Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Bachelor of Commerce
FINANCIAL MARKETS
Semester V
(2015-2016)
Submitted by
SOWJANYA SAMPATHKUMAR
Roll No. 51
1
INDEX
Introduction to GST
GST (goods and service tax) is a comprehensive tax levy on
manufacture, sale and consumption of goods and service at a national
level.
G Goods
S Services
2
T Tax
GST is a tax on goods and services with value addition at each stage
having comprehensive and continuous chain of set-of benefits from the
producers/ service providers point up to the retailers level where only
the final consumer should bear the tax. Through a tax credit
mechanism, GST is collected on value-added goods and services at
each stage of sale or purchase in the supply chain.
GST is paid on the procurement of goods and services can be set off
against that payable on the supply of goods or services. But being the
last person in the supply chain, the end consumer has to bear this tax
and so, in many respects, GST is like a last-point retail tax.
3
Basically, GST is a value added tax, levied at all points in the supply
chain with credit allowed for any tax paid on inputs acquired for use in
making the supply. It is indirect tax that brings most of the taxes imposed
on most goods and services, on manufacture, sale and consumption of
goods and services, under a single domain at the national level. It would
apply to both goods and services in a comprehensive manner with
exemptions restricted to a minimum and it is payable at the final point of
consumption.
It is hoped that the new Government will set forth a roadmap of the GST
implementation in the upcoming Budget. The GST or the Goods and
Service Tax is a long pending indirect tax reform which India has been
waiting for, and which is hoped to iron out the wrinkles in the existing tax
system. This comprehensive tax policy is expected to be one of the most
important reforms in contributing to the India growth story.
5
session. The current central government is very determined to
implement GST Constitutional Amendment Bill.
The introduction of the GST system is by far the most important tax
reform in India. Consensus and coordination among states is required
for it to succeed. It will affect prices, business processes and
investments in all segments of the economy. It will act as a catalyst for
promoting manufacturing in the country, thereby, supporting the Make in
India program of the Government.
Existing:
6
Direct Taxes:
7
Wealth tax- A wealth tax (also called a capital tax, equity tax,
or net worth tax) is a levy on the total value of personal assets,
including owner-occupied housing; cash, bank deposits, money
funds, and savings in insurance and pension plans; investment
in real estate and unincorporated businesses; and corporate
stock, financial securities, and personal trusts. Typically liabilities
(primarily mortgages and other loans) are deducted; hence it is
sometimes called a net wealth tax.
Indirect Taxes:
9
of goods commences gets revenue. CST Act is administered by
State Government.
Service Tax: Most of the paid services you take you have to pay
service tax on those services. This tax is called service tax. Over
the past few years, service tax been expanded to cover new
services.
Value Added Tax: The Sales Tax is the most important source of
revenue of the state governments; every state has their
respective Sales Tax Act. The tax rates are also different for
respective states.
10
Government is planning to merge service tax and sales tax in form of
Goods service tax (GST).
(Indirect taxes)
11
GST:
GST is a major indirect tax reform in India which takes VAT to its logical
conclusion. GST would avoid burden of multiple taxation (tax on tax) with
a cascading effect. GST seeks to rule out cascading tax effect. Once it
introduced, CST will also be removed.
12
into the GST and there will be no difference between goods and
services. The GST system will combine Central excise duty, additional
excise duty, services tax, State VAT entertainment tax etc. under one
banner.
The GST rate is expected to be around 14-16 per cent. After the
combined GST rate is fixed, the States and the Centre will decide on the
SGST and CGST rates. At present, 10 per cent is levied on services and
the indirect taxes on most goods are around 20 per cent.
13
Add: SGST @ 12% 840.00
Invoice Value 8,820.00 8,680.00
Wholesaler to Retailer
COG to Wholesaler(a) 7,840.00 7,000.00
Add: Profit Margin@10% 784.00 700.00
Total Value(b) 8,624.00 7,700.00
Add: VAT @ 12.5% 1,078.00
Add: CGST @ 12% 924.00
Add: SGST @ 12% 924.00
Invoice Value 9,702.00 9,548.00
Retailer to Consumer:
COG to Retailer (b) 8,624.00 7,700.00
Add: Profit Margin 862.40 770.00
Total Value(c) 9,486.40 8,470.00
Add: VAT @ 12.5% 1,185.80
Add: CGST @ 12% 1,016.40
Add: SGST @ 12% 1,016.40
Total Price to the Final
10,672.20 10,502.80
consumer
Cost saving to consumer 169.40
% Cost Saving 1.59
14
Central Taxes which will be subsumed in CGST-
Central Excise Duty.
