Goods And Services Tax Act Ppt To Pdf
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- Levy and Collection of GST under CGST Act, IGST Act and UTGST Act.
- Types of GST and everything you need to know about GST
- What is Goods and Services Tax (GST)?
- India's tryst with GST
Levy and Collection of GST under CGST Act, IGST Act and UTGST Act.
What is GST in simple words? GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, electronics, items of daily needs, transportation, travel, etc. The sellers usually add the tax expense into their costs, and the price the customers pay is inclusive of GST. Thus, in most cases, you end up paying a tax even if you are not an income taxpayer. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.
The development of GST took many consultations, negotiations and revisions before it was launched in its final form in The launch of GST was also made difficult by the fact that it required a Constitutional Amendment, and hence, a two-thirds majority approval in the Parliament, and a nod of more than at least half of the states. GST allowed for faster movement of trucks and led to requirements for fewer warehouses across several states.
However, GST has multiple tax rate slabs for different categories of products — a fact that still makes it more complicated than many expected. What are the different types of GST? What items are not taxed or covered under GST? There are a few products, which were not under the purview of GST till long after its launch. Alcohol for human consumption: On alcohol, the power to tax remains with the states.
Entertainment tax: The power to decide on entertainment tax levied by local bodies remains with the states. Also, there are some exceptions on Indian Railways tickets, where instead of the destination, the origin of the journey is taken into consideration. Like us on Facebook and follow us on Twitter. Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates. By: FE Knowledge Desk. Goods and Services Tax meaning: GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, items of daily needs, transportation etc.
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Types of GST and everything you need to know about GST
Many changes have already been made in this tax regime, in a short span of time since it came into force in July, In this article, we examine the implications of the GST for real estate in general and home buyers, in particular. Before the GST came into force, a variety of state and central taxes were imposed on buildings, through the course of the construction of a housing project. While these taxes increased the cost of project development for developers, no credit against this tax was available to the builders against the output liability. The cost incurred on these taxes by builders, was then transferred to the property buyer. Moreover, as buyers had very little clarity over the various taxes and the applicable rates, developers were also in a position to manipulate numbers, to keep the deal to their best advantage.
Carla Yrjanson. December 21, What is the difference between sales tax and value-added tax VAT? Both sales tax and VAT are types of indirect tax — a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax and VAT are a common cause of confusion within the corporate tax community.
What is Goods and Services Tax (GST)?
What is GST in simple words? GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, electronics, items of daily needs, transportation, travel, etc. The sellers usually add the tax expense into their costs, and the price the customers pay is inclusive of GST.
GST is a comprehensive indirect tax levied on manufacture, sale and consumption of goods as well as services at the national level. Note: Given is an indicative list of items, for details Click Here. Tax incidence of a company depends on the residential status of the company,i.
Provided further that where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount towards the value of supply along with tax payable thereon within a period of one hundred and eighty days from the date of issue of invoice by the supplier, an amount equal to the input tax credit availed by the recipient shall be added to his output tax liability, along with interest thereon, in such manner as may be prescribed:. Provided also that the recipient shall be entitled to avail of the credit of input tax on payment made by him of the amount towards the value of supply of goods or services or both along with tax payable thereon. Your email address will not be published. Post Comment.
India's tryst with GST
Goods and Services Tax, GST is an indirect tax for the entire nation, which makes India a common united market by ensuring indirect taxes are replaced in the country. Passed in the Parliament on March 29, , the Goods and Services Tax Act is a comprehensive and multi-stage tax levied on every value addition. SGST is defined as one of the two taxes imposed on transactions of goods and services of every state. CGST is referred as the Central Tax levied on transactions of goods and services which take place within a state. Prices of goods and services under CGST are charged in accordance with the basic market price. IGST is applied on the interstate transactions of goods and services.
The year will forever be etched in Indian history as the year that saw the implementation of the biggest and most important economic reform since Independence - the Goods and Services Tax GST. The reform that took more than a decade of intense debate was finally implemented with effect from 1 July , subsuming almost all indirect taxes at the Central and State levels. This single tax has helped streamline various indirect taxes and brought in more efficiencies in business. The implementation of the GST got overwhelming support from the industry. The industry took this as an opportunity to redefine supply-chain model, customise IT processes, and evaluate internal and external arrangements to safeguard interest and minimise their tax costs. As the GST journey progressed, there was a growing realisation of its far-reaching impact.
Standardised PPT on. Revised Model GST Law. (Nov ). INDIRECT TAXES COMMITTEE. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA.