Goods and Services Tax (GST)

GST is one indirect tax for the whole nation, which will make India on unified common market



GST is a single tax on the suply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, whick makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, wit set-off benefits at all the previous staes.

Our GST Services are below !  The Concept of GST Law  The proposed GST law shall be a simple ‘ACT’ replacing all Acts relating to levy of indirect taxes.  Section 164 of the Revised Model GST Law provides that following taxes shall be subsumed under the new law:-  (a) Entry tax  (b) Entertainment tax  (c) Luxury tax  (d) Duty of excise on Medicinal and Toilet Preparations Act  (e) Service tax levied under Chapter V of Finance Act, 1994.  (f) General sales tax/value added tax(except the items which will still be liable to  VAT namely petroleum, potable liquor & tobacco)  There would be following three Acts to administer and levy GST in India:-  (i) The Central Goods and Services Tax Act.  (ii) The State Goods and Services Tax Act.  (iii) The Integrated Goods and Services Tax Act.  On all supplies of goods/services within the State, CGST and SGST shall simultaneously be payable.  IGST would be payable on supply of goods or services between the two States. It would basically be the sum total of CGST & SGST. Tax collected under CGST shall go to the credit of Central Government and tax collected under SGST shall go to the credit of State Government.  GST would basically be a destination based consumption tax.  Taxable Event : Under Revised Model GST law, the taxable event shall be the supply of goods/services. For levy of tax under GST, one will have to see the time when the goods/services are supplied.  Manufacturer under GST law  The Revised Model GST law does not define the word ‘manufacture’ or ‘manufacturer’ per se. However section 2(66) defines manufacturer as under:  “manufacturer” shall have the meaning assigned to it by the Central Excise Act, 1944 (1of 1944).  Section 2(f) of Central Excise Act, 1944 defines manufacture and the said definition also includes the definition of manufacturer. It reads as under: “manufacture” includes any process, -  (i) incidental or ancillary to the completion of a manufactured product;  (ii) which is specified in relation to any goods in the Section or Chapter notes of the  First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) as amounting to manufacture; or  (iii) which, in relation to the goods specified in the Third Schedule, involves packing or repacking of such goods in a unit container or labelling or re-labelling of containers including the declaration or alteration of retail sale price on it or adoption of any other treatment on the goods to render the product marketable to the consumer, and the word “manufacturer” shall be construed accordingly and shall include not only a person who employs hired labour in the production or manufacture of excisable goods, but also any person who engages in their production or manufacture on his own account  “Manufacturer” shall include not only a person who employs hired labour in the production or manufacture of excisable goods, but also any person who engages in their production or manufacture on his own account.   Accordingly it may be construed that a person shall be deemed to be a manufacturer if he is engaged in production or manufacture of goods either through hired labour or through himself.  Under GST only the trader and manufacturer are eligible for composition. Further, the composition rate of 2.5% is applicable to manufacturer as against 1% for Trader. This means that understanding the concepts of ‘manufacture’ and manufacturer would continue to be important.   GST Registration   Returns   Payment Of Tax, Interest, Panalty and other amounts.   Refunt of Tax   Account & Records   Assessment   Audit

GST Benefits

  • Easy Compliance
  • Uniformaly of Tax rates and Structures
  • Removeal Of Casecading
  • Inproved Competitiveness
  • Gain to Manufacturers and exporters

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