Additional Excise Duty.
The Excise Duty levied under the medical and Toiletries
Preparation Act
Service Tax.
Additional Customs Duty, commonly known as countervailing Duty
(CVD)
Special Additional duty of customs(SAD)
Education Cess
Surcharges.
15
Application and functioning of GST
Thus, exports would be zero-rated, and imports would attract the tax in
the same manner as domestic goods and services. Inter-State supplies
within India would attract an Integrated GST (aggregate of CGST and
the SGST of the Destination State).
16
But being the last person in the supply chain, the end consumer has to
bear this tax and so, in many respects, GST is like a last-point retail tax.
GST is going to be collected at point of Sale.
The GST is an indirect tax which means that the tax is passed on till the
last stage wherein it is the customer of the goods and services who
bears the tax. This is the case even today for all indirect taxes but the
difference under the GST is that with streamlining of the multiple taxes
the final cost to the customer will come out to be lower on the elimination
of double charging in the system.
The current tax structure does not allow a business person to take tax
credits. There are lot of chances that double taxation takes place at
every step of supply chain. This may set to change with the
implementation of GST.
17
So, how is GST Levied? GST will be levied on the place of consumption
of Goods and services. How does GST operate?
18
Case 2: Sale in one state, resale in another state.
In this case, goods are moving from Indore to Bhopal. Since it is
a sale within a state, CGST and SGST will be levied. The
collection goes to the Central Government and the State
Government as pointed out in the diagram. Later the goods are
resold from Bhopal to Lucknow (outside the state). Therefore,
IGST will be levied. Whole IGST goes to the central government.
Against IGST, both the input taxes are taken as credit. But we
see that SGST never went to the central government, still the
credit is claimed. This is the crux of GST. Since this amounts to a
loss to the Central Government, the state government
compensates the central government by transferring the credit to
the central government.
19
Case 3: Sale outside the state, resale in that state.
In this case, goods are moving from Delhi to Jaipur. Since it is an
interstate sale, IGST will be levied. The collection goes to the
Central Government. Later the goods are resold from Jaipur to
Jodhpur (within the state). Therefore, CGST and SGST will be
levied.
Against CGST and SGST, 50% of the IGST, that is Rs. 8 is taken
as a credit. But we see that IGST never went to the state
government, still the credit is claimed against SGST. Since this
amounts to a loss to the State Government, the
Central government compensates the State government by
transferring the credit to the State government.
20
It is proposed that the CGST will subsume central excise duty (Cenvat),
service tax, and additional duties of customs at the Central level; and
value-added tax, central sales tax, entertainment tax, luxury tax, octroi,
lottery taxes, electricity duty, state surcharges related to supply of goods
and services and purchase tax at the state level.
Rate of GST:
There would be two-rate structure a lower rate for necessary items and
items of basic importance and a standard rate for goods in general.
There will also be a special rate for precious metals and a list of
exempted items. For goods in general, government is considering
pegging the rate of GST from 20% to 23% that is well above the global
average rate of 16.4% for similar taxes, however below the revenue
neutral rate of 27%.
The combined GST rate is currently being discussed by the Centre and
the EC. The rate is expected to be in the range of 14-16 %. Once the
total GST rate is determined, the states and the Centre have to agree on
the CGST and SGST rates. Today, services are taxed at 10% and the
combined incidence of indirect taxes on most goods is around 20%.
21
Cross utilization of ITC both in case of Inputs and capital goods
between the CGST and the SGST would not be permitted except in the
case of inter-State supply of goods and services (i.e. IGST).
The Centre and the States would have concurrent jurisdiction for
the entire value chain and for all taxpayers on the basis of thresholds
For goods and services prescribed for the States and the Centre.
