Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 128 views

    Concepts of Demonetization and GST

    Uploaded by

    abhinav singh
    The document discusses key concepts of demonetization and GST in India. It explains that demonetization removed the legal tender status of high value currency notes to curb corruption and counterfeiting. GST is an indirect tax that replaced multiple indirect taxes and aims for "one nation, one tax". The document outlines the benefits, types, and key features of GST including input tax credit and the GST Council.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Concepts of Demonetization and GST

    Uploaded by

    abhinav singh
    128 views13 pages
    The document discusses key concepts of demonetization and GST in India. It explains that demonetization removed the legal tender status of high value currency notes to curb corruption and counterfeiting. GST is an indirect tax that replaced multiple indirect taxes and aims for "one nation, one tax". The document outlines the benefits, types, and key features of GST including input tax credit and the GST Council.

    Original Description:

    ppt on demonetisation and gst

    Original Title

    CONCEPTS OF DEMONETIZATION AND GST

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document discusses key concepts of demonetization and GST in India. It explains that demonetization removed the legal tender status of high value currency notes to curb corruption and counterfeiting. GST is an indirect tax that replaced multiple indirect taxes and aims for "one nation, one tax". The document outlines the benefits, types, and key features of GST including input tax credit and the GST Council.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    128 views13 pages

    Concepts of Demonetization and GST

    Uploaded by

    abhinav singh
    The document discusses key concepts of demonetization and GST in India. It explains that demonetization removed the legal tender status of high value currency notes to curb corruption and counterfeiting. GST is an indirect tax that replaced multiple indirect taxes and aims for "one nation, one tax". The document outlines the benefits, types, and key features of GST including input tax credit and the GST Council.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 13

    CONCEPTS OF DEMONETIZATION

    AND GST
    DEMONETIZATION
     Demonetization is an act of removing a currency unit of its
    status as legal tender
     On 8th November , 2016 , the Government of India decided
    to demonetize value currency notes of denomination 500
    and 1000 with immediate effect.
     As per scheme, people had to deposit the invalid currency
    in the banks and restrictions were made on cash
    withdrawals.
     The aim of demonetization was to curb corruption and
    counterfeiting the use of high denomination notes for
    illegal activities.
    FEATURES OF
    DEMONETIZATION
     Demonetization is viewed as a ‘Tax Administration
    Measure’.
     Demonetization is also interpreted as a shit on the part of
    government indicating the tax evasion will o longer be
    accepted or tolerated.
     Demonetization has also led to channelizing savings into
    the formal financial system.
     Demonetization also aims to create al less-cash or cash-lite
    economy.
    IMPACT OF
    DEMONETIZATION
    GOODS AND SERVICES
    TAX(GST)
     GST is a comprehensive indirect tax which has replaced
    many indirect taxes in India.
     The Goods and Services Tax Act was passed in the
    Parliament on 29th March,2017 and came into effect on 1st
    July,2017.
     GST carries the slogan of one tax, one nation.
    BENEFITS OF GST
     GST improves the ease of doing business in tax compliance.
     GST has replaced 17 indirect taxes and 23 cesses of the
    Center and the States.
     GST is charged at each stage of value addition .
     GST focuses on supply of goods rather than their
    production.
    TYPES OF TAXES UNDER
    GST
     Central Goods and Services Tax(CGST)
     State Goods and Services Tax(SGST)
     Integrated Goods and Services Tax(IGST)
    SOME FACTS ABOUT GST
     Single tax structure
     Effect on price
     Consumption based tax
     Invoice matching
     Anti-Profiteering measure
     Registration under GST
    INPUT TAX CREDIT UNDER
    GST
     Input tax credit means reducing the ax paid on inputs from
    taxes to be paid on output.
     When any supply of services or goods are supplied to a
    taxable person , the GST charged is known as Input Tax.
     The supplier at each stage is permitted to avail a credit of
    GST paid on purchase of goods or services and can set off
    this credit against the GST payable on supply of goods and
    services to be made by him.
     Thus, the final consumer bears the GST charged by the last
    supplier in the supply chain which avoids double taxation.
     For example, if tax payable by a manufacturer on the
    output , i.e. final product is 450 and he has already paid a
    tax of 300 on output,i.e purchases , then he can claim ‘Input
    Credit’ of 300 and he needs to deposit only 150 in taxes.

    GST to be paid by manufacturer = GST on Output – GST on Inputs


    KEY FEATURES OF GST

     Applicability of GST.
     Applicable on supply of goods and services.
     Consumption based tax
     GST on imports.
     GST rates.
     Payment of GST.
    GST COUNCIL
     QUORUM: 50% of the total number of members of the
    Goods and Services Tax Council should constitute the
    quorum at its meeting.
     CONSTITUTION: As per 279A of the amended
    constitution, GST council must consist of following
    members.
    1.Chairperson: Finance Minister
    2.Vice Chairperson: Chosen amongst the ministers of State
    Government.
    3.Members: MoS(Finance) and all Ministers of
    Finance/Taxation of each state.
     MAJORITY REQUIRED TO TAKE DECISION: Every
    decision of the GST Council shall be taken at a meeting, by
    a majority of not less than 45% of the weighted votes of the
    members present and voting ,in accordance with the
    following principles:
    1.Vote of the Central Government shall have a weightage
    of one-third of total votes cast
    2.Votes of all the State Government taken together shall
    have a weightage of two-third of the total votes cast in the
    meeting.

    You might also like