 1. What is Goods and Service Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from
More informationGST: Frequently Asked Questions(FAQs) for Traders
GST: Frequently Asked Questions(FAQs) for Traders Q 1. How will GST benefit the Trading Community? Under GST, a trader would be entitled to avail input tax credit paid on their domestic procurements of
More informationGST Overview. ~CA Unmesh G. Patwardhan~ Mobile No Unmesh Patwardhan Mobile No
GST Overview ~CA Unmesh G. Patwardhan~ Mobile No.98224 24968 Unmesh Patwardhan Mobile No.98224 24968 1 Brief History & Concept of GST Unmesh Patwardhan Mobile No.98224 24968 2 1 st Jul 2017 The D Day Journey
More informationGST GOODS & SERVICES TAX
ICAI Nagpur Branch Seminar on 5 th November 2016 GST GOODS & SERVICES TAX broad CONCEPTS By Ashok chandak sbcngp@gmail.com 1 CONTENTS Present Indirect Tax Structure in India. Enabling Constitutional Amendments.
More informationFDI. Investment by foreign investors directly in the productive assets of another nation.
FDI Investment by foreign investors directly in the productive assets of another nation. Financial investment in stocks or bonds denotes foreign portfolio investment. Factors for Rise in Fiscal Deficit
More informationIndo-American Chamber of Commerce
Indo-American Chamber of Commerce Getting GST Ready! Sachin Agarwal October 2016 Contents Current Indirect Taxes Landscape GST Snapshot GST Where we stand? Model GST Law Impact of GST GST Transformation:
More informationGST: An Integrated Tax
The Journey to GST 2006 First Discussion Paper was released by the Empowered Committee 2009 Constitution (115th Amendment) Bill introduced and subsequently lapsed 2011 The Constitution (122 n d Amendment)
More informationGOODS AND SERVICES TAX AN OVERVIEW
GOODS AND SERVICES TAX AN OVERVIEW CENTRAL BOARD OF EXCISE & CUSTOMS GOODS AND SERVICES TAX (GST) 1. Benefits: 1. GST is a win-win situation for the entire country. It brings benefits to all the stakeholders
More informationUpdates on GST GST Hope For Betterment Released.. For ICMAI Members Here Today
Updates on GST GST Hope For Betterment Released.. For ICMAI Members Here Today WELCOME DELEGATES Humble Request : Silence Please and Urgent Calls Only CMA Dr. Pawan Jaiswal Special Invited Member on GST
More informationTaxation principles of GST and experience of present law as relevant to GST
Taxation principles of GST and experience of present law as relevant to GST Outline of discussion General Taxation principles Indian indirect Tax system Road to GST Introduction of GST Benefits of GST
More informationVirtual Certificate Course on GST Organised by: IDT Committee of ICAI
1 Virtual Certificate Course on GST Organised by: IDT Committee of ICAI Sector Specific Studies on Construction Information Technology Tourism Service Trader Manufacturer 23 of June 2017 2 HIGHLIGHTS OF
More informationITC Credit- GST Adapted from Standardised PPT on Revised Model GST Law (Nov 2016)
ITC Credit- GST Adapted from Standardised PPT on Revised Model GST Law (Nov 2016) INDIRECT TAXES COMMITTEE THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Coverage Today 2 Topic - GST Credits- Restrictions
More informationBy: CA Sunnay Jariwala
By: CA Sunnay Jariwala Existing Indirect Tax Structure Source: cbec.gov.in What is Goods and Services Tax? Article 366 (12A) Tax on supply of goods or services or both. Except on supply of alcoholic liquor
More informationGOODS AND SERVICES TAX
GOODS AND SERVICES TAX TRANSITIONAL CREDITS AND DEMONSTRATION OF FILING OF TRAN-1 Two days webcast on GST Organised by: Indirect Taxes Committee GENERAL PRINCIPLES RELATING TO TRANSITION a) Every person
More informationANTI PROFITEERING MECHANISM UNDER GST
ANTI PROFITEERING MECHANISM UNDER GST CMA Dr. SANJAY R. BHARGAVE Practicing Cost & Management Accountant The GST law contains a unique provision on anti profiteering measure to curb the practice of enjoying
More informationOVERVIEW OF GST. Knowledge update. 29 th August Introduction
29 th August 2016 Knowledge update OVERVIEW OF GST Introduction The existing indirect tax regime in India carries some inherent shortcomings which not only results in instances of double taxation, but
More informationCHARTERED ACCOUNTANTS. GST impact on India's entertainment industry and Media sector
CHARTERED ACCOUNTANTS GST impact on India's entertainment industry and Media sector Shashwat Tulsian I am a Quali ed Chartered Accountant, Lawyer and Company Secretary. As a result, I have a unique ability
More informationBasics of GST. Ganesh Pathuri
Basics of GST Ganesh Pathuri Background of Indian GST The Constitution (115th Amendment) Bill, 2011 The Constitution (122nd Amendment) Bill, 2014 Introduced in Lok Sabha on December 19, 2014. It was passed
More informationCHAPTER 1: INTRODUCTION TO GST 1.1 BASICS OF GST What is GST?
