GST – Understanding Goods and Services Tax (Short Presentation)
GST
Dated:- 7-4-2017
GST – Understanding Goods and Services Tax (Short Presentation)
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\nDocument 1
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\nGST
\nGOODS AND SERVICES TAX
\nUnderstanding Goods and Services Tax
\n\u2022
\nAgenda
\n\u00e2\u2013\u00a1 Journey so far
\n\u00e2\u2013\u00a1 Design of GST
\n\u00e2\u2013\u00a1 Main features of GST Law
\n\u00e2\u02dc\u0090 Administration and IT Network
\nBenefits of GST and Way Forward
\nGST
\nNATION
\nTAX
\nMARKET
\n1
\nThe Journey so far
\nConstitution (122nd Amendment) Bill (CAB)
\nintroduced in Lok Sabha
\nConstitution (115th
\nAmendment) Bill introduced
\nAnnouncement
\n2011
\nto introduce GST
\nby 2010
\n2006
\n2009
\n2014
\n2013
\nAug
\n2016
\nNATION
\nTAX
\nGST
\nMARKET
\nMar 2017
\n12 GST Council
\nMeetings
\nCGST, SGST,
\nUTGST, IGST,
\nCompensation
\nCess Bills
\nrecommended
\nConstitution Amendment
\nBill passed
\nThree committees constituted by<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n o both Centre & States to = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ions (2\/2) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y internet banking, NEFT \/ RTGS, = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n with GSTN = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST – Understanding Goods and Services Tax (Short Presentation) GSTDated:- 7-4-2017GST – Understanding Goods and Services Tax (Short Presentation) ============= Document 1 \u00e0\u00a4\u0153\u00e0\u00a5\u20ac\u00e0\u00a4\u008f\u00e0\u00a4\u00b8\u00e0\u00a4\u0178\u00e0\u00a5\u20ac \u00e0\u00a4\u00b0\u00e0\u00a4\u00be\u00e0\u00a4\u00b7\u00e0\u00a5\u008d\u00e0\u00a4\u0178\u00e0\u00a5\u008d\u00e0\u00a4\u00b0 \u00e0\u00a4\u2022\u00e0\u00a4\u00b0 \u00e0\u00a4\u00ac\u00e0\u00a4\u00be\u00e0\u00a4\u0153\u00e0\u00a4\u00be\u00e0\u00a4\u00b0 GST GOODS AND SERVICES TAX Understanding Goods and Services Tax \u2022 Agenda \u00e2\u2013\u00a1 Journey so far \u00e2\u2013\u00a1 Design of GST \u00e2\u2013\u00a1 Main features of GST Law \u00e2\u02dc\u0090 Administration and … Continue reading “GST – Understanding Goods and Services Tax (Short Presentation)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3219","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3219"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3219\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nlevy GST (Centre to tax sale of goods and States to tax provision of services)
\n4
\nUnderstanding CGST, SGST, UTGST & IGST
\nCGST
\nForeign Territory
\nIGST
\nCGST
\n+
\nUTGST
\nIGST
\nState 1
\nIGST
\n+
\nSGST
\nIGST
\nState 2
\nGST
\nNATION
\nTAX
\nMARKET
\nCGST
\n+
\nSGST
\nUnion territory
\nIGST Credit can be used for payment of IGST, CGST, SGST \/ UTGST in that order
\n5
\n\u00d1\u0081\u00d0\u00bb
\nFeatures of Constitution Amendment Act
\nGST
\nNATION
\nTAX
\nMARKET
\n\u00e2\u2013\u00a0 Concurrent jurisdiction for levy & collection of GST by
\nthe Centre (CGST) and the States (SGST)
\n\u00e2\u2013\u00a1 Centre to levy and collect IGST on supplies in the
\ncourse of inter-State trade or commerce including
\nimports
\n\u00e2\u2013\u00a1 Compensation for loss of revenue to States for five
\nyears
\n\u00e2\u2013\u00a1 GST on petroleum crude, high speed diesel, motor
\nspirit (commonly known as petrol), natural gas &
\naviation turbine fuel to be levied from a later date on
\nrecommendations of Council
\n6
\nGST Council – Constitution
\nGST
\nNATION
