What Is Goods And Service Tax Pdf

what is goods and service tax pdf

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It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes. However, petroleum products , alcoholic drinks , and electricity are not taxed under GST and instead are taxed separately by the individual state governments , as per the previous tax system.

R, Revathi and L. Goods and Service tax is tax regime adopted by countries over the globe in order to evade cascading of tax in the economy. India introduced GST in the year whereas many other countries implemented GST many years before in their tax system.

Goods and Services Tax (GST)

It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.

However, petroleum products , alcoholic drinks , and electricity are not taxed under GST and instead are taxed separately by the individual state governments , as per the previous tax system. The tax came into effect from 1 July through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government.

The GST replaced existing multiple taxes levied by the central and state governments. The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states.

The GST is meant to replace a slew of indirect taxes with a federated tax and is therefore expected to reshape the country's 2. It later came out for rolling out a uniform taxation regime in the country. In , the Vajpayee government formed a task force under Vijay Kelkar to recommend tax reforms.

The committee submitted its report in August , but in October Gujarat Chief Minister Narendra Modi raised objections that led to the bill's indefinite postponement. With the consequential dissolution of the 15th Lok Sabha , the GST Bill — approved by the standing committee for reintroduction — lapsed. However, the Opposition, led by the Congress, demanded that the GST Bill be again sent back for review to the Select Committee of the Rajya Sabha due to disagreements on several statements in the Bill relating to taxation.

Finally, in August , the Amendment Bill was passed. Over the next 15 to 20 days, 18 states ratified the Constitution amendment Bill and the President Pranab Mukherjee gave his assent to it. A member selected committee was formed to look into the proposed GST laws. There was to be no GST on the sale and purchase of securities. The launch was marked by a historic midnight 30 June — 1 July session of both the houses of parliament convened at the Central Hall of the Parliament.

Though the session was attended by high-profile guests from the business and the entertainment industry including Ratan Tata , it was boycotted by the opposition due to the predicted problems that it was bound to lead for the middle and lower class Indians. The tax was strongly opposed by the opposing Indian National Congress.

Members of the Congress boycotted the GST launch altogether. The parties reported that they found virtually no difference between the GST and the existing taxation system, claiming that the government was trying to merely rebrand the current taxation system. The single GST subsumed several taxes and levies, which included central excise duty, services tax , additional customs duty, surcharges , state-level value added tax and Octroi.

India adopted a dual GST model, meaning that taxation is administered by both the Union and state governments. IGST complicates tax collection for State Governments by disabling them from collecting the tax owed to them directly from the Central Government.

Under the previous system, a state would only have to deal with a single government in order to collect tax revenue. Later Customs and Central Excise added two more digits to make the codes more precise, resulting in an 8 digit classification. HSN codes will remove the need to upload the detailed description of the goods. This will save time and make filing easier since GST returns are automated. If a company has turnover up to INR 15 million in the preceding financial year then they did not mention the HSN code while supplying goods on invoices.

If a company has turnover more than INR 15 million but up to INR 50 million, then they need to mention the first two digits of HSN code while supplying goods on invoices. The GST is imposed at variable rates on variable items. Checkposts across the country were abolished ensuring free and fast movement of goods. The Central Government had proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products.

The central government had assured states of compensation for any revenue loss incurred by them from the date of GST for a period of five years. However, no concrete laws have yet been made to support such action. An e-Way Bill is an electronic permit for shipping goods similar to a waybill. It was made compulsory for inter-state transport of goods from 1 June It is required to be generated for every inter-state movement of goods beyond 10 kilometres 6.

It is a paperless , technology solution and critical anti-evasion tool to check tax leakages and clamping down on trade that currently happens on a cash basis. The states are divided into four zones for rolling out in phases by end of April The mechanism is aimed at plugging loopholes like overloading, understating etc. Each e-way bill has to be matched with a GST invoice. All states are mandated to introduce it by 30 May The receiver of the goods is eligible for Input Tax Credit , while the unregistered dealer is not.