CHAPTER 1: INTRODUCTION TO GST 1.1 BASICS OF GST 1.1.1 What is GST? Goods and Services Tax (GST) is a value-added indirect tax at each stage of the supply of goods and services precisely on the amount
More informationGoods and Services Tax (GST) M.R.Narain & Co., Chartered Accountants 1
Goods and Services Tax (GST) 1 How GST Works Following are the Important Features of GST 1. Tax on Supply of Goods and Service (Except Alcoholic Liquor) 2. Multistage Tax 3. Tax on Value Added 4. Destination/Consumption
More informationGST Law Guide. Introduction. 1.1 Background of GST. 1.2 What is Goods and Services Tax?
GST Law Guide Chapter 1 Introduction 1.1 Background of GST The structure of indirect taxes in India (as existing upto 30-6-2017) was based on three lists in Seventh Schedule to Constitution of India, which
More informationGoods & Services Tax (GST)
Goods & Services Tax (GST) Simplified Content 01 GST Decoded 02 GST Registration 03 GST Payment 04 Frequently asked Questions (FAQs) GST DECODED 1) What is GST? GST stands for Goods and Services Tax. GST
More informationTRANSITIONAL PROVISIONS
TRANSITIONAL PROVISIONS REGISTRATION Sec Ref Chapter XX Particulars 139 Migration of Existing Tax Payers 140 Input Tax Credit Transition 141 Job work related Transition 142 Miscellaneous Transition provisions
More informationPresentation by CA RITESH MEHTA, NAGPUR. B. Com., F.C.A., D.I.S.A (ICAI).
Presentation by CA RITESH MEHTA, NAGPUR B. Com., F.C.A., D.I.S.A (ICAI). 1 Overview of GST Law Components of GST law Levy under GST Taxable event under GST Meaning & scope of the term Supply and its Implications
More informationGOODS AND SERVICE TAX (GST) AND ITS IMPACT
104 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 GOODS AND SERVICE TAX (GST) AND ITS IMPACT P.KANAGARAJ Assistant Professor in Commerce Department of Commerce
More informationMost Expected Questions of GST CS EXECUTIVE (JUNE, 2018 STUDENTS) By
Most Expected Questions of GST CS EXECUTIVE (JUNE, 2018 STUDENTS) By CA Vivek Gaba 1. GST was first levied by? a) France in 1954 b) USA in 1985 c) India in 2017 d) U.K in 1970 2. Which of the following
More informationGST Impact on Textiles & Apparels
GST Impact on Textiles & Apparels DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed
More informationGST Tax of 21 st Century. V S Datey Website
GST Tax of 21 st Century V S Datey dateyvs@yahoo.com Website http://www.dateyvs.com Welcome Background of Indirect Taxes Present structure of indirect taxes is based on Constitutional Provisions giving
More informationGoods and Services Tax Users Manual
E-Book on Goods and Services Tax Users Manual Written By Anand Singh IRS Retd. Additional Commissioner (Customs) New Delhi, India Email: easylawmatebooks@gmail.com All Rights Reserved. Copyright 2017 by
More informationVAT CONCEPT AND ITS APPLICATION IN GST
CONTENTS DIVISION 1 INPUT TAX CREDIT 1 VAT CONCEPT AND ITS APPLICATION IN GST 1.1 Background of VAT 3 1.2 Basic Concept of VAT 4 1.2-1 VAT to avoid the cascading effect 5 1.2-2 Input Tax credit system
More informationImpact of GST on various sectors
of GST on various sectors S. Thirumalai November 2016 Overview of GST implications Service Provider Output Service Procurements Service tax Present regime rate is 15% GST regime - rate in the range of
More informationWill the impact of GST benefit to our economy?
Will the impact of GST benefit to our economy? Jaseena K B M. Phil.Scholar Sree Narayana GuruCollege Chavadi, Coimbatore, Tamilnadu S Reena Assistant Professor of Commerce Sree Narayana Guru College Chavadi,
More informationMODEL GST LAW Decoding The Regulation. Khandhar Mehta & Shah
MODEL GST LAW Decoding The Regulation Khandhar Mehta & Shah 1 CONTENTS BASICS OF GST LEVY IN GST REGIME TIME AND PLACE OF SUPPLY GST VALUATION RULES INPUT TAX CREDIT (ITC) TAX ADMINISTRATION SECTOR-SPECIFIC
More informationGST & YOU. Tally Solutions Pvt. Ltd. All Rights Reserved 2. Tally Solutions Pvt. Ltd. All Rights Reserved Business Presentation
WELCOME 1 GST & YOU Tally Solutions Pvt. Ltd. All Rights Reserved 2 Tally Solutions Pvt. Ltd. All Rights Reserved Business Presentation Presentation Agenda GST Basics What is GST Why GST GST concepts How
More informationGOODS AND SERVICES TAX (COMPENSATION TO THE STATES FOR LOSS OF REVENUE) BILL, 2016
GOODS AND SERVICES TAX (COMPENSATION TO THE STATES FOR LOSS OF REVENUE) BILL, 2016 (No. of 2016) [ th, 2016] A Bill to provide for compensation to the States for loss of revenue arising on account of implementation
More informationGST: Transitional Provisions
GST: Transitional Provisions Edition 1 Contents Administration under GST [S.165] Migration of Existing taxpayers [S.166] Input Tax Credits [S.167 to 172] Goods sent for Job work [S.173 to S.177] 2 Section
More informationGST with multiple tax rates boon or bane?
