Overview of Goods and Services Tax (GST)

Hello Friends,

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Read the following blog for more detail - GST Patch Microsoft Dynamics NAV

I am sharing GST Presentation by Commercial Tax Department – Mr Raval Deputy commissioner of commercial tax department has given beautiful presentation on GST. He is one of the brain in preparation of Draft GST himself given presentation on GST. Which may be useful for enriching knowledge on GST.

I have attended his seminar on GST at AMA

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Type of Taxes
•Direct Taxes:
  Tax paid directly to the government by the person whom it is imposed
  Tax cannot be shifted by the taxpayer to someone else
•Indirect Taxes:
  Tax collected by intermediaries who turn over the proceeds to the government

  Tax can be shifted by the taxpayer to someone else

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Indirect Taxes in India: Present Scenario

Centre’s Indirect Taxes

• Central Excise duty on manufacture of goods
• Service Tax
• Counter Veiling Duty (CVD)
• Special Additional Duty (SAD)
• Cesses and surcharges
• Customs duty
• Export duty on goods

State’s Indirect Taxes

• VAT on sales of goods
• Entry Tax / Octroi
• Entertainment Tax
• Luxury Tax
• Central Sales Tax
• Excise on Medicine and Toiletry Products.
• Taxes on lottery and gambling
• Electricity Duty
• Stamp Duty
• State Excise on liquor

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Salient Features of GST

•The GST: On the supply of goods or services.

•GST: Destination based consumption tax.

•It would be a dual GST with the Centre and States simultaneously levying it on a common tax base.

•CGST+SGST: Intra-States upply of goods and services.

•IGST: Inter-State supply+Import of goods/services

(OnImport: IGST-in addition to customs duties & IGST paid shall be availablea ITC for further transactions).

•IGST=CGST+SGST

•The CGST and SGST would be levied at rates to be mutually agreed upon by the Centre and States.

•Laws and procedures for levy and collection of CGST/SGST would be harmonized to the extent possible.

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Download the following file to get complete detail.

https://1drv.ms/b/s!An8nhANnLJmtiUVnwJKAeGNde896

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