Goods & Services Tax (GST) One Nation One Tax
|
|
- Theodore Lindsey
- 5 years ago
- Views:
Transcription
1 Goods & Services Tax (GST) One Nation One Tax Why In News: After being subject to years of haggling and histrionics, the Goods & Services Tax (GST) finally had its historic day in the Parliament with the passage of the Bill in both the Loksabha and RajyaSabha to amend the Constitution, paving the way for implementation of GST which is the biggest Indirect tax reform in the last 30 years. The Rajya Sabha passed it with amendments on 3rd August. Loksabha Passed the amended Bill on 8th August What is GST: GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.more than 160 countries across the world have implemented GST in diverse forms. Background: GST is being introduced in the country after a very long journey since it was first discussed in the report of the Kelkar Task Force on indirect taxes. A brief chronology outlining the major milestones on the proposal for introduction of GST in India is as follows: In 1986 Jha Committee first introduced value added taxation in India. This was called as MODVAT(modified VAT). Before this taxes at both inputs and outputs. Removal of cascading burden, rationalisation and avoiding double taxation was the aim..it was renamed as CENVAT later. However CENVAT was about excise duties charged only at the central level. state level VAT/sales tax and interstate tax remained untouched. VAT minimises tax erosion because a seller pays VAT on his sales but gets refund of VAT paid by him on previous purchase. A retails pays VAT but is refunded VAT paid buy him on goods purchased by him on wholesale. He cannot claim refund unless he shows a receipt
2 CENVAT applies only to manufacturing stage and does not extend down to distribution stage till retail sale of goods. CENVAT mechanism extends for set off only amongst central excise duty and services tax into level of production. CENVAT does not extend to value addition by the distribution trade below stages of manufacturing. Manufacturers cannot claim set off against other central taxes like and duties like additional excise duties and surcharges. In 2005 based on recommendations of Asim Das Gupta committee State level VAT was introduced. This replaced sales tax, turnover tax, surcharge on sales tax etc at state level. In 2003, the Kelkar Task Force on indirect tax had suggested a comprehensive Goods and Services Tax (GST) subsuming both central, state and interstate taxation based on VAT principle. A proposal to introduce a National level Goods and Services Tax (GST) by April 1, 2010 was first mooted in the Budget Speech for the financial year by then FM Chidambaram. Since the proposal involved reform/ restructuring of not only indirect taxes levied by the Centre but also the States, the responsibility of preparing a Design and Road Map for the implementation of GST was assigned to the Empowered Committee of State Finance Ministers (EC).It was headed by Asimdasgupta initially and then later by Sushil Kumar modi. Based on inputs from Govt of India and States, the EC released its First Discussion Paper on Goods and Services Tax in India in November, In order to amend the Constitution to enable introduction of GST, the Constitution (115th Amendment) Bill was introduced in the Lok Sabha in March As per the prescribed procedure, the Bill was referred to the Standing Committee on Finance of the Parliament for examination and report. The Parliamentary Standing Committee submitted its Report in August, 2013 to the Lok Sabha. The recommendations of the Empowered Committee and the recommendations of the Parliamentary Standing Committee were examined in the Ministry in consultation with the Legislative Department. Most of the recommendations made by the Empowered Committee and the Parliamentary Standing Committee were accepted and the draft Amendment Bill was suitably revised.
