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Published on : Feb 20, 2018
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Slide 1 - Goods & Services Tax GST
Slide 2 - WHAT IS GST ? GOODS & SERVICE TAX (GST) IS A SINGLE COMPREHENSIVE VALUE ADDED TAX ON MANUFACTURE, SALE AND CONSUMPTION OF GOODS AND SERVICES AT A NATIONAL LEVEL WHICH WILL BE FINALLY LEVIED AT THE POINT OF ULTIMATE CONSUMPTION. FOR NOW, PETROLEUM PRODUCTS & ALCOHOL HAVE BEEN EXCLUDED FROM GST , AND WILL CONTINUE TO BE TAXED BY THE STATES SEPARATE RATES FOR GST WILL APPLY DEPENDING UPON CATEGORY: I) STANDARD RATE APPLICABLE TO MOST GOODS & SERVICES II) LOWER RATE FOR ESSENTIAL ITEMS III) HIGHER RATE FOR DE-MERIT ITEMS LIKE TOBACCO , LUXURY GOODS, ETC
Slide 3 - GST : WHY CONSTITUTION AMENDMENT IS NEEDED? ARTICLE 246 OF THE CONSTITUTION DISTRIBUTES LEGISLATIVE POWERS INCLUDING TAXATION BETWEEN PARLIAMENT & STATE LEGISLATURES LISTS I AND II OF SEVENTH SCHEDULE OF THE CONSTITUTION INDICATE THE 13 AND 19 HEADS OF TAXATION APPLICABLE TO THE UNION OF INDIA AND STATES RESPECTIVELY SINCE GST IS A SINGLE TAX WHICH REPLACES A HOST OF UNION AND STATE TAXES AN AMENDMENT OF THE CONSTITUTION IS NECESSARY TO ALLOW ITS INTRODUCTION
Slide 4 - GST : WHY CONSTITUTION AMENDMENT IS NEEDED ? THE GST CONSTITUTION AMENDMENT BILL PASSED BY BOTH RAJYA & LOK SABHA PROVIDES FOR A GST COUNCIL COMPRISING OF REPRESENTATIVES OF THE UNION OF INDIA AS WELL AS THE STATES TO DELIBERATE & DECIDE UPON KEY POLICY ISSUES LIKE RATES OF GST, ALLOCATION OF REVENUES BETWEEN UNION AND STATES, EXEMPTIONS FROM GST, SEPARATION OF ADMINISTRATIVE CONTROLS BETWEEN UNION AND STATES, ETC. HENCE GST TAKES INTO ACCOUNT THE INTERESTS OF BOTH THE UNION OF INDIA AND THE STATES AND IS COMPATIBLE WITH THE FEDERAL STRUCTURE OF THE CONSTITUTION.
Slide 5 - GST : IMPACT ON GROSS DOMESTIC PRODUCT(GDP)
Slide 6 - GST : IMPACT ON GROSS DOMESTIC PRODUCT(GDP) THE GST RATE PROPOSED FOR THE STANDARD CATEGORY OF GOODS & SERVICES IS 18% TO 20%, WHEREAS THAT FOR THE ESSENTIAL ITEMS MAYBE 15% AND THAT FOR THE DE-MERIT ITEMS 30% TO 35%. THESE RATES (RNR) WILL BE DECIDED BY THE GST COUNCIL TO ENSURE THAT THE TOTAL TAX REVENUES REMAIN SAME AS BEFORE THE INTRODUCTION OF GST.
Slide 7 - GST : IMPACT ON GROSS DOMESTIC PRODUCT(GDP) SINCE GST IS A SINGLE VALUE ADDED TAX LEVIED AT THE POINT OF FINAL CONSUMPTION THE CASCADING EFFECT OF TAX ON TAX IS ELIMINATED LEADING TO LOWER COSTS. THERE WILL BE GREATER TRANSPARENCY IN TAX ADMINISTRATION AND LESS CORRUPTION AS PROPER DOCUMENTATION WILL BE ESSENTIAL TO AVAIL OF TAX CREDITS. THE TAX BASE IS LIKELY TO EXPAND LEADING TO HIGHER TAX COLLECTIONS.
Slide 8 - GST: IMPACT ON GROSS DOMESTIC PRODUCT (GDP) THERE WILL BE NO NEED FOR CHECK POINTS AT STATE BOUNDARIES AS GOODS WILL MOVE FREELY BETWEEN STATES. TRANSPORTATION WILL BE FASTER AND MORE COST EFFECTIVE. REQUIREMENT OF WAREHOUSES TO STOCK GOODS AT STRATEGIC LOCATIONS TO TAKE ADVANTAGE OF LOWER TAXATION IN SOME STATES WILL NOT ARISE.
Slide 9 - GST : IMPACT ON GROSS DOMESTIC PRODUCT(GDP) IT IS EXPECTED THAT THE COST OF LOGISTICS IN INDIA (COMPRISING OF WAREHOUSING, INVENTORY AND TRANSPORTATION COSTS) WHICH IS PRESENTLY ABOUT 14% OF GDP, AS COMPARED TO 7-8% IN DEVELOPED COUNTRIES, WILL COME DOWN SIGNIFICANTLY. WITH ABOVE BENEFITS, THE COST OF MOST GOODS IS LIKELY TO DECREASE WHICH SHOULD LEAD TO LOWER PRICES STIMULATING HIGHER DEMAND FOR GOODS AND SERVICES ----- IMPACTING THE GDP POSITIVELY.
Slide 10 - GST: IMPACT ON GROSS DOMESTIC PRODUCT (GDP) IT IS ESTIMATED THAT THE GDP WILL RISE BY ABOUT 2% UPON FULL IMPLEMENTATION OF GST.
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