SlideShare ist ein Scribd-Unternehmen logo
1 von 53
GST is a value added tax, levied at all points in the
supply chain with credit allowed for any tax paid
on inputs acquired for use in making the supply.
It would apply to both goods and services in a
comprehensive manner with exemptions
restricted to a minimum. The introduction of GST
would be a significant step in the reform of
indirect taxation in India.
Services
GST
GOODS SERVICES
Taxable goods & services are
not distinguished from one
another and are taxed at a
single rate in a supply chain
till the goods or services
reach the consumer.
CENTRAL
GST
STATE
GST
INTER
STATE
GST
•Central GST shall
be levied by the
Centre on all the
goods & services
(other than the
exempted ones)
•Cross utilisation of
ITC between the
CGST & SGST shall
not be allowed,
except in case of
IGST
•State GST shall be
levied by the states
on all goods &
services,
independent of the
Centre.
•Centre has assured
all the states to pay
compensation,
equivalent to any
losses suffered by
them, during the
first 3 years.
DELHI
YAMUNA
EXPRESSWAY
A new model is developed under proposed GST to
monitor the interstate trade of Goods & Services, and this
is called IGST. A point to be noted is that it will not
replace the existing CST.
IGST is not in addition to CGST & SGST, but is only for
monitoring interstate transactions.
AGRA
Dealer of the selling state will collect IGST from the
purchaser on interstate transaction & the rate of
IGST will be the combined rate of SGST & CGST. Say
if the rate of SGST is 12% & CGST is 14%, then the
rate of IGST will be 26%.
CANADA
(5%)
AUSTRALIA
(10%)
CHINA
(17%)
NEW ZEALAND
(15%)
FRANCE
(20%)
GERMANY
(19%)
SWEDEN
(25%)
JAPAN
(8%)
SINGAPORE
(7%)
A person is required to take registration if his aggregate
turnover in a financial year exceeds INR 9 Lakhs. However, tax
liability shall arise only once the aggregate turnover in a
financial year exceeds INR 10 Lakhs.
10
L
9 L
For North Eastern
States, the
prescribed limits
are INR 4 Lakhs &
INR 5 Lakhs
respectively
In addition to the IGST, in respect of supply of goods, an additional tax of up to 1% has been
proposed to be levied by the Centre. The revenue from this tax is to be assigned to the origin
states. This tax is proposed to be levied for initial 2 years or such longer period as
recommended by the GST Council.
Purchase Tax
Octroi Duty
Tax On Alcoholic
Beverages
Tax On Petroleum
Products
Tax On Tobacco Items
CGST/SGST SHALL BE PAYABLE AT THE
EARLIEST OF THE FOLLOWING DATES:
 DATE ON WHICH THE GOODS ARE
REMOVED FOR SUPPLY TO
THE RECIPIENT(MOVABLE GOODS); OR
DATE ON WHICHTHE GOODS ARE MADE
AVAILABLE TO THE
RECIPIENT(IMMOVABLE GOODS); OR
DATE OF ISSUING INVOICE BY SUPPLIER;
OR
DATE OF RECEIPT OF PAYMENT BY
SUPPLIER; OR
Hidden tax on exports
No state tax on imports
High transaction costs
 Confusion and
Mistrust
 Complex and
lacking in stability
Narrow base
RETURNS
1.MONTHLY
RETURN
6.FINAL
RETURN
EVERY REGISTERED PERSON SHALL HAVE TO FILE A
MONTHLY RETURN FOR SUPPLIES OF GOODS AND/ OR
SERVICES WITHIN 20 DAYS AFTER THE END OF SUCH MONTH.1.
Title
text
EVERY DEALER WHO IS REQUIRED TO DEDUCT TAX AT
SOURCE SHALL FILE A RETURN WITHIN 10 DAYS AT THE
END OF THE MONTH IN WHICH DEDUCTION IS MADE.3.
Title
text
EVERY REGISTERED PERSON SHALL HAVE TO FILE A
AN ANNUAL RETURN FOR EVERY YEAR ON OR BEFORE
31ST DEC. FOLLOWING THE END OF FINANCIAL YEAR.5.
DEALERS UNDER COMPOSITION SCHEME SHALL HAVE TO
FILE A RETURN FOR EACH QUARTER OR PART THEREOF,
WITHIN 18 DAYS AFTER THE END OF SUCH QUARTER.2.
REGISTERED PERSON PAYING CGST/SGST ON ALL INTER
STATE SUPPLIES HAVE TO FILE 1stRETURN FROM THE DATE
HE BECAME LIABLE TO REGISTRATION TILL THE END OF
THE MONTH IN WHICH REGISTRATION HAS BEEN GRANTED.
4.
REGISTERED PERSON WHO APPLIES FOR CANCELLATION
OF REGISTRATION SHALL HAVE TO FILE A FINAL RETURN
WITHIN 3 MONTHS OF THE DATE OF CANCELLATION.6.
It has been projected that more number of
people would come under the purview of GST,
as compared to the present system.
The present threshold prescribed in different State
VAT Acts, below which VAT is not applicable varies
from State to State. Thus numerous returns have
to be filed, which makes the task really
complicated.
A uniform GST threshold across
States is desirable, which would
minimise the difficulty level.
Different VAT returns will not be
required to be filed.
To the extent feasible, uniform procedure for collection of both CGST & SGST would be
prescribed in the respective legislation for CGST & SGST.
GST Will Be A Game Changing
Reform For Indian Economy By-
• Developing A Common Indian
Market.
• Reducing The Cascading Effect
Of Tax On The Cost Of Goods
And Services.
 According to
World Bank & IMF,
GST Will Be
Instrumental In
Helping The GDP Of
India To Grow By .
I M P A C T
Tax Structure
Tax Incidence
Tax Computation
Tax Payment
Compliance
Credit utilisation
Reporting
… leading to a complete overhaul of the current indirect
tax system.
THE STORY SO FAR…
**We are just a few steps away from the biggest
tax reform in India since the independence !!
**We are just a few steps away from the biggest
tax reform in India since the independence !!
Finance Minister Arun Jaitley met with state finance
ministers in Kolkata, and said that 'virtually all states'
except Tamil Nadu have backed the proposed GST Bill.
He urged PM Modi to meet Tamil Nadu CM Jayalalithaa
and convince her to extend support for the bill.
 1% additional tax as
goods move across
states.
 The constitutional cap
of 18 per cent and an
independent dispute
redressal mechanism.
MAJOR CONCERNS
OF THE CONGRESS
OVER THE BILL
We all have come a long way. With a bit of more effort, the day is not far away,
when GST would actually become applicable in India!!
www.ey.com
www.wikipedia.org
www.imagesbazaar.com
www.everystockphoto.com
www.taxguru.in
www.caclubindia.com
www.google.co.in
GOODS & SERVICE TAX

