PRESENTATION NAME Customs介绍名称海关.pptVIP

GST – FIRST CUT VAT in INDIA… 1986 – modvat for inputs 1994 – modvat for capital goods 2002 2003 – service tax credit 2004 – cross-sectoral credit 2005 – VAT 2010 (?) – GST GST JACKPOT… Centre : - Tax till “retail” State : - Tax “services” Trade :- No “Tax on Tax” Consultants :- Eternal Business TODAY … C.Ex duty is part of the price for VAT CST is part of the cost as there is no VAT credit VAT has a cascading effect, since sale price includes C.Ex duty / CVD TODAY in C.EX… Sec 2 (f) (i), (ii) (iii) Sec 3 3A Sec 4, 4A Valuation Rules TODAY in VAT… Multiple rates Different rates in different states Different definitions Border controls TODAY in CST… No credit on CST purchases leading to cascading effect Complex law on stock transfer and transit sales TODAY in ST… Selective services under tax net Inclusive definitions Cenvat credit disputes Freak valuation Reverse charge SALE vs SERVICE… Software Works contract GST - Made in India ! Dual GST structure proposed Centre State to have concurrent jurisdiction Power of Centre State to tax widened Win – win model for both Centre and State Central GST (CGST) To be levied by the Centre through a separate statute on all transactions of goods and services made for a consideration To cover end – 2 end transactions across value chain Exempted goods and services, non - GST goods and transactions within threshold limits are to be out of CGST CGST … Central Excise Duty???? Additional Excise Duties The Excise Duty (M TP Act) Service Tax CVD SAD Surcharges Cesses State GST (SGST) To be levied by the State through a separate statute on all transactions of goods and services made for a consideration To cover end 2 end transactions across value chain Exempted goods and services (uniform across all States!), non - GST goods and transactions within threshold limits are to be out of SGST SGST … Each State to have a se