3 The 115th Constitutional (Amendment) Bill, 2011, for the introduction of GST introduced in the Lok Sabha in March 2011 lapsed with the dissolution of the 15th Lok Sabha. In June 2014, the draft Constitution Amendment Bill was sent to the Empowered Committee after approval of the new Government.Based on a broad consensus reached with the Empowered Committee on the contours of the Bill, the Cabinet on approved the proposal for introduction of a Bill in the Parliament for amending the Constitution of India to facilitate the introduction of Goods and Services Tax (GST) in the country. The Bill was introduced in the Lok Sabha on , and was passed by the Lok Sabha as Constitution 122nd Amendment Bill on It was then referred to the Select Committee of Rajya Sabha, which submitted its report on The Rajya Sabha passed it with amendments on 3rd August Loksabha Passed the amended Bill on 8th August Current Indirect Taxation Structure that GST will Subsume: Goods and services are currently taxed separately. VAT applies at manufacturing stage (CENVAT) as well as Sales stage (State level VAT) Input credit set off not available against different taxes. For eg: set off not available for CENVAT against state VAT Different tax rates levied across different states. Intra state transaction gets input credit set off but not inters state transaction. Likewise as CENVAT, State VAT covers only sales. Sellers can claim credit only against VAT paid on previous purchase. Centre cannot impose taxes on goods beyond manufacturing (excise) or primary import (customs) stage. Centre only can tax services. State has no powers to tax services. State has exclusive domain of taxes on consumption. At the Central level, the following taxes are currently charged that will be subsumed when GST is in place:
4 Central Excise Duty, Additional Excise Duties (Goods of Special Importance) Additional Excise Duties (Textiles and Textile Products) Service Tax, Additional Customs Duty commonly known as Countervailing Duty, and Special Additional Duty of Customs. At the State level, the following taxes are currently charged that will be subsumed when GST is in place: Subsuming of State Value Added Tax/Sales Tax, Entertainment Tax (other than the tax levied by the local bodies) Central Sales Tax 3% (levied by the Centre and collected by the States selling state from buying state from buying state.basically interstates tax will be abolished after GST). Octroi and Entry tax, Purchase Tax, Luxury tax, and Taxes on lottery, betting and gambling Also many indirect taxes not included in state VAT Current Exemptions under CENVAT and Service tax. Oil & gases productions, mining, agriculture wholesale & retail trade, real estate and construction & other services. Current Exemptions under State VAT: All services, real estate properties, agriculture oil & gases production & mining Procedure for adopting GST Constitution Amendment bill To pass GST bill it needs 2/3 rd majority in both houses (more than 50% of total membership of house present & voting)
5 Then it has to be ratified by minimum 50% of states ( 50% of 29 states & 2 UT with legislature 31) It will be then sent for Presidential asset culminating in the Bill being passed. State & central govt should pass simple bills to adopt Model GST laws Expected Roll out date proposed by government is April, Salient points of the GST Bill: No differentiation between good and services tax.one rate for both goods and services. Keeping in mind the federal structure of India, there will be two components of GST Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State. The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output. No cross utilisation of credit would be permitted. Centre & State to have concurrent powers to make laws on goods and services. Only centre can levy IGST (Intersect Supply of Goods and Services) and imports. Law made by parliament in relation to GST will not override state laws on GST. Subsumes all Indirect taxes at state and central level( barring few exceptions listed below). Input tax credit set off will be accessible across Intra and Inter state transactions as GST will be one single tax at central and state level.the Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except on exempted goods and services, goods which are outside the purview of GST and the transactions which are below the prescribed threshold limits. Further, both would be levied on the same price or value unlike State VAT which is levied on the value of the goods inclusive of Central Excise. Alcohol for human consumption has been exempted from purview of GST. GST will not apply to
6 - Petroleum crude - High speed diesel - Motor spirit (petrol) - Natural gas - Aviation turbine fuel. GST council will decide when GST will apply to the above. GST council will be formed comprising of Union FM, State FM s, and Union Minister of state for revenue. The centre has 1/3 rd voting rights & states together have 2/3 rd of voting powers in GST council. Any decision to be taken in GST council will need 3/4th of the majority. GST council will recommend Taxes, surcharges, cess that need to come under GST. Tax rate of GST (at present recommendations is for 18% GST rate) Threshold limit for GST (like in Vat, below 5 lakh transaction in full need not file VAT) framing of model GST laws Special Provisions with respect to North eastern states, J & K, Uttarakhand etc. Committee may decide for mechanism to resolve disputes. Producing and consumption states. Compensation to State for loss of revenue. Huge manufacturing state like Gujarat and Maharastra will lose out on tax revenue like interstate taxes(central sales tax) due to onset of GST. Such states will be completely compensated (100% of the losses) for the loss of revenue for upto 5 years. 1% additional tax for Integrated Goods and service tax (IGST) tax for 2 years was proposed initially.however this provision was deleted in the amended final bill passed in Rajya Sabha.