Weitere ähnliche Inhalte

Was ist angesagt?

GST Power Point Presentation
GST Power Point PresentationGST Power Point Presentation
GST Power Point Presentationpraveendel
 
GST(Goods And Service Tax)
GST(Goods And Service Tax)GST(Goods And Service Tax)
GST(Goods And Service Tax)Ashiwani Atul
 
Goods and Services Tax(GST) vs Simple Tax System
Goods and Services Tax(GST) vs Simple Tax SystemGoods and Services Tax(GST) vs Simple Tax System
Goods and Services Tax(GST) vs Simple Tax SystemSachin Chauhan
 
GST PPT presentaion
GST PPT presentaionGST PPT presentaion
GST PPT presentaionNikhil Singh
 
All about goods and service tax(gst) by additional secretary gst council
All about goods and service tax(gst) by additional secretary gst council All about goods and service tax(gst) by additional secretary gst council
All about goods and service tax(gst) by additional secretary gst council sunil gaur
 
Goods and Service Tax (GST) in India
Goods and Service Tax (GST) in IndiaGoods and Service Tax (GST) in India
Goods and Service Tax (GST) in IndiaCA Pankaj Kumar
 
GST: Issues between Centre and states
GST: Issues between Centre and statesGST: Issues between Centre and states
GST: Issues between Centre and statesSakshi Mehra
 
Goods & Service Tax
Goods & Service TaxGoods & Service Tax
Goods & Service TaxLuckyLodha
 

Was ist angesagt? (20)

GST INDIA
GST INDIAGST INDIA
GST INDIA
 
All about GST
All about GSTAll about GST
All about GST
 
GST Power Point Presentation
GST Power Point PresentationGST Power Point Presentation
GST Power Point Presentation
 
