Update PPT on GST GST Goods and Services Tax Get

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This presentation is for education purposes only and. holds no legal validity,The Journey to GST,First Discussion Paper The Constitution 122nd. was released by the Amendment Bill was introduced in. Empowered Committee the Lok Sabha, Announcement of GST for the first time 2009 Constitution 115th Amendment Bill. was made by the then Union Finance The Constitution One. introduced and subsequently lapsed, Minister during budget of 2006 07 that it Hundred and First. would introduced from 1 April 2010 Aug 2016 Amendment Act was. May 2017 April 2017 March 2017 Sep 2016, GST Council CGST IGST UTGST and GST Council Recommends 1st GST Council. recommends Compensation Cess Acts the CGST SGST IGST Meeting. all the rules passed UTGST and Compensation,All States.
except J K,passed their 30th June 2017,Notifying and amending rules. 1st July 2017 8th July 2017 Journey Continues Dealing with IT related issues. Revision of Rates,Clarification and, GST Launched SGST Act passed by J K CGST and IGST communication with taxpayers. Ordinances promulgated to extend GST to J K,True Economic Integration of India. GST Law from a Constitutional Perspective 1 2,Definition of GST. Article 366 12A Goods and services tax means any tax on supply of goods or services or. both except taxes on the supply of the alcoholic liquor for human. consumption,Sl No Definition Article Definition, 1 Goods 366 12 Includes all materials commodities and articles Pre Existing Definition.
2 Service 366 26A Anything other than goods Introduced vide 101st Constitutional Amendment. 3 State 366 26B With reference to articles 246A 268 269 269A and Article 279A includes a. Union territory with Legislature Introduced vide 101st Constitutional. Amendment Act, Goods and Services tax law while having unique principles has significant elements of prior Central. and State laws and is also inspired by VAT GST legislation of EU Australia Malaysia etc along with. International VAT GST guidelines of OECD,GST Law from a Constitutional Perspective 2 2. Bill passed by Rajya Sabha on 03 08 2016 Lok Sabha on 08 08 2016. Notified as Constitution 101st Amendment Act 2016 on 08 09 2016. Key Features, Concurrent jurisdiction for levy collection of GST by the Centre the. States Article 246A, Centre to levy collect IGST on supplies in the course of inter State trade. or commerce including imports Article 269A, Compensation for loss of revenue to States for five years on.
recommendation of GSTC Clause 19, GST on petroleum crude high speed diesel motor spirit commonly known. as petrol natural gas aviation turbine fuel to be levied from a later date. on recommendations of GSTC,Existing Indirect Tax Structure in India. Central Taxes State Taxes,Central Excise duty State VAT Sales Tax. Additional duties of excise Central Sales Tax,Excise duty levied under Medicinal Purchase Tax. Toilet Preparation Act Entertainment Tax other than those. Additional duties of customs CVD levied by local bodies. SAD Luxury Tax,Service Tax Entry Tax All forms, Surcharges Cesses Taxes on lottery betting gambling.
Surcharges Cesses, Constitution 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. Central Taxes,Multiple State Taxes Single Tax GST,Tax Multiple State Tax. Administrations Single Tax,Administrations Administration. CEx ST Act Rules Multiple Acts Rules,Uniform law,Procedures Multiple procedures. Computerized,uniform procedures,Pre GST Indirect tax structure in India.
CGST SGST UTGST IGST,GST Structure in India,Outside GST. Alcohol for human Power to tax remains with the,consumption State. Five petroleum,GST Council to decide the date,products crude oil. from which GST will be,diesel petrol,applicable,natural gas and ATF. Part of GST but power to levy,Tobacco additional excise duty with.
Central Government,Entertainment tax Power to tax remains with local. levied by local bodies bodies, GST Council Constitution Article 279A of the Constitution. Chairperson Union FM, Vice Chairperson to be chosen amongst the Ministers of State. Government, Members MOS Finance and all Ministers of Finance Taxation. of each State,Quorum is 50 of total members,States 2 3 weightage and Centre 1 3 weightage.
