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    Concepts of Indirect Tax Fundamentals of GST Law

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    Ria Sarkar
    This document discusses the concept of tax in India. It explains that there are two main types of tax - direct tax and indirect tax. Direct tax is paid by the same person on whom it is imposed, while indirect tax can be shifted to other parties. It also outlines some of the key features of the Goods and Services Tax (GST) implemented in India, including what taxes were subsumed under GST and the components of GST law. Finally, it lists several benefits of GST such as eliminating tax cascading, enhancing competitiveness, and promoting a common national market.

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    Concepts of Indirect Tax Fundamentals of GST Law

    Uploaded by

    Ria Sarkar
    45 views8 pages
    This document discusses the concept of tax in India. It explains that there are two main types of tax - direct tax and indirect tax. Direct tax is paid by the same person on whom it is imposed, while indirect tax can be shifted to other parties. It also outlines some of the key features of the Goods and Services Tax (GST) implemented in India, including what taxes were subsumed under GST and the components of GST law. Finally, it lists several benefits of GST such as eliminating tax cascading, enhancing competitiveness, and promoting a common national market.

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    Indirect tax in details

    Original Title

    CONCEPTS OF INDIRECT TAX FUNDAMENTALS OF GST LAW

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    This document discusses the concept of tax in India. It explains that there are two main types of tax - direct tax and indirect tax. Direct tax is paid by the same person on whom it is imposed, while indirect tax can be shifted to other parties. It also outlines some of the key features of the Goods and Services Tax (GST) implemented in India, including what taxes were subsumed under GST and the components of GST law. Finally, it lists several benefits of GST such as eliminating tax cascading, enhancing competitiveness, and promoting a common national market.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    45 views8 pages

    Concepts of Indirect Tax Fundamentals of GST Law

    Uploaded by

    Ria Sarkar
    This document discusses the concept of tax in India. It explains that there are two main types of tax - direct tax and indirect tax. Direct tax is paid by the same person on whom it is imposed, while indirect tax can be shifted to other parties. It also outlines some of the key features of the Goods and Services Tax (GST) implemented in India, including what taxes were subsumed under GST and the components of GST law. Finally, it lists several benefits of GST such as eliminating tax cascading, enhancing competitiveness, and promoting a common national market.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 8

    CONCEPT OF TAX

    Mandatory Levy of revenue on Income


    of an Assesse.

    Collected by Govt. of the Country to


    provide various Public services and to
    fulfill the Social and Economic
    Objectives of Country
    Sayak Mitra, Dept. of Commerce , Maharaja Srischandra
    College
    Two Types of Tax are There in Our Country
     DIRECT TAX
     INDIRECT TAX
     Direct Tax:
     Imposition and Payment of Such Liability falls on Same person which can never be
    shifted to any one. e.g. Income Tax,
     It is Progressive in nature(i.e. Rate of Tax is not uniform on all Assesse)

     Indirect Tax:
     Imposition and Payment not necessarily falls on the same person, can be shifted
    to others.
     It is Regressive in Nature(i.e. Rate of Tax is Uniform on all Assesse)
    Sayak Mitra, Dept. of Commerce , Maharaja Srischandra
    College
    Features of Indirect Tax
     Import Source of Revenue(> 50% Revenue of Govt. is collected from Indirect
    Tax)
     Inflationary (i.e. increases the price of Goods)
     No Perception of Direct Pinch: The taxpayers pays not Knowingly
     Wider Tax base than Direct Tax (almost all Goods & Services are s.t. Indirect
    Tax)
     Regressive in nature (More tax burden on Poorer than Richer)
     Promotes Social Welfare: By imposing high Tax rate on harmful products e.g.
    Alcohol and Tobacco.

    Sayak Mitra, Dept. of Commerce , Maharaja Srischandra


    College
    Sayak Mitra, Dept. of Commerce , Maharaja Srischandra
    College
    Taxes Subsumed Under GST
     Central Excise Duty on Manufacture of Goods
     Excise Duty under Medicinal &Toilet Preparation
     Additional Excise Duties
     Additional Duties of Customs
     Service Tax
     Central & State Surcharges & Cess so far related to Supply of Goods and
    Services
     Central Sales Tax
     State VAT
     Entry Tax
     Entertainment Tax
     Luxury Tax Sayak Mitra, Dept. of Commerce , Maharaja Srischandra
    College
    Components of GST Law
    The Central Goods and Service Tax Act,2017
    (CGST)
    The Integrated Goods and Service Tax Act,
    2017 (IGST)
    The Union Territory Goods and Service Tax
    Act,2017(UTGST)
    The State Goods and Service Tax
    Act,2017(SGST)
    The Goods and Service Tax Compensation Cess
    Act, 2017 Sayak Mitra, Dept. of Commerce , Maharaja Srischandra
    College
    Types of Supply & Dual GST Model
     Intra State GST Model
     Applicable when the supply takes place inside State/Union
    Territory
     CGST levied on Value on Supply (Collected by C. Govt.)
     SGST/UTGST levied on Value on Supply (Collected by S. Govt.)
     Both is to be collected simultaneously.

     Inter state GST Model


     Applicable in b/w States or
     Import & Export
     Only IGST levied on Value on Supply (Collected by C.
    Govt.) Sayak Mitra, Dept. of Commerce , Maharaja Srischandra
    College
    Benefits of GST
     Mitigates Cascading Effect( i.e. tax on tax)
     Enhances Competitiveness
     Elimination of tax on tax, seamless flow of Input Tax Credit
     Common National Market
     Uniform tax rate applicable throughout the Country
     Boosts the Export
     Major Boost to “MAKE IN INDIA” initiative taken by Cent. Govt.
     Reduction of Compliances
     Going paperless, promoting e-compliances, e-Governance and “DIGITAL INDIA”
     Using single monitoring Network “GSTN” (Goods & Service Tax Network)
     More Transparency and reliability in business and governance.
    Sayak Mitra, Dept. of Commerce , Maharaja Srischandra
    College

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