GST(Goods And Service Tax)
GST(Goods And Service Tax)GST(Goods And Service Tax)
GST(Goods And Service Tax)
 
Gst – an overview
Gst – an overviewGst – an overview
Gst – an overview
 
GST in India
GST in India GST in India
GST in India
 
GST-Mukesh Jha
GST-Mukesh JhaGST-Mukesh Jha
GST-Mukesh Jha
 
Goods and Services Tax(GST) vs Simple Tax System
Goods and Services Tax(GST) vs Simple Tax SystemGoods and Services Tax(GST) vs Simple Tax System
Goods and Services Tax(GST) vs Simple Tax System
 
GST INDIA
GST INDIA GST INDIA
GST INDIA
 
Gst (2017)
Gst (2017)Gst (2017)
Gst (2017)
 
GSTShruti
GSTShrutiGSTShruti
GSTShruti
 
GST PPT presentaion
GST PPT presentaionGST PPT presentaion
GST PPT presentaion
 
All about goods and service tax(gst) by additional secretary gst council
All about goods and service tax(gst) by additional secretary gst council All about goods and service tax(gst) by additional secretary gst council
All about goods and service tax(gst) by additional secretary gst council
 
Goods and Service Tax (GST) in India
Goods and Service Tax (GST) in IndiaGoods and Service Tax (GST) in India
Goods and Service Tax (GST) in India
 
GST - India
GST - IndiaGST - India
GST - India
 
GST: Issues between Centre and states
GST: Issues between Centre and statesGST: Issues between Centre and states
GST: Issues between Centre and states
 
Goods & Service Tax
Goods & Service TaxGoods & Service Tax
Goods & Service Tax
 
Presentation On GST
Presentation On GSTPresentation On GST
Presentation On GST
 
Gst
GstGst
Gst
 
GST - Final PPT
GST - Final PPTGST - Final PPT
GST - Final PPT
 

Andere mochten auch

Gst industry - impact on different sectors
Gst   industry - impact on different sectorsGst   industry - impact on different sectors
Gst industry - impact on different sectorsoswinfo
 
Understanding Goods & Services Tax (GST), India
Understanding Goods & Services Tax (GST), IndiaUnderstanding Goods & Services Tax (GST), India
Understanding Goods & Services Tax (GST), IndiaAnkita Mahajan
 
4 Key impact area on gst implementation
4 Key impact area on gst implementation 4 Key impact area on gst implementation
4 Key impact area on gst implementation synergytas
 
Understanding Goods & Services Tax (GST)
Understanding Goods & Services Tax (GST)Understanding Goods & Services Tax (GST)
Understanding Goods & Services Tax (GST)Prof. Simply Simple
 
Goods service tax_gst_
Goods service tax_gst_Goods service tax_gst_
Goods service tax_gst_Ankur Mathur
 
Gst simplified- hetal
Gst   simplified- hetalGst   simplified- hetal
Gst simplified- hetalHetal Pandya
 
GST and GSTN Goods and Service Tax Network
GST and  GSTN Goods and Service Tax Network GST and  GSTN Goods and Service Tax Network
GST and GSTN Goods and Service Tax Network mukesh negi
 
Goods and Services Tax (GST) : Roll-out, Impact & Preparedness
Goods and Services Tax (GST) : Roll-out, Impact & PreparednessGoods and Services Tax (GST) : Roll-out, Impact & Preparedness
Goods and Services Tax (GST) : Roll-out, Impact & PreparednessVaish Associates
 
ONE NATION ONE TAX- GOODS AND SERVICE TAX
ONE NATION ONE TAX- GOODS AND SERVICE TAXONE NATION ONE TAX- GOODS AND SERVICE TAX
ONE NATION ONE TAX- GOODS AND SERVICE TAXNitisha Malpani
 
Understanding GST and Present Status
Understanding GST and Present Status Understanding GST and Present Status
Understanding GST and Present Status Chandan Goyal
 
Goods & services tax(gst)
Goods & services tax(gst)Goods & services tax(gst)
Goods & services tax(gst)sandesh mundra
 
Green supply chain revolution ( FOR INDIA)
Green supply chain revolution   ( FOR INDIA)Green supply chain revolution   ( FOR INDIA)
Green supply chain revolution ( FOR INDIA)Nayan Kamal Sinha
 
Indirect taxation-supply-chain
Indirect taxation-supply-chainIndirect taxation-supply-chain
Indirect taxation-supply-chainPuneet Mishra
 
Gst in india
Gst in indiaGst in india
Gst in indiaRupa R
 

Andere mochten auch (17)

Gst industry - impact on different sectors
Gst   industry - impact on different sectorsGst   industry - impact on different sectors
Gst industry - impact on different sectors
 
Understanding Goods & Services Tax (GST), India
Understanding Goods & Services Tax (GST), IndiaUnderstanding Goods & Services Tax (GST), India
Understanding Goods & Services Tax (GST), India
 
4 Key impact area on gst implementation
4 Key impact area on gst implementation 4 Key impact area on gst implementation
4 Key impact area on gst implementation
 
Understanding Goods & Services Tax (GST)
Understanding Goods & Services Tax (GST)Understanding Goods & Services Tax (GST)
Understanding Goods & Services Tax (GST)
 
Gst presentation
Gst presentationGst presentation
Gst presentation
 
Gst ppt
Gst pptGst ppt
Gst ppt
 
Goods service tax_gst_
Goods service tax_gst_Goods service tax_gst_
Goods service tax_gst_
 
Gst simplified- hetal
Gst   simplified- hetalGst   simplified- hetal
Gst simplified- hetal
 
GST and GSTN Goods and Service Tax Network
GST and  GSTN Goods and Service Tax Network GST and  GSTN Goods and Service Tax Network
GST and GSTN Goods and Service Tax Network
 
Goods and Services Tax (GST) : Roll-out, Impact & Preparedness
Goods and Services Tax (GST) : Roll-out, Impact & PreparednessGoods and Services Tax (GST) : Roll-out, Impact & Preparedness
Goods and Services Tax (GST) : Roll-out, Impact & Preparedness
 
ONE NATION ONE TAX- GOODS AND SERVICE TAX
ONE NATION ONE TAX- GOODS AND SERVICE TAXONE NATION ONE TAX- GOODS AND SERVICE TAX
ONE NATION ONE TAX- GOODS AND SERVICE TAX
 
Understanding GST and Present Status
Understanding GST and Present Status Understanding GST and Present Status
Understanding GST and Present Status
 
IMPLEMENTATION OF GST IN INDIA - 2
IMPLEMENTATION OF GST IN INDIA - 2 IMPLEMENTATION OF GST IN INDIA - 2
IMPLEMENTATION OF GST IN INDIA - 2
 
Goods & services tax(gst)
Goods & services tax(gst)Goods & services tax(gst)
Goods & services tax(gst)
 
Green supply chain revolution ( FOR INDIA)
Green supply chain revolution   ( FOR INDIA)Green supply chain revolution   ( FOR INDIA)
Green supply chain revolution ( FOR INDIA)
 
Indirect taxation-supply-chain
Indirect taxation-supply-chainIndirect taxation-supply-chain
Indirect taxation-supply-chain
 
Gst in india
Gst in indiaGst in india
Gst in india
 

Ähnlich wie GOODS & SERVICE TAX

Goods And Service Tax
Goods And Service TaxGoods And Service Tax
Goods And Service TaxDaksh Goyal
 
Goods and service tax - GST- A detailed explanation with examples
Goods and service tax - GST-  A detailed explanation with examplesGoods and service tax - GST-  A detailed explanation with examples
Goods and service tax - GST- A detailed explanation with examplesShakir Shaikh
 
CA Vikas singh chauhan gst presentation VMR
CA Vikas singh chauhan gst presentation VMRCA Vikas singh chauhan gst presentation VMR
CA Vikas singh chauhan gst presentation VMRVIKAS CHAUHAN
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAVCONSULTANTAS
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAjayVhavle1
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAVCONSULTANTAS
 
A V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and best Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and best Financial Services in HyderabadAVCONSULTANTAS
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAVCONSULTANTAS
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadAVCONSULTANTAS
 
A V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and best Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and best Financial Services in HyderabadAVCONSULTANTAS
 
PPT ON Goods and Service tax (GST)
PPT ON Goods and Service tax (GST)PPT ON Goods and Service tax (GST)
PPT ON Goods and Service tax (GST)Shashi Mishra
 
Goods And Services Tax In India
Goods And Services Tax In IndiaGoods And Services Tax In India
Goods And Services Tax In IndiaTanya Taneja
 
