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Prepared & Presented By E.Sudha

GOODS & SERVICES TAX [ GST ]. Prepared & Presented By E.Sudha. Introduction. BIRTH OF GST. WHY DOES VAT FALL SHORT??. Conceptual Definition. What GST can do??. IN & OUT. FEATURES OF GST. Cont…. FEATURES OF GST. ASSESSMENT & TIN. NATURE OF SUBSUMED TAXES. C ENTRAL TAXES SUBSUMED.

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Prepared & Presented By E.Sudha

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  1. GOODS & SERVICES TAX [ GST ] Prepared & Presented By E.Sudha

  2. Introduction

  3. BIRTH OF GST

  4. WHY DOES VAT FALL SHORT??

  5. Conceptual Definition

  6. What GST can do??

  7. IN & OUT

  8. FEATURES OF GST. Cont…

  9. FEATURES OF GST

  10. ASSESSMENT & TIN

  11. NATURE OF SUBSUMED TAXES

  12. CENTRAL TAXES SUBSUMED

  13. STATE TAXES SUBSUMED

  14. Alcoholic Beverages

  15. Tobacco Products

  16. Petroleum Products

  17. INTERSTATE TRANSACTIONS OF GOODS & SERVICES

  18. Merits of IGST No refund claim in exporting State, as ITC is used Self-Monitoring

  19. Rates of GST

  20. Need For GST

  21. Benefit of Goods and Services Tax

  22. Illustration: 1 • Suppose hypothetically • Rate of CGST is 10% and • Rate of SGST is 10%. • When a wholesale dealer of steel in Uttar Pradesh supplies steel bars and rods to a construction company which is also located within the Same State . • Say Rs. 100, the dealer would charge CGST of Rs. 10 and SGST of Rs. 10 in addition to the basic price of the goods. • He would be required to deposit the CGST component into a Central Government account and

  23. The SGST portion into the account of the concerned State Government. • He need not actually pay Rs. 20 (Rs. 10 + Rs. 10) in cash. • He would be entitled to set-off this liability against the CGST or SGST paid on his purchases (say, inputs). • But for paying CGST he would be allowed to use only the credit of CGST paid on his purchases and • For SGST he can utilize the credit of SGST alone. • In other words, CGST credit cannot, in general, be used for payment of SGST. Nor can SGST credit be used for payment of CGST.

  24. Implications of GST on imports and exports

  25. Impact on small enterprises

  26. Benefits to Trade and Industry

  27. Illustration:2 • Suppose, again hypothetically, • The rate of CGST is 10% and • The rate of SGST is 10%. • When an advertising company located in Mumbai supplies advertising services to a company manufacturing soap also located within the State of Maharashtra • Say Rs. 100, the company would charge CGST of Rs. 10 as well as • SGST of Rs. 10 to the basic value of the service.

  28. He would be required to deposit the CGST component into a Central Government account and • The SGST portion into the account of the concerned State Government. • He need not again actually pay Rs. 20 (Rs. 10+Rs. 10) in cash. • It would be entitled to set-off this liability against the CGST or SGST paid on his purchase (say, of inputs such as stationery, office equipment, services of an artist etc). • But for paying CGST he would be allowed to use only the credit of CGST paid on its purchase. • while for SGST he can utilise the credit of SGST alone. • In other words, CGST credit cannot, in general, be used for payment of SGST. Nor can SGST credit be used for payment of CGST.

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