GOODS AND SERVICES TAX (GST)

A Presentation by ATTITUDE ACADEMY

WHAT IS GST?‘G’ – Goods‘S’ – Services‘T’ – Tax

“Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level.GST is a tax on goods and services with value addition at each stage having comprehensive and continuous chain of set-of benefits from the producer’s/ service provider’s point up to the retailer’s level where only the final consumer should bear the tax.”

PRESENT CONDITION OF TRADERS

WHY DO WE NEED GST TODAY In Indian economy the service sector contributes

over 55%. Separate taxation of goods and services is

neither viable nor desirable Value added in manufacture and sale of goods

require inputs of both — goods and services and vice versa, which is often not separable

GST- HOW IT WORKS The dealers registered under GST

(Manufacturers, Wholesalers and retailers and service providers) will charge GST on the price of goods and services from their customers.

They will claim credits for the GST included in the price of their own purchases of goods and services used by them.

The sellers or service providers collect the tax from their customer, who may or may not be the ultimate customer, and before depositing the same to the exchequer, they deduct the tax they have already paid.

GST IN INDIA – A REALITY The stage looks all set for the introduction of

unified Goods and Services Tax (GST) from 2010.

The Empowered Committee of State Finance Ministers has proposed a dual GST — both at Central and State level.

GST- WHAT ALL IT INCLUDES1. A sale or supply includes a sale of goods2. Lease of premises3. Hire of equipment4. Giving advice5. Export of goods and supply of other

things. 6. A purchase includes an acquisition of goods or

services such as trading stock a lease, consumables and other things.

WHAT WILL BE OUT OF GST? Levies on petroleum products Levies on alcoholic products Taxes on lottery and betting Basic customs duty and safeguard duties on

import of goods into India Entry taxes levied by municipalities or

panchayats Entertainment/ Luxury taxes levied by local

bodies Electricity duties/ taxes Stamp duties on immovable properties Taxes on vehicles

TAXES NOT BE INCLUDED IN GST• Central Taxes Specific Cess Excise duty on tobacco products

• State Taxes Items containing alcohol Entertainment tax (Local Bodies) Entry tax for local bodies Electricity duty

GST : KEY FEATURES HSN to be applied for goods

Uniform return & collection procedure for central and state GST

13 digit PAN based common TIN Registration

TINXSYS to track transactions

GST : AUTHORITIES

CGST – To be administered by Central Government.

SGST – To be administered by State VAT Department

Inter State Transaction – To be administered by A common Centralized Authority

TO LEARN MORE ABOUT GST Contact Us Address : ATTITUDE TALLY ACADEMY B-2/19

A, GROUND FLOOR,YAMUNA VIHAR, DELHI – 110053

Phone No : 011-43522158 Mobile No. : +91-9654382235 Email ID : info@attitudetallyacademy.com Website www.attitudetallyacademy.com

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