Impact of Analysis of Goods And services TAX IN INDIA
Impact of Analysis of Goods And services TAX IN INDIAImpact of Analysis of Goods And services TAX IN INDIA
Impact of Analysis of Goods And services TAX IN INDIAViru75036
 

Ähnlich wie GOODS & SERVICE TAX (20)

Goods And Service Tax
Goods And Service TaxGoods And Service Tax
Goods And Service Tax
 
Goods and service tax - GST- A detailed explanation with examples
Goods and service tax - GST-  A detailed explanation with examplesGoods and service tax - GST-  A detailed explanation with examples
Goods and service tax - GST- A detailed explanation with examples
 
Gst1
Gst1Gst1
Gst1
 
CA Vikas singh chauhan gst presentation VMR
CA Vikas singh chauhan gst presentation VMRCA Vikas singh chauhan gst presentation VMR
CA Vikas singh chauhan gst presentation VMR
 
Gst presentation
Gst presentationGst presentation
Gst presentation
 
Gst presentation
Gst presentationGst presentation
Gst presentation
 
Gst on services in india
Gst on services in indiaGst on services in india
Gst on services in india
 
351119721.ppsx
351119721.ppsx351119721.ppsx
351119721.ppsx
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
 
A V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and best Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
 
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and Financial Services in Hyderabad
 
A V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and best Financial Services in HyderabadA V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
A V CONSULTANTS Top Tax Consulting and best Financial Services in Hyderabad
 
GOODS AND SERVICE TAX
GOODS AND SERVICE TAXGOODS AND SERVICE TAX
GOODS AND SERVICE TAX
 
GST is a landmark reform
GST is a landmark reformGST is a landmark reform
GST is a landmark reform
 
PPT ON Goods and Service tax (GST)
PPT ON Goods and Service tax (GST)PPT ON Goods and Service tax (GST)
PPT ON Goods and Service tax (GST)
 
Goods And Services Tax In India
Goods And Services Tax In IndiaGoods And Services Tax In India
Goods And Services Tax In India
 
Impact of Analysis of Goods And services TAX IN INDIA
Impact of Analysis of Goods And services TAX IN INDIAImpact of Analysis of Goods And services TAX IN INDIA
Impact of Analysis of Goods And services TAX IN INDIA
 

Kürzlich hochgeladen

week 1 cookery 8 fourth - quarter .pptx
week 1 cookery 8  fourth  -  quarter .pptxweek 1 cookery 8  fourth  -  quarter .pptx
week 1 cookery 8 fourth - quarter .pptxJonalynLegaspi2
 
Daily Lesson Plan in Mathematics Quarter 4
Daily Lesson Plan in Mathematics Quarter 4Daily Lesson Plan in Mathematics Quarter 4
Daily Lesson Plan in Mathematics Quarter 4JOYLYNSAMANIEGO
 
How to Fix XML SyntaxError in Odoo the 17
How to Fix XML SyntaxError in Odoo the 17How to Fix XML SyntaxError in Odoo the 17
How to Fix XML SyntaxError in Odoo the 17Celine George
 
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptxAUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptxiammrhaywood
 
Transaction Management in Database Management System
Transaction Management in Database Management SystemTransaction Management in Database Management System
Transaction Management in Database Management SystemChristalin Nelson
 
Using Grammatical Signals Suitable to Patterns of Idea Development
Using Grammatical Signals Suitable to Patterns of Idea DevelopmentUsing Grammatical Signals Suitable to Patterns of Idea Development
Using Grammatical Signals Suitable to Patterns of Idea Developmentchesterberbo7
 
Influencing policy (training slides from Fast Track Impact)
Influencing policy (training slides from Fast Track Impact)Influencing policy (training slides from Fast Track Impact)
Influencing policy (training slides from Fast Track Impact)Mark Reed
 
IPCRF/RPMS 2024 Classroom Observation tool is your access to the new performa...
IPCRF/RPMS 2024 Classroom Observation tool is your access to the new performa...IPCRF/RPMS 2024 Classroom Observation tool is your access to the new performa...
IPCRF/RPMS 2024 Classroom Observation tool is your access to the new performa...MerlizValdezGeronimo
 
4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptxmary850239
 
DIFFERENT BASKETRY IN THE PHILIPPINES PPT.pptx
DIFFERENT BASKETRY IN THE PHILIPPINES PPT.pptxDIFFERENT BASKETRY IN THE PHILIPPINES PPT.pptx
DIFFERENT BASKETRY IN THE PHILIPPINES PPT.pptxMichelleTuguinay1
 