The prices of commodities are expected to come down in the long run as
dealers pass on the benefits of reduced tax incidence to consumers by
slashing the prices of goods.
22
Process of implementation and Roadmap
23
goods and services still suffers from many problems and had suggested
a comprehensive Goods and Services Tax (GST) based on VAT
principle. GST system is targeted to be a simple, transparent and
efficient system of indirect taxation as has been adopted by over 130
countries around the world. This involves taxation of goods and services
in an integrated manner as the blurring of line of demarcation between
goods and services has made separate taxation of goods and services
untenable. Introduction of an Goods and Services Tax (GST) to replace
the existing multiple tax structures of Centre and State taxes is not only
desirable but imperative in the emerging economic environment.
Increasingly, services are used or consumed in production and
distribution of goods and vice versa. Separate taxation of goods and
services often requires splitting of transactions value into value of goods
and services for taxation, which leads to greater complexities,
administration and compliances costs. Integration of various Central and
State taxes into a GST system would make it possible to give full credit
for inputs taxes collected. GST, being a destination-based consumption
tax based on VAT principle, would also greatly help in removing
economic distortions caused by present complex tax structure and will
help in development of a common national market. A proposal to
introduce a national level Goods and Services Tax (GST) by April 1,
2010 was first mooted in the Budget Speech for the financial year 2006-
07. Since the proposal involved reform/ restructuring of not only indirect
taxes levied by the Centre but also the States, the responsibility of
preparing a Design and Road Map for the implementation of GST was
assigned to the Empowered Committee of State Finance Ministers (EC).
In April, 2008, the EC a report to the titled A Model and Roadmap for
Goods and Services Tax (GST) in India containing broad
recommendations about the structure and design of GST.
24
In response to the report, the Department of Revenue made some
suggestions to be incorporated in the design and structure of proposed
GST. Based on inputs from GOI and States, The EC released its First
Discussion Paper on Goods and Services Tax in India on the 10th of
November, 2009 with the objective of generating a debate and obtaining
inputs from all stakeholders. A dual GST module for the country has
been proposed by the EC. This dual GST model has been accepted by
centre. Under this model GST have two components viz. the Central
GST to be levied and collected by the Centre and the State GST to be
levied and collected by the respective States. Central Excise duty,
additional excise duty, Service Tax, and additional duty of customs
(equivalent to excise), State VAT, entertainment tax, taxes on lotteries,
betting and gambling and entry tax (not levied by local bodies) would be
subsumed within GST. In order to take the GST related work further, a
Joint Working Group consisting of officers from Central as well as State
Government was constituted. This was further trifurcated into three Sub-
Working Groups to work separately on draft legislations required for
GST, process/forms to be followed in GST regime and IT infrastructure
development needed for smooth functioning of proposed GST. In
addition, an Empowered Group for development of IT Systems required
for Goods and Services Tax regime has been set up under the
chairmanship of Dr. Nandan Nilekani. A draft of the Constitutional
Amendment Bill has been prepared and has been sent to the EC for
obtaining views of the States.
The Goods and Service Tax Bill or GST Bill, officially known as The
Constitution (122nd Amendment) Bill, 2014, would be a Value added Tax
(VAT) to be implemented in India, from April 2016.
25
.
GST Legislation and Place of Supply Rules will be framed and put
in the public domain for comments.
26
States will frame their respective GST Legislations to enable them
to implement GST. It will be in line with the Central GST
Legislation.
Hurdles of implementation
Before it can be introduced, the Centre and states have to sort out
issues like agreement on GST rates, constitutional amendments
empowering states to tax services, taxation on inter-state transactions of
goods and services, drafting of CGST and SGST laws, consultation with
all stakeholders including trade and industry associations before
finalisation, administrative preparedness to implement the new tax
regime and resolution of all other issues under discussion.
It is really required that all the states implement the GST together
and that too at the same rates. Otherwise, it will be really
cumbersome for businesses to comply with the provisions of the
law. Further, GST will be very advantageous if the rates are same,
because in that case taxes will not be a factor in investment
location decisions, and people will be able to focus on profitability.
