Presentation for GST Conclave\/Workshop
GST
Dated:- 25-4-2017
Presentation for GST Conclave\/Workshop
\n=============
\nDocument 1
\nUnderstanding Goods and Services Tax
\nAgenda
\nDesign of GST
\nMain features of GST Law
\nAdministration and IT Network
\nBenefits of GST and Way Forward
\n1
\nThe Effort and Work Done
\n10 Years\u2026
\nIn Making
\n14 EC Meetings in 10 years and 13 GSTC Meetings in 6 months
\n30 +
\nSub-Groups & Committees
\n175 + Officers Meetings
\n2
\n18000 +
\nMan Hours of discussion by GST Council
\nConstitution Amendment and 5 Laws approved by collaborative effort
\nExisting Indirect Tax Structure in India
\nConstitution amended to provide concurrent powers to both Centre & States to levy GST (Centre to tax sale of goods and States to tax provision of services)
\n3
\nCentral Excise duty
\nAdditional duties of excise
\nExcise duty levied under Medicinal & Toilet Preparation Act
\nAdditional duties of customs (CVD & SAD)
\nService Tax
\nSurcharges & Cesses
\nState VAT \/ Sales Tax
\nCen<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n sters of Finance \/ Taxation of each State = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ns = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nInflation = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Presentation for GST Conclave\/Workshop GSTDated:- 25-4-2017Presentation for GST Conclave\/Workshop ============= Document 1 Understanding Goods and Services Tax Agenda Design of GST Main features of GST Law Administration and IT Network Benefits of GST and Way Forward 1 The Effort and Work Done 10 Years\u2026 In Making 14 EC Meetings in 10 years and 13 GSTC … Continue reading “Presentation for GST Conclave\/Workshop”<\/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-3312","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3312","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=3312"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3312\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nQuorum is 50% of total members
\nStates – 2\/3 weightage and Centre – 1\/3 weightage
\nDecision by 75% majority
\nCouncil to make recommendations on everything related to GST including laws, rules and rates etc.
\n6
\nGST Council – Decisions
\n(1\/2)
\nThreshold limit for exemption to be Rs. 20 lac (Rs. 10 lac for special category States)
\nCompounding threshold limit to be
\nRs
\n. 50 lac
\nwith –
\nGovernment may convert existing Area based exemption schemes into reimbursement based scheme
\nFour tax rates namely 5%, 12%, 18% and 28%
\nSome goods and services would be exempt
\nSeparate tax rate for precious metals
\n7
\nCess over the peak rate of 28% on specified luxury and sin goods
\nTo ensure single interface \u2013 all administrative control over
\n90% of taxpayers having turnover below Rs. 1.5
\ncr
\nwould vest with State tax administration
\n10% of taxpayers having turnover below of Rs. 1.5 cr. would vest with Central tax administration
\ntaxpayers having tur<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nAutomatic generation of returns
\nGST Practitioners for assisting filing of returns
\nGSTN and GST Suvidha Providers (GSPs) to provide technology based assistance
\n11
\nMain Features of the GST Act
\n(3\/4)
\nTax can be deposited by internet banking, NEFT \/ RTGS, Debit\/ credit card and over the counter
\nConcept of TDS for certain specified categories
\nConcept of TCS for E-Commerce Companies
\nRefund to be granted within 60 days
\nProvisional release of 90% refund to exporters within 7 days
\n12
\nMain Features of the GST Act
\n(4\/4)
\nInterest payable if refund not sanctioned in time
\nRefund to be directly credited to bank accounts
\nComprehensive transitional provisions for smooth transition of existing tax payers
\nto GST regime
\nSpecial procedures for job work
\nSystem of GST Compliance Rating
\nAnti-Profiteering provision
\n13
\nGST Network (GSTN)
\nA section 25 private limited company with Strategic Control with the Government
\nTo function as a Common Pass-through portal for taxpayers-
\nsubmit r<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nEase of Doing Business
\nDecrease in \u201cBlack\u201d Transactions
\nBenefits of GST (
\n2\/2
\n)
\n7
\n8
\n9
\n10
\nSimplified Tax Regime
\nReduction in Multiplicity of Taxes
\nConsumption Based Tax
\nAbolition of CST
\n18
\nMore informed consumer
\nPoorer States
\nto Gain
\nMake in India
\n11
\nExports to be Zero Rated
\n12
\nProtection of Domestic Industry – IGST
\nWay Forward
\nSGST law to be passed by the State Legislatures
\nGST Council to fit tax rates to various categories of Goods or Services
\nSector Wise guidance notes to be prepared
\nMigration and handholding of existing tax payers
\nOutreach program for trade and industry
\nChange Management
\n19
\nThank You
\nThe following material is available on
\nwww. cbec.gov.in
\nPresentation on GST
\nGST \u2013 Concept & Status
\nFAQs on GST in Hindi and English
\nCGST, UTGST, IGST & Compensation Acts
\nDraft 14 Rules
\nConstitutional Amendment Act
\nRs. 132
\n32%
\nRs. 100
\nRs. 128
\nRs. 100
\nCost of production of goods is Rs. 100
\nCumulative taxes of 32% <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n