GST Goods and Service tax - Important points to know

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Presentation Description

GST will subsume various types of taxes in India - know details, impact on Indian markets and benefits

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Presentation Transcript

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For more details visit Goods & Service Tax – Important things to know

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For more details visit Goods & Service Tax – Important things to know GST or Goods and Service Tax is the One Indirect Tax for the entire India. This is helpful is removing the difference of prices due to varied taxes across different states. It took almost 13 years of wait and debate to finally start the implementation of the same. In this presentation, we have tried to explain about GST, its implications, its process and working along with the benefits for Businesses or manufacturers as well as consumers .

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GST will be a single tax on the supply of goods and services across the commercial establishments be it manufacturer or trader or service provider. GST will provide the credit of taxes paid while buying and thus will only add tax on the value added of goods or services. This in turn will bring down the tax burden on the final consumer of goods or services . What is GST For more details visit Goods & Service Tax – Important things to know

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GST is said to be the biggest reform in Indirect taxation since independence. It brings along various benefits for the businesses and industry like ease of compliance, uniformity of tax structure, removal of cascading of taxes. All these will make India a better and simpler place to do business. For consumers also, with taxes paid on the final purchase will be lesser due to reduction of taxes on the already paid taxes. Benefits of GST For more details visit Goods & Service Tax – Important things to know

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The list of taxes removed from the system at Central level are Central Excise Duty Additional Excise Duty Service Tax Additional Custom Duty or countervailing duty Special Additional duty of Customs List of Taxes Subsumed For more details visit Goods & Service Tax – Important things to know

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The list of taxes removed from the system at State level are Sales VAT or Sales tax Entertainment Tax (other than tax levied by local bodies) Central Sales tax that is levied by center and collected by states Octroi and entry tax Purchase tax Luxury tax Taxes on lottery, betting and gambling . List of Taxes Subsumed For more details visit Goods & Service Tax – Important things to know

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Their will be two types of GST i.e Center GST also termed as CGST which will be levied and collected by Central Government State GST also termed as SGST which will be levied and collected by State Government Both CGST and SGST will be levied simultaneously on all the transactions of supply of goods and services. How it Works For more details visit Goods & Service Tax – Important things to know

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With introduction of GST, all the existing Service tax or Sales Tax dealers do not need to apply for fresh registration, also new dealer may apply with a single form for registration of GST. See the link for  frequently asked question about GST How it Works For more details visit Goods & Service Tax – Important things to know

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While rates of GST are yet not decided. The implementation of GST still have to wait for couple of months, when this will become the law. As on August 03, 2016, Rajya Sabha cleared the bill in parliament. The rates of GST will be decided by the GST council in days to come . Rates of GST For more details visit Goods & Service Tax – Important things to know

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GST not only brings ease but also transparency into the system as GST will be linked to PAN. The counter credits will be available for both CGST and SGST. The filing of the returns will be online with 8 different types of forms. The payments can be made through online transfer like NEFT or RTGS. This will make it very simple to adhere to compliance structure for any business. How GST impacts For more details visit Goods & Service Tax – Important things to know

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For Consumers, the prices of several commodities or products may change due to change in tax structure. The prices may drop for some and may rise for some of the commodities but with transparency and similar tax structure. Differential pricing may go away across India. How GST impacts For more details visit Goods & Service Tax – Important things to know

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How GST impacts Subscribe for more such updates For more details visit Goods & Service Tax – Important things to know

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How GST impacts Thank You For more details visit Goods & Service Tax – Important things to know

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