For the implementation, this amount was given to the state to compensate the revenue. Central government has to face many criticisms for delay in compensation. Revenue earned from GST intra state transaction - seller and buyer both are located in same state is shared equally on basis between central and respective state governments. For distribution of IGST inter state transaction - seller and buyer both are located in different states collection, revenue is collected by central government and shared with state where good is imported.

GST Council is the governing body of GST having 33 members, out of which 2 members are of centre and 31 members are from 28 state and 3 Union territories with legislation. The council contains the following members a Union Finance Minister as chairperson b Union Minister of States in charge of revenue or finance as member c the ministers of states in charge of finance or taxation or other ministers as nominated by each states government as member.

GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. The council is headed by the union finance minister Nirmala Sitharaman assisted with the finance minister of all the states of India.

The GST council is responsible for any revision or enactment of rule or any rate changes of the goods and services in India. The portal is accessible to the Tax authorities for tracking down every transaction, while taxpayers have the ability to connect for their tax returns.

However, later it was made a wholly owned government company having equal shares of state and central government. Around 38 lakh new taxpayers have registered under GST regime and the total count has crossed one crore if we include the 64 lakh earlier ones.

GST's implementation in India has been further criticized by Indian businessmen for problems including tax refund delays and too much documentation and administrative effort needed. The opposition Congress party has consistently been among the most vocal opponents of GST implementation in India with party President, and leader of the opposition, Rahul Gandhi , slamming BJP for allegedly "destroying small businessmen and industries" in the country.

From Wikipedia, the free encyclopedia. Indirect tax levied in India. This article is about the tax. The neutrality of this section is disputed.

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Review on Global Implications of Goods and Service Tax and its Indian Scenario

Updated on Jan 04, - PM. It is levied on both goods and services sold in the country. Any reform is bound to have advantages and disadvantages. In this article, we will talk about both the advantages and disadvantages of GST:. Rationalisation of the composition scheme and introduction of quarterly filing option for taxpayers having turnover below Rs 1. Delayed IGST refund has hit Exporters and caused a slowdown : Although efforts are being made by the department towards timely sanctioning of refund, yet over a few months, we can expect a slowdown in the Export sector in India.

Registration plays a significant role in GST implementation and also certifies compliance of tax in the economy. Under taxation, tax payers can be identified with the help of the registration process. Thus, it is considered as the most essential requirement for the obtainment of unique number from the concerned authorities of tax. Any business entity which is registering for GST has to obtain a unique number and the purpose of that is to collect tax on behalf of the government and to avail Input Tax Credit. Failure to comply with the process of registration of GST can lead to various consequences, that a person can neither claim any Input Tax Credit nor can collect tax from his customers. Following are the benefits available to a taxpayer after registration:. Be that as it may, independent companies having all India total turnover below Rupees 20 lakh 10 lakh if business is in Assam, Arunachal Pradesh, Himachal Pradesh, Uttarakhand, Manipur, Mizoram, Sikkim, Meghalaya, Nagaland or Tripura need not register [2].

GST PDF: An Overview of Goods and Services Tax

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Our email newsletters bring you the latest news, trends and developments in Singapore from our team of experts; ensuring that you have all the information that you need at your fingertips to set up and succeed in Singapore. Businesses merely act as collecting agents on behalf of Singapore tax department. Failure to register your business with IRAS within the stipulated time frame will result in penalties. There are anti-avoidance provisions to ensure that entities are not established merely to keep turnovers less than the threshold and thereby avoid registration.

By Sathish AR. This presentation, released by CBIC, provides a snapshot of:. This narrative talks about the efforts made by the government to implement GST in India.

Goods and Services Tax (GST)

The GST replaced a previous hidden

Singapore Goods & Services Tax Guide

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India’s #1 GST software

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GST Benefits – Advantages and Disadvantages of GST


Hermes V.


We identify areas where you have unmanaged VAT liabilities & obligations.