9/4/2017. CA Gadia Manish R 1. Marwadi Ghano Saro Tax

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1 CA Gadia Manish R 2 Marwadi Ghano Saro Tax Doctor Glucose Stimulation Test Alia Bhatt Good night, Sweet dream, Take care FAQ : It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax CA Gadia Manish R 3 is to be borne by the final consumer. Source: Till 16 th March 2017 CGST, SGST, UTGST, IGST and GST (Compensation to State) Law approved by GST Council 29 th March 2017 Bill relating to CSGST, UT GST, IGST GST (Compensation to State) has been passed by Loksabha 31st March draft Rules relating to Composition, Valuation, ITC, Transition, etc. has been issued for public comments Way Forward for GST SGST laws to be introduced in respective State Assembly as Bills Fitment of commodities & services in rate slabs in next GST Council Meeting to be held on 18 th and 19 th May, CA Gadia Manish R 4 CA Gadia Manish R 1

2 Biggest Economic Reform Fall in prices Ease of doing business Preliminary Increase in FDI Likely to be Rollout from July 1, 2017 Widening of tax base GDP expected to increase by 2% Everything will be online Boost to the economy 1 Nation 1 Rate of Tax Increase in exports CA Gadia Manish R 5 Ideally it should be one GST 1rate on all goods and services across India with few exemptions for basic necessities and reduced rate for some goods and services like readymade garments etc. Dual-GST Centre and States to levy GST on common base (CGST & SGST) Dual GST Model Minimum exemptions Potentially aligned to current VAT exemptions Proposed Indian GST Inter-state supplies / import of goods & services Integrated GST (IGST) on inter state supplies / import of goods and services Dual Structure Dual Levy Dual Control CA Gadia Manish R 6 Central CGST by Central Intrastate of Goods & Services Credit of CGST & IGST allowed Dual Structure of GST State SGST by State Credit of SGST & IGST allowed Interstate of Goods & Services IGST by Central Credit of IGST, CGST and SGST allowed CA Gadia Manish R 7 Key Features - Proposed IDT Structure Intra State Taxable Inter State Taxable Import from Outside India Excise, VAT and ST Excise, CST and ST Custom Duty, CVD and SAD CGST & SGST IGST, which will be sum of CGST & SGST In place of CVD & SAD, IGST will be charged. BCD will continue CA Gadia Manish R 8 CA Gadia Manish R 2

3 Origin Base Destination Base Future (GST) Present Destination Base The tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply CA Gadia Manish R 9 Goods every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land agreed to be severed before supply or under the contract of supply. Services anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged CA Gadia Manish R 10 Opportunity before Rollout Training Impact analyses Agreement Transaction structuring Chain management Assistance in software Pricing Finance Basic preparation for Migration Transitional Due diligence of ITC under existing law Accounting CA Gadia Manish R CA Gadia Manish R 12 CA Gadia Manish R 3

4 Compliance Registration Input Tax Credit Valuation Return Payment Consultancy Outsourcing ITC Match and mismatch Place of Time of CA Gadia Manish R 13 Audit Due diligence CA Gadia Manish R 14 Reply to SCN Appeal What we thought GST What we received Assessment Settlement Refund Anti Profiteering Authority Business Audit Representation for Tax Payer AC can take assistance CA Gadia Manish R CA Gadia Manish R 16 CA Gadia Manish R 4

5 Information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of particular situation. CA Gadia Manish R manish@gmj.co.in Ph : Save in your contacts & <YOUR NAME> _<SEMINAR NAME> SEND TO Add manish@gmjca.in to your contacts & Sub: START_UPDATES to manish@gmjca.in CA Gadia Manish R CA Gadia Manish R 18 CA Gadia Manish R 5