7 Advantages Of GST Removal of cascading: A system of seamless tax-credits throughout the valuechain, and across boundaries of States, will ensure that there is minimum cascading of taxes. This will reduce hidden costs of doing business. Uniformity of tax rates and structures: GST will ensure that indirect tax rates and structures are common across the country, thereby increasing certainty and ease of doing business. To be more specific, GST will make doing business in the country tax neutral, irrespective of where one chooses to do business. Easy compliance: A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns,credit set offs, payments, etc. would be available to the taxpayers online, which would make compliance easy and transparent.infosys is currently working with government to develop IT infrastructure for the GST Network. Improved competitiveness: Reduction in transaction costs of doing business will eventually lead to an improved competitiveness for the trade and industry. Gain to manufacturers and exporters: The subsuming of major Central and State taxes in GST, complete and comprehensive set-off of input goods and services and phasing out of Central Sales Tax (CST) will reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. The uniformity in tax rates and procedures across the country will also go a long way in reducing the compliance cost.
8 simple and easy to administer: Multiple indirect taxes at the Central and State levels are being replaced by GST. Backed with a robust end-to-end IT system, GST would be simpler and easier to administer than all other indirect taxes of the Centre and State levied so far. Better controls on leakage: GST will result in better tax compliance due to a robust IT infrastructure. Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that would incentivise tax compliance by traders. Higher revenue efficiency: GST is expected to decrease the cost of collection of tax revenues of the Government, and will therefore, lead to higher revenue efficiency. Single and transparent tax proportionate to the value of goods and services: Due to multiple indirect taxes being levied by the Centre and State, with incomplete or no input tax credits available at progressive stages of value addition, the cost of most goods and services in the country today are laden with many hidden taxes. Under GST, there would be only one tax from the manufacturer to the consumer, leading to transparency of taxes paid to the final consumer Relief in overall tax burden: Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers.
9 Apprehension regarding the GST Bill: Opposition has demanded in parliament the rate of GST which is to be decided by GST council should not exceed 18%.also it wants the GST rate to be incorporated into the Constitution bill itself.government is yet non committal on the rate of GST however it feels 18% is too less and anything above 20% would be ideal. Also if GST rate is incorporated in the constitution itself any changes in future due to dynamics of economy will require going through the entire process of approval by both houses of parliament and ratification by states to change the GST rate which will be a herculean task. At present the total tax rates on good including CENVAT and state level VAT comes to around 27%.if we add other taxes CST, Cess, surcharges etc it is effectively around 30% depending on interstate variations. Bringing in GST will definitely bring the tax rates down to 18%-20% on goods which will benefit the consumer.however the effective service charges paid today are currently around 14%- 15%.Bringing in GST will naturally increase the amount of service charges paid currently. In India where services contributes to around 60% of GDP that might lead to a Cost push Inflation as cost of services might go up. Arvind Subramaniam The Chief Economic Adviser, has suggested a revenue neutral rate of ( per cent) and standard rate ( per cent) for the proposed GST which will make sure that high inflation is not experienced in the economy after roll out of GST.He also proposed that GST rate should not exceed 20%. huge compliance-related benefits expected from the tax reform once it gets rolled out will negate the need for high GST tax rate. India is a federal country. for the first time states are getting concurrent power to tax services under GST. However there might also be issues in future between centre and also between states regarding compensation for loss of revenue.producing and consuming states might have different view points regarding rate of taxation.for example producing states like Gujarat and Maharastra might want low taxation on manufacturing of cotton textiles related goods and consumption states like Haryana, Uttarpradesh might want high rate of taxation on retail sales of these goods leading to conflict. GST council will have to resolve such disputes. Cess ( education, Krishi Kalyan, Swatch Bharat) and surcharges charged by centre are currently not part of GST.States might have an issue over this. also GST will not apply to Petroleum crude,high speed diesel,motor spirit (petrol),natural gas,aviation turbine fuel. these have a very high interconnectivity with both manufacturing and service costs which might hinder seamless application of GST across sectors.