\nTAX
\nMARKET<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGST
\nNATION
\nTAX
\nMARKET
\n\u00e2\u02dc\u0090 Cess over the peak rate of 28% on specified luxury
\nand sin goods
\n–
\n\u00e2\u2013\u00a1 To ensure single interface all administrative
\ncontrol over
\n\u00e2\u2013\u00a0 90% of taxpayers having turnover below Rs. 1.5 cr
\nwould vest with State tax administration
\n\u00e2\u2013\u00a0 10% of taxpayers having turnover below of Rs. 1.5
\ncr. would vest with Central tax administration
\n\u00e2\u2013\u00a0 taxpayers having turnover above Rs. 1.5 cr. would
\nbe divided equally between Central and State tax
\nadministration
\n9
\nCompensation Mechanism for States
\nGST
\nNATION
\nTAX
\nMARKET
\nCompensation = (State's Revenue for FY 2015-16)*
\n14%* -State's Revenue (for x year)
\nRevenue of all taxes subsumed in GST by the
\nState for 2015 \u2013 16 as the base
\n–
\nAssumption of 14% Annual Growth Rate
\nCompensation to be provided through Cess
\nCess only on few specified luxury and sin goods
\n10
\nMain Features of the GST Act (1\/4)
\n\u00e2\u2013\u00a1 GST to be levied on supply of goods or services
\n\u00e2\u02dc\u0090 All transact<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nDebit\/credit card and over the counter
\n\u00e2\u2013\u00a1 Cross utilization of IGST Credit first as IGST and then as
\nCGST or SGST \/UTGST
\n\u00e2\u02dc\u0090 Concept of TDS for Government Departments
\nConcept of TCS for E-Commerce Companies
\n\u00e2\u02dc\u0090 Refund to be granted within 60 days
\n\u00e2\u2013\u00a1 Provisional release of 90% refund to exporters within 7
\ndays
\n13
\nMain Features of the GST Act (4\/4)
\nGST
\nNATION
\nTAX
\nMARKET
\n\u00e2\u2013\u00a1 Interest payable if refund not sanctioned in time
\nRefund to be directly credited to bank accounts
\n\u00e2\u2013\u00a1 Comprehensive transitional provisions for smooth
\ntransition of existing tax payers to GST regime
\n\u00e2\u02dc\u0090 Special procedures for job work
\nSystem of GST Compliance Rating
\n\u00e2\u2013\u00a1 Anti-Profiteering provision
\n14
\nAppeals and Revision under GST
\nProposed Structure of Appellate Tribunal
\nFirst Appellate Authority or
\nRevisional Authority
\nAll Disputes except
\nPlace of Supply
\nDisputes
\nGST
\nNATION
\nTAX
\nMARKET
\nPlace of supply
\nDisputes
\nOne Appel<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n\u00e2\u02dc\u0090 Training of officials of both Centre & States
\n\u00e2\u02dc\u0090 Outreach programs for Trade and Industry
\n18
\n17
\nBenefits of GST
\nOverall reduction in Prices for Consumers
\n1
\nGST
\nNATION
\nTAX
\nMARKET
\n2 Reduction in Multiplicity of Taxes, Cascading and Double Taxation
\n3
\n4
\nUniform Rate of Tax and Common National Market
\nBroader Tax Base and decrease in “Black” transactions
\n5 Free Flow of Goods and Services – No Checkpoints
\n6
\nNon-Intrusive Electronic Tax Compliance System
\n18
\nWay Forward
\nGST
\nNATION
\nTAX
\nMARKET
\n\u00e2\u2013\u00a1 Passage of CGST, UTGST, IGST & Compensation Law by
\nParliament and passing of SGST laws by State
\nLegislatures
\n\u00e2\u02dc\u0090 GST Council to fit tax rates to various categories of
\nGoods or Services
\n\u00e2\u02dc\u0090
\nRules relating to registration, returns, valuation,
\ntransitional, Input Credit etc. to be finalized
\n\u00e2\u2013\u00a1 Migration and handholding of existing tax payers
\n\u00e2\u02dc\u0090 Outreach program for trade and industry
\nChange Management
\n19
\nThank You
\nThe following<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n