Multi Domain Alias In the Odoo 17 ERP Module
Multi Domain Alias In the Odoo 17 ERP ModuleMulti Domain Alias In the Odoo 17 ERP Module
Multi Domain Alias In the Odoo 17 ERP ModuleCeline George
 
4.16.24 21st Century Movements for Black Lives.pptx
4.16.24 21st Century Movements for Black Lives.pptx4.16.24 21st Century Movements for Black Lives.pptx
4.16.24 21st Century Movements for Black Lives.pptxmary850239
 
ICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfVanessa Camilleri
 
Narcotic and Non Narcotic Analgesic..pdf
Narcotic and Non Narcotic Analgesic..pdfNarcotic and Non Narcotic Analgesic..pdf
Narcotic and Non Narcotic Analgesic..pdfPrerana Jadhav
 
MS4 level being good citizen -imperative- (1) (1).pdf
MS4 level   being good citizen -imperative- (1) (1).pdfMS4 level   being good citizen -imperative- (1) (1).pdf
MS4 level being good citizen -imperative- (1) (1).pdfMr Bounab Samir
 
INTRODUCTION TO CATHOLIC CHRISTOLOGY.pptx
INTRODUCTION TO CATHOLIC CHRISTOLOGY.pptxINTRODUCTION TO CATHOLIC CHRISTOLOGY.pptx
INTRODUCTION TO CATHOLIC CHRISTOLOGY.pptxHumphrey A Beña
 
ROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxVanesaIglesias10
 
Congestive Cardiac Failure..presentation
Congestive Cardiac Failure..presentationCongestive Cardiac Failure..presentation
Congestive Cardiac Failure..presentationdeepaannamalai16
 
ESP 4-EDITED.pdfmmcncncncmcmmnmnmncnmncmnnjvnnv
ESP 4-EDITED.pdfmmcncncncmcmmnmnmncnmncmnnjvnnvESP 4-EDITED.pdfmmcncncncmcmmnmnmncnmncmnnjvnnv
ESP 4-EDITED.pdfmmcncncncmcmmnmnmncnmncmnnjvnnvRicaMaeCastro1
 

Kürzlich hochgeladen (20)

week 1 cookery 8 fourth - quarter .pptx
week 1 cookery 8  fourth  -  quarter .pptxweek 1 cookery 8  fourth  -  quarter .pptx
week 1 cookery 8 fourth - quarter .pptx
 
Daily Lesson Plan in Mathematics Quarter 4
Daily Lesson Plan in Mathematics Quarter 4Daily Lesson Plan in Mathematics Quarter 4
Daily Lesson Plan in Mathematics Quarter 4
 
How to Fix XML SyntaxError in Odoo the 17
How to Fix XML SyntaxError in Odoo the 17How to Fix XML SyntaxError in Odoo the 17
How to Fix XML SyntaxError in Odoo the 17
 
Paradigm shift in nursing research by RS MEHTA
Paradigm shift in nursing research by RS MEHTAParadigm shift in nursing research by RS MEHTA
Paradigm shift in nursing research by RS MEHTA
 
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptxAUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
 
Transaction Management in Database Management System
Transaction Management in Database Management SystemTransaction Management in Database Management System
Transaction Management in Database Management System
 
Using Grammatical Signals Suitable to Patterns of Idea Development
Using Grammatical Signals Suitable to Patterns of Idea DevelopmentUsing Grammatical Signals Suitable to Patterns of Idea Development
Using Grammatical Signals Suitable to Patterns of Idea Development
 
Influencing policy (training slides from Fast Track Impact)
Influencing policy (training slides from Fast Track Impact)Influencing policy (training slides from Fast Track Impact)
Influencing policy (training slides from Fast Track Impact)
 
IPCRF/RPMS 2024 Classroom Observation tool is your access to the new performa...
IPCRF/RPMS 2024 Classroom Observation tool is your access to the new performa...IPCRF/RPMS 2024 Classroom Observation tool is your access to the new performa...
IPCRF/RPMS 2024 Classroom Observation tool is your access to the new performa...
 