10 How to approach for the Civil Services Examination: Salient points of GST may figure in objective questions in prelims. In mains focus will be on effect of GST on Indian economy, federal structure ( centre state relations) and analysis of the new Indirect taxation structure. Paper III: Indian Constitutional amendments Functions and responsibilities of the Union and the States, issues and challenges pertaining to the federal structure, devolution of powers and finances up to local levels and challenges therein. Parliament and State Legislatures - structure, functioning, conduct of business, powers & privileges and issues arising out of these. Paper IV: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Government Budgeting.
11
12
Press 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 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 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 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 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 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 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 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 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 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 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 informationCOVER STORY A to Z of Goods and Services Tax
COVER STORY A to Z of Goods and Services Tax The Goods and Services Tax (GST), the biggest reform in India s indirect tax structure since the economy began to be opened up 25 years ago, at last became
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 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 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 informationGST- A NEW BEGINNING IN INDIAN FINANCIAL SYSTEM
GST- A NEW BEGINNING IN INDIAN FINANCIAL SYSTEM Dr. Anita Sharma, Reader, Maharaja Surajmal Institute (GGSIPU), New Delhi Abstract: GST means Goods and Services Tax. The main aim of GST is to abolish all
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 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 informationIndirect Taxes Committee, ICAI
1 GST Constitutional Provisions and Features of Constitution (101 st Amendment) Act, 2016 101st Constitution Amendment Act 2 Under current regime - Centre levies Excise duty on manufacture, Service 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 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 informationTHE CONSTITUTION (ONE HUNDRED AND FIFTEENTH AMENDMENT) BILL, 2011
Bill No. 22 of 2011 5 THE CONSTITUTION (ONE HUNDRED AND FIFTEENTH AMENDMENT) BILL, 2011 A BILL further to amend the Constitution of India. BE it enacted by Parliament in the Sixty-second Year of the Republic
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 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 informationTHE GOODS AND SERVICES TAX (GST) IN INDIA: CONCEPTUAL FRAMEWORK AND CHALLENGES
Inspira-Journal of Commerce, Economics & Computer Science (JCECS) 273 ISSN : 2395-7069 General Impact Factor : 2.4668, Volume 04, No. 01, January-March, 2018, pp. 273-280 THE GOODS AND SERVICES TAX (GST)
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 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 informationA Note on GST. 1. GST (Goods & Services Tax) is a single tax on the supply of goods and services, right
A Note on GST 1. GST (Goods & Services Tax) is a single tax on the supply of goods and services, right from the manufacturer to the consumer. The final consumer will thus bear only the GST charged by the
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 (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 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 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 informationGoods 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 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 informationTHE CONSTITUTION (ONE HUNDRED AND FIFTEENTH AMENDMENT) BILL, 2011
1 AS INTRODUCED IN LOK SABHA Bill No. 22 of 2011 5 10 THE CONSTITUTION (ONE HUNDRED AND FIFTEENTH AMENDMENT) BILL, 2011 A BILL further to amend the Constitution of India. BE it enacted by Parliament in
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 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 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 informationOVERVIEW OF GOODS & SERVICES TAX (GST) CA. JINIT R SHAH GMJ & Co. J.B. Nagar CPE Study Circle of WIRC 18 th October, 2015
OVERVIEW OF GOODS & SERVICES TAX (GST) CA. JINIT R SHAH GMJ & Co J.B. Nagar CPE Study Circle of WIRC 18 th October, 2015 GST Biggest Tax Reform JOURNEY OF GST IN INDIA UPTO 2014 S. N. Event Year 1 Announcement
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 informationGoods and Service Tax The Constitution (101 Amendment) Act, 2016 Notified on 16 th Sept. 2016