Decision by 75 majority, Council to make recommendations on everything related to GST. including laws rules and rates etc,GST Council Decisions 1 5. Threshold limit for exemption to be Rs 20 lac Rs 10 lac for special category. States except J K,Compounding threshold limit to be Rs 1 Crore with. Categories Tax Rate,Manufacturers 2,Restaurants 5, Turnover limit recommended to be raised to Rs 1 5 Cr in 23rd GST Council. meeting to be notified after necessary amendment in the Act. Government may convert existing Area based exemption schemes into. reimbursement based scheme Already notified by Centre on 05 10 2017. Four tax rates namely 5 12 18 and 28,Some goods and services would be exempt.
Separate tax rate 3 or 0 5 for precious metals,GST Council Decisions 2 5. Cess over the peak rate of 28 on specified luxury and sin goods. To ensure single interface all administrative control over. 90 of taxpayers having turnover below Rs 1 5 cr would vest with State. tax administration, 10 of taxpayers having turnover below of Rs 1 5 cr would vest with. Central tax administration, taxpayers having turnover above Rs 1 5 cr would be divided equally. between Central and State tax administration, Power under the IGST Act shall also be cross empowered on the same. basis as under CGST and SGST Acts with few exceptions. Power to collect GST in territorial waters delegated to the States. Eighteen rules on composition registration valuation input tax credit etc. have been recommended and notified,GST Council Decisions 3 5.
Exemption from registration, to suppliers of services making inter State supply upto Rs 20 lacs. to suppliers providing services through an e commerce platform provided. their aggregate turnover does not exceed Rs 20 lacs. Exemption from Section 9 4 Reverse Charge on purchase from unregistered. No requirement on payment of tax on advance received for supply of goods by. all taxpayers, Exemption from tax for supplies from GTA to unregistered person. Suspension of TCS TDS provisions till 31 03 2018, Introduction of nation wide E way bill for inter state supplies from 01 02 2018. and for intra state supplies latest by 01 06 2018, Introduction of E Wallet Scheme for exporters from 01 04 2018 and till then. relief for exporters in form of broadly existing practice. GST Council Decisions 4 5, All taxpayers to file monthly GSTR 3B pay tax on monthly basis.
Taxpayers with turnover upto Rs 1 5 Cr to file quarterly GSTR 1 returns. Monthly for other taxpayers, Time period for filing GSTR 2 and GSTR 3 for the months of July 2017 to. March 2018 would be worked out by a Committee of Officers. Late fee already paid but subsequently waived off to be re credited to their. Electronic Cash Ledger under Tax head instead of Fee head. From October 2017 onwards the amount of late fee payable by a taxpayer. whose tax liability for that month was NIL will be Rs 20 per day. instead of Rs 200 per day, whose tax liability for that month was not NIL will be Rs 50 per day. instead of Rs 200 per day,GST Council Decisions 5 5. Facility for manual filing of refund application, Facility for manual filing of application for advance ruling. Supply of services to Nepal and Bhutan exempted from GST if payment. not received in foreign convertible currency such suppliers to be eligible. for input tax credit, Centralized UIN to be issued to every Foreign Diplomatic Mission UN.
Organization by the Central Government,Main Features of the GST Act 1 5. Concurrent jurisdiction for levy collection of GST by the Centre. CGST and the States SGST, Centre to levy and collect IGST on supplies in the course of inter. State supplies imports, Compensation for loss of revenue to States for five years. All transactions and processes only through electronic mode Non. intrusive administration,PAN Based Registration, Registration only if turnover more than Rs 20 lac Rs 10 lacs for. Facility for manual filing of application for advance ruling Goods and Service Tax Network Incorporated in March 2013 as Section 25 private limited company with paid up capital of Rs 10 crore Equity Holders o Central Government 24 5 o EC and all States together 24 5 o Financial Institutions 51 To function as a Common Pass through portal for taxpayers o submit registration

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