File Name: goods and services tax act ppt to .zip
Provided further that where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount towards the value of supply along with tax payable thereon within a period of one hundred and eighty days from the date of issue of invoice by the supplier, an amount equal to the input tax credit availed by the recipient shall be added to his output tax liability, along with interest thereon, in such manner as may be prescribed:.
Many changes have already been made in this tax regime, in a short span of time since it came into force in July, In this article, we examine the implications of the GST for real estate in general and home buyers, in particular. Before the GST came into force, a variety of state and central taxes were imposed on buildings, through the course of the construction of a housing project. While these taxes increased the cost of project development for developers, no credit against this tax was available to the builders against the output liability. The cost incurred on these taxes by builders, was then transferred to the property buyer. Moreover, as buyers had very little clarity over the various taxes and the applicable rates, developers were also in a position to manipulate numbers, to keep the deal to their best advantage. Touted to be the biggest tax reform in India after Independence, the GST subsumed multiple indirect taxes, to offer a uniform regime to the tax payer.
What is GST in simple words? GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, electronics, items of daily needs, transportation, travel, etc. The sellers usually add the tax expense into their costs, and the price the customers pay is inclusive of GST. Thus, in most cases, you end up paying a tax even if you are not an income taxpayer. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government. The development of GST took many consultations, negotiations and revisions before it was launched in its final form in The launch of GST was also made difficult by the fact that it required a Constitutional Amendment, and hence, a two-thirds majority approval in the Parliament, and a nod of more than at least half of the states.
The year will forever be etched in Indian history as the year that saw the implementation of the biggest and most important economic reform since Independence - the Goods and Services Tax GST. The reform that took more than a decade of intense debate was finally implemented with effect from 1 July , subsuming almost all indirect taxes at the Central and State levels. This single tax has helped streamline various indirect taxes and brought in more efficiencies in business. The implementation of the GST got overwhelming support from the industry. The industry took this as an opportunity to redefine supply-chain model, customise IT processes, and evaluate internal and external arrangements to safeguard interest and minimise their tax costs. As the GST journey progressed, there was a growing realisation of its far-reaching impact. Industry faced various challenges, ranging from new and unique concepts, complex documentation, high tax rates of certain goods and services to complex or unclear treatment of several common transactions.
GST is a comprehensive indirect tax levied on manufacture, sale and consumption of goods as well as services at the national level. Note: Given is an indicative list of items, for details Click Here. Tax incidence of a company depends on the residential status of the company,i. Applicability: Caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. Popular: fdi policy , taxation in india , major investors.
Standardised PPT on. Revised Model GST Law. (Nov ). INDIRECT TAXES COMMITTEE. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA.
Department Services. MIS Reports. Daily Mobile Working Report.
Goods and Services Tax, GST is an indirect tax for the entire nation, which makes India a common united market by ensuring indirect taxes are replaced in the country. Passed in the Parliament on March 29, , the Goods and Services Tax Act is a comprehensive and multi-stage tax levied on every value addition. SGST is defined as one of the two taxes imposed on transactions of goods and services of every state.
Carla Yrjanson. December 21, What is the difference between sales tax and value-added tax VAT?
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