J.K.Mittal FCA, FCS,LLB Goods and Service Tax The Constitution (101 Amendment) Act, 2016 Notified on 16 th Sept. 2016 Presented By J.K. MITTAL (Advocate) Co-Chairman, National Council (Indirect Taxes),
More informationIMPACTS OF GST ON INDIAN ECONOMY. Mrs.D.Sivasakthi Assistant Professor: B.Com (PA) Dr. N.G.P. Arts and science college (Autonomous) Coimbatore
141 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 IMPACTS OF GST ON INDIAN ECONOMY Mrs.D.Sivasakthi Assistant Professor: B.Com (PA) Dr. N.G.P. Arts and
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 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 informationMOTHER OF ALL TAX REFORMS: INDIA S GOODS AND SERVICES TAX 2017
International Journal of Management (IJM) Volume 8, Issue 4, July August 2017, pp.8 15, Article ID: IJM_08_04_002 Available online at http://www.iaeme.com/ijm/issues.asp?jtype=ijm&vtype=8&itype=4 Journal
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 informationBACKGROUND OF GST. As per Statement of Objects and Reasons appended to the Constitutional Amendment bill the object of GST is :
BACKGROUND OF GST INTRODUCTION The introduction of Goods and Services Tax (GST) is a very significant step in the field of indirect tax reforms in India. In the pre GST regime, there was multiplicity of
More informationGST & Constitutional Amendment
GST & Constitutional Amendment S M Sinha Addl.Commissioner, Commercial Tax (Retd.) Lucknow, UP The proposed 122 nd Constitutional Amendment to the Constitution has paved the way for introduction of GST
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 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 informationGOODS AND SERVICES TAX
GOODS AND SERVICES TAX GOODS AND SERVICES TAX - AN INTRODUCTION Introduction to Goods and Services Tax GST and Centre-State Financial Relations Constitution (One Hundred and First) Amendment Act, 2016
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 informationGST And Its Impact on Common Man
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668 PP 28-33 www.iosrjournals.org V.Vasudha Singh, K. Sangeetha, Reshma Khanam M.com, MBA, (PhD).Lecturer, Dept of commerce
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 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 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 informationGoods and Services Tax in India
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668 PP 32-36 www.iosrjournals.org Dr. Savitha. P Dept of Management, KSOU, Mukthagangothri, Mysuru 06. Abstract: GST
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 informationGST is a landmark reform that will change the way business is done in India.
GST is a landmark reform that will change the way business is done in India. one of the biggest business reform as against tax reform One Country One Tax One Market WITHOUT GST, INDIA WON'T HARNESS ITS
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 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 informationImportant MCQ of GST
Important MCQ of GST By CA Vivek Gaba (Expected in Exam) 1. Compensation to states under GST (Compensation to States) Act, 2017 is paid by a) Central Government from consolidated fund of India b) Central
More informationGOODS AND SERVICE TAX IN INDIA PROBLEMS AND PROSPECTS
82 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 GOODS AND SERVICE TAX IN INDIA PROBLEMS AND PROSPECTS DR.T.DURAIPANDI Assistant Professor Department of
More informationYOJANA ANALYSIS AUGUST 2017 BY SHYAM S KAGGOD
YOJANA ANALYSIS AUGUST 2017 BY SHYAM S KAGGOD CASCADING EFFECT A B C Selling Price= 100 Tax @ 10% Will buy it at 110 & adds profit of 20 Selling Price= 130 Tax @ 10% Will buy it at 143 INPUT TAX CREDIT
More informationREADING MATERIAL INDIRECT TAXATION
READING MATERIAL INDIRECT TAXATION i INTRODUCTION Indirect taxes are the taxes levied on goods and services on the basis of production, sale or purchase of goods or provision of services, in the form of
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 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 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 informationIMPACT OF GOODS AND SERVICE TAX (GST)
244 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 IMPACT OF GOODS AND SERVICE TAX (GST) Mrs. M.Shanthini Devi Assistant professor Department of Commerce
More informationUnderstanding GST. Expected to revolutionise the Indian tax system and also considered to be the biggest tax reform since Independence
Goods & Service Tax Understanding GST GST means a Comprehensive tax on supply of Goods or Services or, both. It will be applicable on transaction value and combines other taxes such as state/local tax,
