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Goods and Services Tax(GST)

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Brief about GST

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Goods and Services Tax(GST)

  1. 1. G S T (Goods and Services Tax) Biggest Tax Reform Since Independence….
  2. 2. What is GST? Goods and Services Tax is a single tax rate levied on the manufacture, sale and consumption of goods and services at national level. In this system, GST is levied only on the value-added at every single stage of production. This will ensure that there is no cascading effect of taxes(tax on tax paid) on inputs that are used in manufacturing of goods. For example- If a tax of 15% is levied on Rs. 2 lakhs at the first stage, the tax outflow would be Rs. 30,000. At the next stage when the same goods are sold for Rs. 2.5 lakhs the tax would have been Rs. 37,500 (Rs. 2.5 lakhs * 15%) but since there is set off of Rs. 30,000 available, the actual tax at that stage will be 7,500 (Rs. 37,500 – Rs. 30,000).
  3. 3. History Feb, 2006 : First time introduced concept of GST and announced the date of its implementation in 2010 Jan. 2007: First GST study by ASSOCHAM released by Dr. Shome Feb. 2007: F.M. Announced introduction of GST from 1 April 2010 in Budget The Government came out with a First Discussion Paper on GST in November, 2009 Introduced the 115th Constitution Amendment (GST) Bill in the year 2011.
  4. 4. Motives behind the GST: Subsume all indirect taxes at the centre and the state level One-Country-One-Tax Reduce the cascading effect of taxes on taxes Increase productivity and transparency; increase tax- GDP ratio Reduce/Eliminate tax evasion and corruption
  5. 5. Central Taxes Excise Duty Additional Excise duty Excise duty under medicinal and toilet preparation Act Service Tax Additional Custom duty commonly known as Countervailing Duty (CVD), Special Additional Duty ( SAD) Surcharge CENVAT State Taxes Value Added Tax (VAT) Entertainment tax levied by states Luxury Tax Tax on Lottery, betting and gambling Entry tax other than for local bodies (Octroi) Taxes subsumed in GST :
  6. 6.  Basic Custom Duties  Excise on liquor  Property Tax  Stamp Duty  Tax on sale/consumption of electricity Taxes not subsumed under GST :
  7. 7. Products not covered under GST :  Petroleum Crude  Motor Spirit(Petrol)  High Speed diesel  Natural Gas  Aviation turbine fuel  Liquor Note- What will be status of Tobacco and Tobacco products under the GST regime? Ans. Tobacco and tobacco products would be subject to GST. In addition, the Centre would have the power to levy Central Excise duty on these products.
  8. 8. Model Of GST GST Structur e Centre GST GST to be levied by the Centre State GST GST to be levied by the State Dual GST GST to be levied by the Centre and the States concurrently
  9. 9. How it is different from past tax system? Past Tax System GST Nature of Regime A combination of Value Added Tax(VAT) which is destination-based tax and origin- based taxes such as excise duties etc. Tax incidence at the point of the sale. Tax Base Goods and Services are taxed separately, subject to some exemptions Comprehensive base of goods and services included Multiplicity of tax rates Multiple tax rates Single tax rate Tax Cascading Incomplete set of mechanism for tax paid in the supply chain (e.g. no set off available for VAT against service tax or excise duty) Complete setoff should be available in the entire chain of production and distribution to eliminating tax cascading effect
  10. 10. What are the benefits of implementing GST?
  11. 11. Gains accrue to the Consumers : Life gets simpler: GST will replace 17 indirect tax levies and compliance costs will fall. Tax filling will get simpler and easy. Payment of the single and transparent tax: Consumers will not be subjected to double taxation. All taxes that are levied while purchasing good will include both the central government’s taxes as well as the state government’s taxes. 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. Reduction in procedural complexity in paying taxes, less paperwork
  12. 12. No Excise Duty at the time of Manufacture & GST will be applicable on “SUPPLY”. Will be great relief to all Manufacturer Reduction in cascading effect ( Like earlier VAT was charged on Value + Excise amount) Hassle Free Supply of Goods because no Entry Tax/Octroi Increased Working Capital Requirements (Because Branch Transfer will be treated as supply) Free Supplies & After Sale discount will be burden on supplier Valuation of Self Supplies required clarity Pre packaged products for retail consumption valued on MRP leading higher cost price which is unlikely in GST Gains accrue to the producers :
  13. 13.  Reduction in Cost because of cross input tax credit available No Cascading effect will reduced cost & ultimate benefit to customer No need to open multiple branches in different states as claim of interstate purchase & interstate sale is available now GST compliance will be burden for small traders & retailers, Considering higher no. of returns and monthly credit matching concept Filling of monthly returns with purchase & Sales monthly cross examination helps to curb circulations of dummy purchase and sales invoices in the market Gains accrue to the intermediaries :
  14. 14. Simple and easy to administer: GST replaces multiple indirect taxes at the Central and State levels. 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. All the management of GST would be handled by the GSTN. Better control on leakage: Because of the Advanced IT platform, it would be difficult to evade GST. The system of GST also promotes the tax payment. A businessman can claim tax credit only if it has the tax invoice for the purchase. If it doesn’t have tax invoice of a purchase, It has to bear whole tax. Thus, a retailer would ask tax invoice from the dealer and in return dealer would ask tax invoice from the manufacturer. The in-built mechanism in the design of GST incentivizes tax compliance by the traders. Higher revenue efficiency: GST is expected to decrease the cost of tax collection. It will lead to higher revenue efficiency. The duplication of indirect tax collection would end after the GST. It would finally decrease the cost of revenue collection. Both, the centre and state government would benefit. Gains accrue to the Government :
  15. 15. North 23% South 18% Central 15% East 24% West 20% TOTAL WORKSHOPS CONDUCTED : 4778 North South Central East West GST awareness programmes, workshops etc. getting organised by both the State and Central government departments and been trying to create awareness on the GST and trying to convince people it is people’s friendly and tax burden will come down on people due to one country one tax system. For spreading more awareness among the public, centre and states have to work together to spread awareness about GST procedures to tide over the teething issues. Central ministries have been told to hold 100 awareness programmes apiece from July 1 to address any concerns and spread awareness about GST measures. GST Awareness Programmes in India * Statistics has been used from official site of Central Board and Excise Customs(CBEC) Awareness programmes are the programmes design to increase awareness about something. And it is not just billboards, television commercials or social media.
  16. 16. Thank you E-resources: http://www.cbec.gov.in/htdocs-cbec/gst/index https://gstawareness.cbec.gov.in/ https://www.gstseva.com/gst/  http://economictimes.indiatimes.com/gst  http://www.business-standard.com/category/specials-gst-10921.htm

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