27
For smooth functioning, it is important that the GST clearly sets out
the taxable event. Presently, the CENVAT credit rules, the Point of
Taxation Rules are amended/ introduced for this purpose only.
However, the rules should be more refined and free from
ambiguity.
The GST is a destination based tax, not the origin one. In such
circumstances, it should be clearly identifiable as to where the
goods are going. This shall be difficult in case of services, because
it is not easy to identify where a service is provided, thus this
should be properly dealt with.
28
This could mean not just stricter compliance and audit but also an
increase in cost of compliance.
Globally, the norm is a single, central GST. The jury is still out
whether the central and state governments will function on a
common platform due to existing cultural and operational
differences.
The GST credit flow requires each vendor to input details of
invoices issued containing details of the customer, for the next in
line (i.e. the customer) to receive credit. If vendors arent able to
upload invoice details in a timely manner, then credit blockages
could happen.
Since GST replaces many cascading taxes, the common man may
benefit after implementing it. But it all depends on what rate the GST is
going to be fixed at? Also, Small Traders (based on Annual Business
turnover) may be exempted from it.
29
Features
The proposed Article 246A intends to grant concurrent powers to
the Union and State legislatures to make laws with respect to GST.
The power to make laws in respect of supplies in the course of
inter-State trade or commerce will be vested only in the Union
government. States will have the right to levy GST on intra-State
transactions including on services.
Centre will levy IGST on inter-State supply of goods and services.
On intra-State supply of goods and services, Centre to levy CGST
and States shall levy SGST. Import of goods will be subject to
basic customs duty and IGST.
GST defined as any tax on supply of goods and services other
than alcohol for human consumption.
Central taxes like, Central Excise duty, Additional Excise duty,
Service tax, Additional Custom duty and Special Additional duty
and State level taxes like, VAT or sales tax, Central Sales tax,
Entertainment tax, Entry tax, Purchase tax, Luxury tax and Octroi
will subsume in GST.
Petroleum and petroleum products shall be subject to the GST on
a date to be notified by the GST Council.
30
Alcohol for human consumption will be out of GST, States to
continue to levy taxes on alcohol. Items of tobacco product will be
subject to separate excise duty by the centre over and above GST.
1% origin based additional tax to be levied on inter-State supply of
goods will be non-creditable in GST chain. This origin based non-
creditable tax on supply of goods will be hugely distortionary and
should be revisited.
Provision for removing imposition of entry tax / Octroi across India.
Entertainment tax, imposed by States on movie, theatre, etc will be
subsumed in GST, but taxes on entertainment at panchayat,
municipality or district level to continue.
GST may be levied on the sale of newspapers and advertisements
and this would give the governments access to substantial
incremental revenues.
Stamp duties, typically imposed on legal agreements by the state,
will continue to be levied by the States.
Article 279 provides the constitution of GST Council by the
president within 60 days from the date of the passing of the Bill
and also provides for the appointment of members of the GST
Council and its composition and powers to make recommendation.
Administration of GST will be the responsibility of the GST Council,
which will be the apex policy making body for GST. Members of
GST Council comprised of the Central and State ministers in
charge of the finance portfolio. In the GST Council Centre will have
one-third vote and all States combined to have two-third vote.
Quorum for GST Council is 50% of total members and for majority
of Council decisions 75% of the weighted votes of the members
present and voting.
31
government. States will have the right to levy GST on intra-State
transactions including on services.
32
Advantages
GST has been envisaged as a more efficient tax system, neutral in its
application and distributional attractive. The advantages of GST are:
In the long run, the lower tax burden could translate into lower
prices on goods for consumers.
33
Number of departments (tax departments) will reduce which in turn
may lead to less corruption.
More business entities will come under the tax system thus
widening the tax base. This may lead to better and more tax
revenue collections.
Wider tax base, necessary for lowering the tax rates and
eliminating classification disputes.