GST with multiple tax rates boon or bane? By Kishan Pandey From City Academy of Law College Introduction:- GST is a very important tool for the purpose of tax collection because it is a very dynamic concept
More informationFiscal Deficit and Goods and Services Tax (GST) in India: Issues and Challenges
Fiscal Deficit and Goods and Services Tax (GST) in India: Issues and Challenges By Dr. Pankaj Trivedi - Professor of Finance and Head of Ph.D. Program Tanmay Bhadari Student, 2 nd year MMS(Finance) Piyush
More informationC. B. Thakar, Advocate
Refresher Course on GST by WIRC 26 th June,2017 Basic Concepts of GST Presentation by C. B. Thakar, Advocate B.Com., F.C.A., LLB C. B. THAKAR, Advocate 1 Journey towards GST 122 nd CAB Approved by Lok
More informationGST AND ITS IMPACT ON VARIOUS SECTOR
65 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 GST AND ITS IMPACT ON VARIOUS SECTOR Ms.N.Ramya Assistant Professor, Department of Commerce with Professional
More informationDIVISION - I. 2. Basic Concepts of Excise Duty Basic Concepts of Customs Duty Basic Concepts of VAT Basic Concepts of CST 146
Contents DIVISION - I 1. Basic Concepts of Indirect Taxes 1 2. Basic Concepts of Excise Duty 11 3. Basic Concepts of Customs Duty 63 4. Basic Concepts of VAT 101 5. Basic Concepts of CST 146 DIVISION -
More informationAn analysis on prospects of implementation of Goods and Services Tax in India
An analysis on prospects of implementation of Goods and Services Tax in India Authored by: Mr. Vivek Kohli, (Senior Partner) Mr. Ashwani Sharma (Managing Associate) And Mr. Sudeep Vijayan (Associate) ZEUS
More informationfor 3-DAYS REFRESHER COURSE GOODS AND SERVICE TAX (GST)
BACKGROUND MATERIAL for 3-DAYS REFRESHER COURSE on GOODS AND SERVICE TAX (GST) I. INTRODUCTION The present system of indirect taxation has multiplicity of taxes levied by the Centre and State. This has
More informationIntroduction to Goods and Services Tax (GST)
Introduction to Goods and Services Tax (GST) CHAPTER 2 GST is the most ambitious and remarkable indirect tax reform in India s post-independence history. Its objective is to levy a single national uniform
More informationGST - Input Tax Credit. Keval Shah at Bandra Kurla Complex, WIRC of the ICAI. Agenda for the day. Provisions of Input Tax Credit
2 GST - Input Tax Credit Keval Shah at Bandra Kurla Complex, WIRC of the ICAI June 16 2017 Agenda for the day Provisions of Input Tax Credit Concept of Input Service Distributor Transitional provisions
More informationS. No. Questions / Tweets Received Replies Registration 1. Does aggregate turnover include value of inward supplies Refer Section 2(6) of CGST Act.
S. No. Questions / Tweets Received Replies Registration 1. Does aggregate turnover include value of inward supplies Refer Section 2(6) of CGST Act. received on which RCM is payable? Aggregate turnover
More informationAssociation of Mutual Funds in India Goods and Services Tax - FAQs for Distributors October 2017
Association of Mutual Funds in India Goods and Services Tax - FAQs for Distributors October 2017 Page 1 of 12 Table of Contents Introduction to GST... 3 Registration... 4 Place of Supply & Levy of GST...7
More informationCERTIFICATE COURSE ON INDIRECT TAXES
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Indirect Taxes Committee CERTIFICATE COURSE ON INDIRECT TAXES SUGGESTED ANSWERS OF THE ASSESSMENT TEST HELD ON 25 TH AUGUST, 2012 PART A Write the correct
More informationThe Proposed GST (Goods and Services Tax) and Indian Economy
The Proposed GST (Goods and Services Tax) and Indian Economy Bikram Pegu Research scholar,department of Economics, Gauhati University Assam, India ABSTRACT : The GST (GOODS AND SERVICES TAX) is defined
More informationOffences & Penalties, Search, Seizure, Arrest, Demand and Recovery under GST Laws
E-Book on Offences & Penalties, Search, Seizure, Arrest, Demand and Recovery under GST Laws Written By Anand Singh IRS Retd. Additional Commissioner (Customs) New Delhi, India Buyer of This E-Book Will
More information