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Navigating Opportunities for CS After GST Implementation

Explore the impact of GST on CS roles, compliance management, and strategic decisions. Learn about the proposed GST structure in India and the key issues and opportunities for Company Secretaries.

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Navigating Opportunities for CS After GST Implementation

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  1. NAVITGATING THE FUTUREOPPORTUNITIES FOR CS AFTER GST Presented by: Siddharth Srivastava Founder- B. Com, CS, LLB- SKS Associates- Indirect Tax Litigators & Consultants Contact: +91-9560111577; +91-124-2218817 Mail: siddharth.srivastava@sksassociates.in

  2. Agenda • HISTORY OF VAT • PRESENT INDIRECT TAX STRUCTURE • ROADMAP OF GST • PROMINENT FEATURES OF GST • TREATMENT OF INTERNATIONAL TRADE • PLACE OF TAXATION • SOFTWARE DEVELOPMENT INTERNATIONAL LAWS • TREATMENT OF SOFTWARE AS PER CANADIAN LAWS • BENEFITS OF THE CANADIAN TAXATION MODEL

  3. History of VAT in India… 2016 GST 2005 State VAT 2004 CENVAT 1986 MODVAT Executive Summary

  4. GST – AROUND THE WORLD

  5. GST rates across the globe

  6. Present Indirect Tax Structure

  7. Service Tax Present Indirect Tax Structure

  8. Purchase Tax Present Indirect Tax Structure

  9. Current Taxes - Shortcomings

  10. Road map to GST in India

  11. Road map to GST in India • 2006, announcement of the intent to introduced GST by 01.04.2010. • November 2009-First Discussion paper(FDP) released by EC on which comments were provided by Government of India. • June 2010-Three sub working groups were constituted by government of India on: • Business process related issues • Drafting of Central GST and model state GST legislations. • Basic design of IT systems required for GST in general and IGST in general • March 2011- Constitution (115th amendment) bill introduced in parliament • November 2012-Committee on GST design constituted by EC

  12. Road map to GST in India • February 2013- Three committees constituted by EC • Dual Control, Thresholds and exemption in GST regime • RNRs for SGST and CGST and place of supply rules • IGST and GST on Importers • March 2013- GSTN incorporated as section 25 company • June 2013- Committee constituted by EC to draft model GST law • August 2013- Standing committee on Finance submitted report • April 2014- Committee constituted by EC to examine business process under GST • December 2014-122nd Constitutional amendment bill introduced in parliament • May 2015 - The Constitution (122nd Amendment) Bill, 2014 (Bill) was passed by the LokSabha. • July 2015 - The report was adopted by the Select Committee and tabled in the RajyaSabha

  13. PROPOSED GST STRUCTURE INDIA

  14. All covered under GST but non GST supplies will exist

  15. PROPOSED RATES - GST • The GST shall have two components: one levied by the Centre, referred as Central GST, and the other levied by the States referred as State GST. • Rates for Central GST and State GST would be prescribed appropriately. Initial Proposed rates may varied between 20% to 25% in 1st year, 12% to 18% in 2nd year, 16% in 3rd year. • CGST and SGST on intra- State supplies of goods or services in India. • IGST shall be levied by the Centre • Import of goods and services • Inter state stock transfers of goods and services • CGST for CGST and SGST for SGST. Except for IGST where both way utilisation is possible.

  16. GST – EXCLUSIONS

  17. GST - Key Issues • Whether Land will be covered • Power of States to amend SGST at their end • List of Exempted Goods or Services • Sector specific provisions like Banking, Real Estate, E-commerce, essential sectors • Exemption threshold • Place of Supply Rules for Goods and Services • 1% Cascading tax • Litigation structure

  18. Opportunities for CS after implementation of GST

  19. IMPACT • OF • GST

  20. GST IMPACT AREAS

  21. Opportunities for Company Secretaries • Mapping and Audits of as is tax process in a company • Transitional Issues • Restructuring present and future agreements / legal documents • Realign pricing policies and supply chain management • Upgrade Information technology systems to record various supplies • Setting up reworked MIS process and strategic decisions • Supply chain and distribution chain management to ensure compliance

  22. Opportunities for Company Secretaries • Supply chain and distribution chain management to ensure compliance • Ensure compliance records and returns and assessments • Training of people for multiple GST registrations and compliance • Representation with various Government agencies for clarifications and trade issues • Tax health check exercise to review client meeting the above requirements • Tax advisory on Indian GST tax positions and tax process • New Tax assessee base will be created

  23. SKS Associates, Litigators & Consultants # 98, Basement Floor, Sector 47, Gurgaon; 0124-2218817 ; 9560111577 ; siddharth.srivastava@sksassociates.in The facts and details contained herein are solely meant for the purpose of information and not for the purpose of advertising, personal communication, solicitation, invitation or inducement of any sort whatsoever in violation of any applicable and relevant regulatory laws or code of conduct. We are not liable for any consequence of any action taken by the user solely relying on material / information provided herein below. They Trust us… __________________________________________ …

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