4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx
 
DIFFERENT BASKETRY IN THE PHILIPPINES PPT.pptx
DIFFERENT BASKETRY IN THE PHILIPPINES PPT.pptxDIFFERENT BASKETRY IN THE PHILIPPINES PPT.pptx
DIFFERENT BASKETRY IN THE PHILIPPINES PPT.pptx
 
Multi Domain Alias In the Odoo 17 ERP Module
Multi Domain Alias In the Odoo 17 ERP ModuleMulti Domain Alias In the Odoo 17 ERP Module
Multi Domain Alias In the Odoo 17 ERP Module
 
4.16.24 21st Century Movements for Black Lives.pptx
4.16.24 21st Century Movements for Black Lives.pptx4.16.24 21st Century Movements for Black Lives.pptx
4.16.24 21st Century Movements for Black Lives.pptx
 
ICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdf
 
Narcotic and Non Narcotic Analgesic..pdf
Narcotic and Non Narcotic Analgesic..pdfNarcotic and Non Narcotic Analgesic..pdf
Narcotic and Non Narcotic Analgesic..pdf
 
MS4 level being good citizen -imperative- (1) (1).pdf
MS4 level   being good citizen -imperative- (1) (1).pdfMS4 level   being good citizen -imperative- (1) (1).pdf
MS4 level being good citizen -imperative- (1) (1).pdf
 
INTRODUCTION TO CATHOLIC CHRISTOLOGY.pptx
INTRODUCTION TO CATHOLIC CHRISTOLOGY.pptxINTRODUCTION TO CATHOLIC CHRISTOLOGY.pptx
INTRODUCTION TO CATHOLIC CHRISTOLOGY.pptx
 
ROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptx
 
Congestive Cardiac Failure..presentation
Congestive Cardiac Failure..presentationCongestive Cardiac Failure..presentation
Congestive Cardiac Failure..presentation
 
ESP 4-EDITED.pdfmmcncncncmcmmnmnmncnmncmnnjvnnv
ESP 4-EDITED.pdfmmcncncncmcmmnmnmncnmncmnnjvnnvESP 4-EDITED.pdfmmcncncncmcmmnmnmncnmncmnnjvnnv
ESP 4-EDITED.pdfmmcncncncmcmmnmnmncnmncmnnjvnnv
 