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 informationTaxation. Types of Taxation Systems. Eg-Income Tax. Incidence on one person and impact is someone else. Incidence and impact are on the same person
Taxation Tax is a compulsory levy that the state imposes on the citizens. The tax is a binding force which connects the two important pillars of the democracy i.e. state/government with citizens. Each
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 Services Tax in India
Goods and Services Tax in India Satya Poddar December 1, 2011 Current Patchwork State VAT CENVAT/Service Tax Primary Producers Service Providers Primary Producers Service Providers Manufacturers Service
More informationGOODS AND SERVICE TAX (GST) CONCEPT. Introduction:
GOODS AND SERVICE TAX (GST) CONCEPT Introduction: The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large
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 informationGOODS AND SERVICE TAX (GST) ADVANTAGES AND DISADVANTAGES IN INDIA
GOODS AND SERVICE TAX (GST) ADVANTAGES AND DISADVANTAGES IN INDIA *Dr. K. Kishore Kumar Reddy **Dr. Siddarapu Haribabu ***Prof. P.Mohan Reddy **Post Doctoral Fellows (ICSSR) Department of Commerce Sri
More informationIndia s Goods and Services Tax A Primer
Amol Agrawal amol@stcipd.com +91-22-66202234 India s Goods and Services Tax A Primer The Finance Ministry of India placed the One Hundred and Fifteenth Constitutional Amendment Bill in the Lok Sabha on
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 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 informationLesson 4 Indirect Tax Laws and Practice - An Introduction
Lesson 4 Indirect Tax Laws and Practice - An Introduction LESSON OUTLINE Introduction Constitutional provisions in relation to taxation Indirect taxes Customs Provisional Collection of Taxes Act, 1931
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 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 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 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 informationGOODS AND SERVICES TAX IN INDIA: AN INTRODUCTORY STUDY
GOODS AND SERVICES TAX IN INDIA: AN INTRODUCTORY STUDY Mrs. Poonam PG Department of Commerce and Management, Sri Guru Teg Bahadur Khalsa College, Sri Anandpur Sahib, Punjab, (India) ABSTRACT The introduction
More informationGST CONCEPT & STATUS As on 01 st May, Introduction
GST CONCEPT & STATUS As on 01 st May, 2017 Introduction The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating
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 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 informationGST Sample Material VS-1417
GST Sample Material VS-1417 1. TAXATION AND GST BASICS In this world, nothing can be said to be certain, except death and taxes. Benjamin Franklin Benjamin Franklin was correct in his assessment of both
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 informationTHE IMPACT OF GST ON THE INDIAN ECONOMY
THE IMPACT OF GST ON THE INDIAN ECONOMY Keshav Mehra 1 Mihir Kothari 2 1 (Student - BBA Honours, Christ University, School of Business Studies, mehrakeshav10@gmail.com) 2 (Student - BBA, Christ University,
More informationGoods and Services Tax (GST): An Overview
Goods and Services Tax (GST): An Overview I. Introduction Introduction of GST would be a significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State
More informationInternational Journal of Engineering Research ISSN: & Management Technology July-2015 Volume 2, Issue-4
International Journal of Engineering Research ISSN: 2348-4039 & Management Technology Email: editor@ijermt.org July-2015 Volume 2, Issue-4 www.ijermt Impact and Challenges of Good and Service Tax (GST)
More informationGST MSME SECTORAL SERIES CENTRAL BOARD OF EXCISE & CUSTOMS. Directorate General of Taxpayer Services. Follow
GST SECTORAL SERIES MSME Directorate General of Taxpayer Services CENTRAL BOARD OF EXCISE & CUSTOMS www.cbec.gov.in Question 55: Whether a registered person under the composition scheme needs to learn
More informationLevy and Collection of Tax
FAQ Meaning and scope of supply (Section 7) Chapter I Levy and Collection of Tax Q1. What is the scope of the term supply as defined in CGST Act, 2017? Ans. As per Sub-section (1) of Section 7, Supply
More informationGoods And Services Tax
Goods And Services Tax The Goods and Services Tax (GST) is a revolutionizing tax reform in the Indian taxation history. Sound tax policies of a nation are an indication of strong governance and sustainable
More informationGST Newsletter. Corporate India Advisors LLP 29 th May 2015
Corporate India Advisors LLP 29 th May 2015 GST Newsletter The Constitution Amendment Bill has been passed in the Lok Sabha and presently lying with the select committee of Rajya Sabha. We may expect it
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 information