Taxes to be subsumed-
GST would replace most indirect taxes currently in place such as:
34
Central Taxes State Taxes
Central Excise Duty
[including additional excise Value Added Tax
duties, excise duty under
Central Sales Tax( Levied by
the Medicinal and Toilet
the Centre and collected by the
Preparations (Excise
States )
Duties) Act, 1955]
Octroi and Entry Tax
Service tax
Purchase Tax
Additional Customs Duty
(CVD) Luxury Tax
You may wonder why this tax reform is so important for the country and
how it will help the common man. Heres how:
35
will become simpler and there will be a reduction in accounting
complexities for businesses. A simple taxation regime can make
the manufacturing sector more competitive and save both money
and time. Experts opine that the implementation of GST would
push up GDP by 1%-2%.
Increased tax revenues: A simpler tax structure can bring about
greater compliance, thus increasing the number of tax payers and
in turn tax revenues for the Government. The current state of the
Indian economy demands fiscal consolidation and reduction in
fiscal deficit. A recent report by CRISIL states that GST is the
countrys best bet to achieve fiscal consolidation. As there is not
much scope to reduce Government expenditure, increasing tax
revenues is the best alternative to improve the fiscal health.
Competitive pricing: GST will eliminate all other forms of indirect
taxing. This will effectively mean that the tax paid by the final
consumer will come down in most cases. Lower prices will help in
boosting consumption, which is again beneficial to companies. The
biggest positive of GST is that goods and services will be taxed on
a common basis.
36
Eliminates the multiplicity of taxation: The reduction in the number
of taxation applicable in a chain of transaction will help to reduce
the paper work and clean up the current mess that is brought by
existing indirect taxation laws.
37
possible the taxation burden to be split equitably between
manufacturing and services.
Disadvantages
Critics have argued that the GST is a regressive tax, which has a
more pronounced effect on lower income earners, meaning that the
tax consumes a higher proportion of their income, compared to those
earning large incomes.
38
A study commissioned by the Curtin University of
Technology, Perth in 2000 argued that the introduction of the GST
would negatively impact the real estate market as it would add up to 8
percent to the cost of new homes and reduce demand by about 12
percent.
India has opted for a dual-GST model. Critics claim that CGST,
SGST and IGST are nothing but new names for Central
Excise/Service Tax, VAT and CST and hence GST brings nothing new
to the table. The concept of value-add has never been utilised in the
levy of service as the Delhi High Court is attempting to prove in the
case of Home Solution Retail while under Central Excise the focus is
on defining and refining the definition of manufacture instead of
focusing on value additions. The Revenue can be very stubborn when
it comes to refunds as the Maharashtra Government proves and
software entities that applied for refunds on excess service tax paid
on inputs discovered.
39
expected to replace all indirect taxes, thus avoiding multiple layers of
taxation that currently exist in India.
Depending on the final GST base and rate, there will be a significant
redistribution of tax across different goods and services. Goods currently
subject to both Centre and State taxes should experience a net
reduction in tax, with positive impact on consumer demand.
Besides simplifying the current system and lowering the costs of doing
business, GST will call for a fundamental redesign of supply chains. It
will affect how the companies operate their businesses, presenting
significant opportunities for long-term revenue and margin improvement.
For instance, under the current tax structure, supply chains are
invariably designed to minimize the burden of the Central Sales Tax, with
distribution centres located in individual States where the consumers are
located. They are sub-optimal from a strategic and economic
perspective. The elimination of the central sales tax will provide an
opportunity to optimize supply chains, enabling companies to re-
evaluate existing procurement patterns, and distribution and
warehousing arrangements.
40
GST enablement which could be complex, challenging and lengthy task
for the IT department.
41
making services more expensive
GST will affect every part of your business in India with regards to cash
flow, costing of capital, pricing of products and services, financial
reporting, tax accounting, compliance processes, supply chain,
procurements and contracts and all technology currently enabling this
ecosystem. In addition, there will be significant training needs for
personnel to understand and operate effectively under this new regime.
42
Summary of key business impacts:
43
Current arrangements for distribution of finished
goods may no longer be optimal with the
removal of the concept of excise duty on
manufacturing
44
the cut-off date need to be migrated out to
ensure smooth transition to GST
According to experts, by implementing the GST, India will gain $15 billion
a year. This is because it will promote more exports, create more
employment opportunities and boost growth. It will divide the burden of
tax between manufacturing and services.
