GST Parminder Singh
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Transcript of GST Parminder Singh
Goods and Service Tax
Parminder Singh Haryana School of Business
GST : one tax one country will be implemented w.e.f. 1 April 2017 Will replace whole indirect tax structure and
single tax system known as GST will be introduced in India
GST will be applicable @ the rate of 18 % Additional 1 % duty in case of inter state sale Implemented by more than 100 countries
throughout world…
WHY GST Complicated tax structure Approximately 18 different 2 indirect taxes are
imposed in India Complicated tax procedure Less indirect tax revenue High rate of tax evasion Worldwide standards compliance
WHAT WILL GST DO 1. Simplify the whole procedure 2. Every indirect tax will merge into GST 3. One tax, one country 4. Increased tax revenue 5. Easy tax structure 6. Less burden on taxpayers
INDIRECT TAXES TO BE MERGED 1. SERVICE TAX2. VAT3. EXCISE DUTY4. ADDITIONAL EXCISE DUTY5. OCTROI TAX6. CENTRAL SALES TAX7. ADDITIONAL LEVY 8. SURCHARGE AND OTHER INDIRECT TAXES PREVALING IN
INDIA IN DIFFERENT 2 FORMS
EXEMPTIONS FROM GST PETROLIUM PRODUCTS CRUDE OILAVIATION TURBINE FUEL (ATF)CUSTOM DUTY
MANAGEMENT OF GST BY GST COUNCIL Which comprises Union finance minister as headFinance and taxation minister from every state
or any minister elected by state govt.Highly participative and democratic decision
DISPUTE SETTLEMENT AUTHORITY Any kind of dispute among centre and state will
be brought under the ambit of DSA, where every dispute will be transferred to Supreme Court of India …………….
COMPENSATION TO STATES Loss of revenue to concerned states will be
compensated by central government in preceding years
So states will get their revenue loss get compensated by central government and thus it will make the momentum going on
WHAT IS NEXT GST PASSED BY RAJYA SABHA AFTER LONG
TIME (UPPER HOUSE )NOW WILL BE PRESENTED IN TO LOK
SABHA (LOWER HOUSE )THAN WILL BE SENT TO PRESIDENT FOR
FINAL SIGNATURE NOW GST WILL BECOME “ GST ACT 2016” \IT WILL BE 122 AMENDMENT IN INDIAN
CONSTITUTION
QUERIES
THE HOUSE IS OPEN FOR SUGGESTIONS, OPINIONS, AND DISCUSSION
THANK YOU HAVE A NICE DAY