GOODS & SERVICE TAX

  • 1.
  • 2.
  • 3. GST is a value added tax, levied at all points in the supply chain with credit allowed for any tax paid on inputs acquired for use in making the supply. It would apply to both goods and services in a comprehensive manner with exemptions restricted to a minimum. The introduction of GST would be a significant step in the reform of indirect taxation in India.
  • 5.
  • 6. GST GOODS SERVICES Taxable goods & services are not distinguished from one another and are taxed at a single rate in a supply chain till the goods or services reach the consumer.
  • 7.
  • 9. •Central GST shall be levied by the Centre on all the goods & services (other than the exempted ones) •Cross utilisation of ITC between the CGST & SGST shall not be allowed, except in case of IGST
  • 10. •State GST shall be levied by the states on all goods & services, independent of the Centre. •Centre has assured all the states to pay compensation, equivalent to any losses suffered by them, during the first 3 years.
  • 11. DELHI
  • 12. YAMUNA EXPRESSWAY A new model is developed under proposed GST to monitor the interstate trade of Goods & Services, and this is called IGST. A point to be noted is that it will not replace the existing CST. IGST is not in addition to CGST & SGST, but is only for monitoring interstate transactions.
  • 13. AGRA Dealer of the selling state will collect IGST from the purchaser on interstate transaction & the rate of IGST will be the combined rate of SGST & CGST. Say if the rate of SGST is 12% & CGST is 14%, then the rate of IGST will be 26%.
  • 14.
  • 16.
  • 17.
  • 18. A person is required to take registration if his aggregate turnover in a financial year exceeds INR 9 Lakhs. However, tax liability shall arise only once the aggregate turnover in a financial year exceeds INR 10 Lakhs. 10 L 9 L
  • 19. For North Eastern States, the prescribed limits are INR 4 Lakhs & INR 5 Lakhs respectively
  • 20.
  • 21.
  • 22.
  • 23.
  • 24. In addition to the IGST, in respect of supply of goods, an additional tax of up to 1% has been proposed to be levied by the Centre. The revenue from this tax is to be assigned to the origin states. This tax is proposed to be levied for initial 2 years or such longer period as recommended by the GST Council.
  • 25.
  • 26. Purchase Tax Octroi Duty Tax On Alcoholic Beverages Tax On Petroleum Products Tax On Tobacco Items
  • 27.
  • 28. CGST/SGST SHALL BE PAYABLE AT THE EARLIEST OF THE FOLLOWING DATES:  DATE ON WHICH THE GOODS ARE REMOVED FOR SUPPLY TO THE RECIPIENT(MOVABLE GOODS); OR DATE ON WHICHTHE GOODS ARE MADE AVAILABLE TO THE RECIPIENT(IMMOVABLE GOODS); OR DATE OF ISSUING INVOICE BY SUPPLIER; OR DATE OF RECEIPT OF PAYMENT BY SUPPLIER; OR
  • 29.
  • 30. Hidden tax on exports No state tax on imports High transaction costs
  • 31.  Confusion and Mistrust  Complex and lacking in stability Narrow base
  • 32.
  • 34. EVERY REGISTERED PERSON SHALL HAVE TO FILE A MONTHLY RETURN FOR SUPPLIES OF GOODS AND/ OR SERVICES WITHIN 20 DAYS AFTER THE END OF SUCH MONTH.1. Title text EVERY DEALER WHO IS REQUIRED TO DEDUCT TAX AT SOURCE SHALL FILE A RETURN WITHIN 10 DAYS AT THE END OF THE MONTH IN WHICH DEDUCTION IS MADE.3. Title text EVERY REGISTERED PERSON SHALL HAVE TO FILE A AN ANNUAL RETURN FOR EVERY YEAR ON OR BEFORE 31ST DEC. FOLLOWING THE END OF FINANCIAL YEAR.5. DEALERS UNDER COMPOSITION SCHEME SHALL HAVE TO FILE A RETURN FOR EACH QUARTER OR PART THEREOF, WITHIN 18 DAYS AFTER THE END OF SUCH QUARTER.2. REGISTERED PERSON PAYING CGST/SGST ON ALL INTER STATE SUPPLIES HAVE TO FILE 1stRETURN FROM THE DATE HE BECAME LIABLE TO REGISTRATION TILL THE END OF THE MONTH IN WHICH REGISTRATION HAS BEEN GRANTED. 4. REGISTERED PERSON WHO APPLIES FOR CANCELLATION OF REGISTRATION SHALL HAVE TO FILE A FINAL RETURN WITHIN 3 MONTHS OF THE DATE OF CANCELLATION.6.
  • 35.
  • 36.
  • 37. It has been projected that more number of people would come under the purview of GST, as compared to the present system.
  • 38. The present threshold prescribed in different State VAT Acts, below which VAT is not applicable varies from State to State. Thus numerous returns have to be filed, which makes the task really complicated.
  • 39. A uniform GST threshold across States is desirable, which would minimise the difficulty level. Different VAT returns will not be required to be filed.
  • 40. To the extent feasible, uniform procedure for collection of both CGST & SGST would be prescribed in the respective legislation for CGST & SGST.
  • 41.
  • 42. GST Will Be A Game Changing Reform For Indian Economy By- • Developing A Common Indian Market. • Reducing The Cascading Effect Of Tax On The Cost Of Goods And Services.
  • 43.  According to World Bank & IMF, GST Will Be Instrumental In Helping The GDP Of India To Grow By .
  • 44. I M P A C T
  • 45. Tax Structure Tax Incidence Tax Computation Tax Payment Compliance Credit utilisation Reporting … leading to a complete overhaul of the current indirect tax system.
  • 46. THE STORY SO FAR…
  • 47. **We are just a few steps away from the biggest tax reform in India since the independence !! **We are just a few steps away from the biggest tax reform in India since the independence !!
  • 48.
  • 49. Finance Minister Arun Jaitley met with state finance ministers in Kolkata, and said that 'virtually all states' except Tamil Nadu have backed the proposed GST Bill. He urged PM Modi to meet Tamil Nadu CM Jayalalithaa and convince her to extend support for the bill.
  • 50.  1% additional tax as goods move across states.  The constitutional cap of 18 per cent and an independent dispute redressal mechanism. MAJOR CONCERNS OF THE CONGRESS OVER THE BILL
  • 51. We all have come a long way. With a bit of more effort, the day is not far away, when GST would actually become applicable in India!!