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Goods and service Tax

Goods and Services Tax is a comprehensive single tax levied on the supply of goods and services. check the complete information regarding GST<br>

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Goods and service Tax

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  1. GOODS AND SERVICE TAX Powered by http://www.taxqueries.in/

  2. CONTENTS • GST Introduction • Benefits of GST • Components of GST • GST Registration • GST Slab Rate Powered by http://www.taxqueries.in/

  3. GST INTRODUCATION • GST or Goods and Services Tax is a comprehensive single tax levied on the supply of goods and services, from the manufacturer to the consumer across India. • Goods and Services Tax in India will be a game-changing improvement for the economy by creating a common Indian market and reducing the cascading effect of the tax on the cost of goods and services. • GST in India will impact the tax structure, tax computation, tax incidence, tax payment, credit utilization and reporting, compliance, leading to a complete remodel of the current indirect tax system.  • The Rajya Sabha has cleared a constitutional amendment to bring about a system of GST (Goods and Services Tax) in India.  Powered by http://www.taxqueries.in/

  4. GOODS AND SERVICE TAX • GST is by far one of the most awaited tax reforms in India. The present structure of Indirect Taxes in India is a bit complex Different kinds of taxes that are levied by the Central and State Governments on Goods and Services. • For example, we have to pay Entertainment Tax for watching a movie. While Purchasing a product we have to pay VAT (Value Added Tax). • Like wise there is the long list of taxes like Excise duties, Import Duties, Central Sales Tax, Luxury Tax, Service Tax which are levied some by the Central Government, and some are by the State governments. Powered by http://www.taxqueries.in/

  5. BENEFITS OF GST • Goods and Services Tax is a tax on goods and services with the comprehensive and continuous chain of set-off benefits from the service provider’s and manufacture’s point up to the retailer’s level • The Benefits of Goods and Services Tax can be summarized as types. • Business and Industry • Central Governments and State Governments • Consumer Powered by http://www.taxqueries.in/

  6. BENEFITS FOR BUSINESS AND INDUSTRY • Easy compliance • Uniformity of Tax structures and rates • Elimination of cascading • Improved competitiveness • Gain to Manufacturers and Exporters Powered by http://www.taxqueries.in/

  7. BENEFITS FOR CENTRAL AND STATE GOVERNMENT • Easy and straightforward to administer • Better controls on leakage • Higher revenue efficiency BENEFITS FOR CONSUMER: • Single and transparent tax proportionate to the value of goods and services • Relief in overall tax load Powered by http://www.taxqueries.in/

  8. COMPONENTS OF GST • There will be two components of Goods and Services Tax • CGST (Central GST) • SGST (State GST). • Both Centre Government and State governments will simultaneously levy GST across the value chain. • The tax will be levied on every supply of goods and services from manufacturer to the final consumer. • Centre Government would levy and collect CGST (Central Goods and Services Tax), and State Governments of India would levy and collect the SGST (State Goods and Services Tax) on all transactions within a States. Powered by http://www.taxqueries.in/

  9. GST REGISTRATION • The major features of the proposed registration procedures under Goods and Services Tax are as follows. • For an Existing dealer, the Central Excise/Existing VAT/Service Taxpayers will not have to apply afresh for registration under Goods and Service Tax. • For New dealers, a single application to be filed for GST registration online. • Unified application to both tax authorities. • The PAN based registration number will serve the purpose for Centre and State. • Each dealer to be given a unique ID GSTIN (Goods and Services Tax Identification Number). • Deemed approval within three days. • Post registration verification is only in risk-based cases Powered by http://www.taxqueries.in/

  10. GST SLAB RATE IN INDIA • Zero Tax Rate: The Zero rate GST will be applicable for the 50% of goods falling under consumer price index basket. Zero Tax Rate goods will also include foods grains. • 5% Tax slab:  This will be levied on essential foods items of mass consumption used by ordinary people. • 12% Tax Slab: It is a standard slab rate. • 18% Tax Slab: The goods that are not included in the 12% GST Tax Slab rates will be taxed at 18% slab rate. • 28% Tax Slab:  This rate will be levied on All items (especially luxurious goods). It will include car, washing machine, air conditioner, etc. Powered by http://www.taxqueries.in/

  11. THANK YOU For more details http://www.taxqueries.in/gst/gst-goods-and-services-tax-in-india/ Powered by http://www.taxqueries.in/

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