rates of taxes, the commodity\/item
Query (Issue) Started By: – Sanjeev jha Dated:- 1-12-2010 Last Reply Date:- 2-12-2010 Goods and Services Tax – GST
Got 1 Reply
GST
Please tell me how can I find the slab of taxes commodity wise.
\nFor Delhi only.
\n2.What is GST tell me some thing about it.
\nReply By RUPESH NAGPAL:
\nThe Reply:
\nThe reformed indirect tax system GST-Goods and Service Tax is proposed to implement in INDIA on and from 1st April 2011 (Still not clear how the Government be doing this). Do you know, several countries implemented this tax mechanism followed by France which was the first country introduced GST. To simplify the understanding about the Goods and Service Tax (Papularly known as GST and hereinafter called as “GST”) it may be called a new version of VAT which gives a comprehensive setoff for input tax credit and subsuming many indirect taxes from state and national level. The GST Implementation deadline is not yet cleared by government (i.e. 01\/04\/2011) <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ewise there are many situations in the nature of cascading effect for instance, State VAT on CST, Entry tax on VAT etc. So the Govt must have decided to abolish tax on tax effect by implementing GST. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n supportLists]>1. VAT\/Sales tax = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n r = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ay be 1.5 crore and service would have a separate threshold that too will be appropriately high. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" rates of taxes, the commodity\/item Query (Issue) Started By: – Sanjeev jha Dated:- 1-12-2010 Last Reply Date:- 2-12-2010 Goods and Services Tax – GSTGot 1 ReplyGSTPlease tell me how can I find the slab of taxes commodity wise. For Delhi only. 2.What is GST tell me some thing about it. Reply By RUPESH NAGPAL: The … Continue reading “rates of taxes, the commodity\/item”<\/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-440","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/440","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=440"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/440\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nii. Shortfall of Existing VAT
\nIndirect taxes like luxury tax, entertainment tax, (which are charged as extras to VAT) are yet to be included in the VAT. These taxes are still existing and payable.
\niii. Shortfall of Existing CENVAT
\nSeveral taxes like additional customs duty, surcharges not included under CENVAT. Input tax and service tax set off (to a certain extent) is out of reach to the manufacturer and dealers.
\nBenefits of GST
\n1. GST provide comprehensive and wider coverage of input credit setoff, you will be able to use service tax credit for the payment of tax on sale of goods etc.
\n2. CST will be removed and need not to collect and pay. As we all know that at present there is no input tax credit available for CST.
\n<<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n2. Entertainment Tax (unless it is levied by local bodies)
\n3. Luxury tax
\n4. Taxes on lottery, betting and gambling.
\n5. State cesses and surcharges in so far as they relate to supply of goods and services.
\n6. Entry tax not on in lieu of octroi.
\n7. Purchase tax (This is not sure still under discussion)
\nCentral Taxes
\n1. Central Excise Duty.
\n2. Additional Excise Duty.
\n3. The Excise Duty levied under the medical and Toiletries Preparation Act
\n4. Service Tax.
\n5. Additional Customs Duty, commonly known as countervailing Duty ( CVD)
\n6. Special Additional duty of custums-4% ( <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nEach tax payer will be allotted a PAN based identification number containing 13 or 15 digit number ( as of now this feature is used for the grant of the service tax code or central excise No).
\nPayment of tax
\nThis is proposed that the central GST would be paid to central and state GST paid to state government in the prescribed account head.
\nCollection of GST
\nIt is same as VAT; Tax is collected on the basis of value addition on each stage of sale. Both CGST and SGST would have to be charged in an every service bill and sale bill and paid after adjusting input credit available on both.
\nInput tax credit setoff
\nIn m y opinion as proposed the input tax credit of SGST can be utilized for the payment of SGST only and input tax credit on CGST can be utilized for the payment of CGST only. This means that cross utilization of input tax credit will not be allowed.
\nMaking it clear that input tax credit of CGST cannot be utilized for the payment of SGST and vice versa. However as proposed <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGST rates
\nAs we all must know by now that the rate structure would be as follow, but not final
\n1. A lower rates for essential commodities
\n2. Standard rates for general goods
\n3. Special rates for precious metals
\n4. For services may be single rates for CGST and SGST.
\nDuring the first and second year GST on goods will charged in two rates. i.e. Goods at lower rate for necessary items and goods of basic importance ,Goods at standard rate for goods in general. Rates of GST on service will remain same from the beginning
\nYear
\nCategories
\nCentral GST
\nState GST
\nTotal Tax Liability
\n2011 April
\nGoods at lower rate
\n6
\n6
\n12
\nGoods at standard rate
\n10
\n10
\n20
\nServices
\n8
\n8
\n16
\n2012 April
\nGoods at lower rate
\n6
\n6
\n12
\nGoods at standard rate
\n9
\n9
\n18
\nServices
\n8\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n