By Jayaram Hiregange, Deepak Rao
The target of this booklet is to give an explanation for the main strategies of GST in a simple and easy demeanour to ensure that the company neighborhood, which might be impacted via GST, could have solid realizing of what's in shop for them lower than the GST regime. The publication additionally attempts to give an explanation for the suggestions of GST with assistance from photos, drawings, flowcharts and illustrations with the intention to offer functional insights and examples into how GST could impression the daily enterprise transactions. via this publication, an try is being made to simplify GST techniques for the companies, particularly the mid-size and small-size companies, that may now not have enough entry to the GST knowledge-base. We additionally think that this e-book might be valuable for tax experts and scholars of GST in knowing the elemental innovations of GST. the aim of this publication will be served if the readers may be able to comprehend the elemental suggestions of the proposed GST.
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Additional info for India GST for Beginners
Example text
The activities of manufacture, sale, service, etc. were defined under the respective legislations and an activity was charged with tax if the activity satisfied the definition provided under the legislation. For example, processing or production of goods in a factory is subject to Excise Duty only if such process satisfies the definition of ‘manufacture’ under the central excise legislation and also the item being manufactured is mentioned under the central excise tariff Act as chargeable to Excise Duty.
Would still continue to be levied under their respective legislations and will not form part of the proposed GST legislation. Existing Indirect Taxes to be subsumed under the GST regime Input Tax Credit The unique feature of GST is that it proposes to offer full input tax credit of CGST, SGST and IGST paid against the inputs, capital goods and input services as well as utilisation of such credit against the output CGST, SGST and IGST liability on supply of goods or services. Under the current indirect tax regime, tax paid on many inputs, input services and certain capital goods are restricted for credit by the legislation.
The task was not easy. Comprehensive and common indirect tax legislation was possible only when the central and state governments worked together and agreed upon the modalities of legislation and its administration. It is no surprise that even after almost 16 years from the time India thought about GST, the law is yet to be designed for implementation. GST History of India The first empowered committee (EC) of state finance ministers, who had the responsibility to design GST, was commissioned in the year 2000 and was headed by Mr.