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Gst guidelines and presentation, Lecture notes of Management Theory

Document on gst guidelines and presentations

Typology: Lecture notes

2018/2019

Uploaded on 11/19/2019

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Raakesh
Saraff
GST
My Learning as a
entrepreneur from
the experts on GST
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Raakesh Saraff

GST

My Learning as a

entrepreneur from

the experts on GST

  • (^) GST means Goods and Services Tax
  • (^) One Nation One Tax
  • (^) It’s a destination based Tax
  • (^) Biggest Tax Reform as well as Business Reform
  • (^) Original Idea in 2006
  • (^) Proposed Implementation 2010
  • (^) Finally Coming in 2017

WHAT IS GST ??

**Description Manufacture Distributor Wholesaler Retailer Total Consumer Purchase value of inputs 100 120 150 160 - 165 Supply value 120 150 160 165 - - Value addition 20 30 10 5 65 - *GST Rate 20% 0.2 0.2 0.2 0.2 0.2 0. GST Payable (Output tax) 24 30 32 33 119 ** Input tax credit 20 24 30 32 106 - Net GST (Payable) 4 6 2 1 13 *****

GST Working

  • Compliance Cost : High (Many Taxes : Excise, Service Tax, VAT, CST, Entry Tax, Octroi, SAD, CVD, Purchase Tax, Entertainment Tax, Luxury Tax etc.)
  • Admin Cost : High
  • Complexity
  • Interpretation Issue (Software both Good and Service)
  • Tax Evasion (Now Straight as well as Reverse Charge Mechanism)
  • Corruption (Now Online)

Existing Law Shortcomings

  • (^) (i) Simpler tax system
  • (^) (ii) Reduction in prices of goods and services due to elimination of cascading (Refer Example)
  • (^) (iii) Uniform prices throughout the country
  • (^) (iv) Transparency in taxation system
  • (^) (v) Increase in employment opportunities

Benefit for Citizens

  • (^) Reduction in multiplicity of taxes
  • (^) Mitigation of cascading/double taxation
  • (^) More efficient neutralization of taxes especially for exports
  • (^) Development of common national market
  • (^) Simpler tax regime-fewer rates and exemptions

Benefit for Trade/Industry

  • (^) The Central Goods and Services Tax Act, 2017
  • (^) The Integrated Goods and Services Tax Act, 2017
  • (^) The Union Territory Goods and Services Tax Act, 2017
  • (^) The Goods and Services (State Compensation) Tax Act, 2017
  • (^) The State Goods and Services Tax Act, 2017 (State wise)

Five Acts

  • IGST : Integrated GST (Inter-state sale & Stock Transfer, Import – SAD+CVD, Export is Zero rated)
  • SGST : State GST
  • CGST : Central GST (Intra-State) TYPES OF TAXATION IN GST
  • (^) Exempt
  • (^) 0% : Zero Rated for export
  • (^) 3% : Gold
  • (^) 5% : Essential Goods
  • (^) 12% : Basic Necessity Products
  • (^) 18% : Revenue Neutral Rate
  • (^) 28% : Demerit Goods Rate of Tax (Highest Can Go up to 40%)
  • (^) GST Company Incorporated (49% Central 51% State and Govt Companies)
  • (^) Infosys Appointed as Managed Service Provider (MSP) Rs. 1380 Crore
  • (^) 34 IT Companies Appointed as GST Suvidha Providers (GSP)
  • (^) Saksham Project Rs. 2256 Crore for IT re- engineering

GSTN

  • (^) Exemption Limit : 20 Lacs (within state), 10 lacs for North East State like Assam, HP etc.
  • (^) Export : No Tax because its Zero Rated
  • (^) Exempt Supply :
  • (^) Transaction in Securities (Shares)
  • (^) Sale of Land
  • (^) Sale of Building

Exemptions

  • (^) Turnover Limit Rs. 75 lacs (preceding year)
  • (^) 2% for Manufacturer (Other than Ice Cream, Tobacco, Pan Masala)
  • (^) 1% for Traders
  • (^) 5% for restaurants COMPOSTION SCHEME
  • (^) No C Form
  • (^) No F Form
  • (^) No H Form
  • (^) Stock Transfer : GST Applicable (Inter State)

C, F & H Forms

  • (^) No Tax Free Zones
  • (^) Existing Tax Free Zones (1st^ Pay then Refunds)

Tax Free Zones