In the GST system, taxes for both Centre and State will be collected at
the point of sale. Both will be charged on the manufacturing cost.
Individuals will be benefited by this as prices are likely to come down
and lower prices mean more consumption, and more consumption
means more production, thereby helping in the growth of the companies.
46
Information Technology enabled services: At present, if the
software is transferred through electronic form, it should be considered
as Intellectual Property and regarded as a service and if the software is
transmitted on media or any other tangible property, then it should be
treated as goods and this classification is full of litigation. As GST will
have uniform rate for Goods and Services and no concept of state
revenue being VAT or central revenue being service tax and hence,
the reduction in litigation.
Transport Sector: Truck drivers spend more than half of their time
while negotiating check post and tolls. At present there are more than
600 check points and more than ton types of taxes in road sector.
After the introduction of GST, the time spend by the road transport
industry in complaining with laws will reduce and service is going to be
better which will boost the goods industry and thus the taxes also.
Impact on Small Enterprises: There will be three categories of
Small Enterprises in the GST regime.
Those below threshold limit of Rs.1.5 Crores would not be
covered.
Those between the threshold and composition turnovers will have
the option to pay a turnover based tax i.e. composite tax or opt to join
the GST regime.
Those above threshold limit will need to be within framework of
GST. Possible downward changes in the threshold in some States
consequent to the introduction of GST may result in obligation being
created for some dealers.
47
Status of implementation of GST
To be fully viable by law in all the States, the GST Bill needs to be
passed by a two-thirds majority in both Houses of Parliament and by the
legislatures of half of the 29 States. In December 2014, Finance Minister
Arun Jaitley introduced the constitutional amendment Bill of the GST in
the Lok Sabha. He announced that the GST would be a major reform in
Indias taxation system since 1947, which would reduce transaction
costs for business and boost the economy.
Earlier, the Bill was rejected by a few States saying that it does not
include the issues of compensation, entry tax and the tax on petroleum
products. Jaitley while introducing the Bill said that all efforts have been
taken to make sure that the States do not suffer any loss of revenue with
the implementation of the GST. The States will receive Rs 11,000 crore
this fiscal year so that it would compensate the losses suffered by them
for decline in Central sales tax (CST) and subsequently financial
assistance would be provided for a five-year period.
All said and done, the GST Bill which was conceived way back in the
year 2000 has not seen the light of the day as yet. If everything goes
well, most likely the Bill will be legislated by April 2016. According to a
study by the National Council of Applied Economic Research (NCAER),
full implementation of the GST could expand Indias growth of gross
domestic product by 0.9-1.7 percentage points. By removing the system
of multiple Central and State taxes, the GST can help in reducing
taxation and filing costs and expand business profitability, thereby
attracting investments and promoting GDP growth. Simplification of tax
48
norms can help in improving tax compliance and increasing tax
revenues.
49
India: Current status of Indias proposed GST program
Constitution Amendment Bill passed in the Lok Sabha (Lower House of
Parliament)
Union Finance Minister in his press conference has assured that
effective peak GST rate for India may not be 27%, could be lower than
that
Bill now scheduled to be tabled in Rajya Sabha (Upper House of
Parliament) for approval, Parliament slated to stay in session for
additional two days (till Friday 15 May 2015) to allow time for passage of
important Bills (including the Constitution Amendment Bill)
50
Also if not, the Finance Minister Arun Jaitley recently said the
government is confident of the new GST regime to roll out from the next
fiscal and expressed confidence about an early resolution of pending
disputes on direct taxes front.
51
Conclusion
The taxation of goods and services in India has, hitherto, been
characterized as a cascading and distortionary tax on production
resulting in misallocation of resources and lower productivity and
economic growth. It also inhibits voluntary compliance. It is well
recognized that this problem can be effectively addressed by shifting the
tax burden from production and trade to final consumption. A well
designed destination-based value added tax on all goods and services is
the most elegant method of eliminating distortions and taxing
consumption. Under this structure, all different stages of production and
distribution can be interpreted as a mere tax pass-through, and the tax
essentially sticks on final consumption within the taxing jurisdiction.
52
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