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GST Definition, Objective, Framework, Action Plan & Scope

GST was first recommended by Kelkar Task Force on implementation of Fiscal Reforms and Budget Management Act 2004 but the First  Discussion Paper on Goods and Services Tax in India was presented by  the Empowered Committee of State Finance Ministers .10th Nov.10th,  2009.

In 2011, the Constitution (115th Amendment) Bill, 2011 was introduced in Parliament to enable the levy of GST. However, the Bill lapsed with the dissolution of the 15th Lok Sabha.

Subsequently, in December 2014, the Constitution (122nd Amendment) Bill, 2014 was introduced in Lok Sabha. The Bill was passed by Lok Sabha in May 2015 and referred to a Select Committee of Rajya Sabha for examination.

Objectives of GST

  • One Country – One Tax
  • Consumption based tax instead of Manufacturing
  • Uniform registration, payment and Input Credit
  • To eliminate the cascading effect of Indirect taxes on single transaction
  • Subsume all indirect taxes at Centre and State Level under
  • Reduce tax evasion and corruption
  • Increase productivity
  • Increase Tax to GDP Ratio and revenue surplus
  • Increase Compliance
  • Reducing economic distortions

Regulatory Framework of GST

  • A new set up by Government of India named as ‘GST Council’.
  • The GST Council consists of
    • (a)the Union Finance Minister (as Chairman),
    • (b) the Union Minister of State in charge of Revenue or Finance, and
    • (c) the Minister in charge of Finance or Taxation or any other Minister, nominated by each state government.
  • All decisions of the GST Council will be made by three fourth majority of the votes cast; the centre shall have one-third of the votes cast, and the states together shall have two-third of the votes cast.

Action Plan of GST Council

  • List number of Taxes, cesses, and surcharges to be subsumed under GST
  • Preparation of list of goods and services subject to, or exempt from GST
  • Determination of threshold limit of turnover for application of GST
  • Fixation of rates
  • Preparation of model GST Laws, principles of levy, apportionment of tax benefits
  • Firming up Place of supply Rules
  • Recommend on Compensation to states losing on revenue post implementation of GST, subject to maximum time limit of 5 years.

Scope of GST

  • All goods and services are covered under GST Regime except Alcoholic liquor for Human Consumption,
  • Tobacco Products subject to levy of GST and Centre may also levy excise duty
  • GST Council yet to decide the incidence and levy of GST on following;
    • a)Crude Petroleum
    • b)High Speed Diesel (HSD)
    • c)Motor Spirit (Petrol)
    • d)Natural Gas
    • e)Aviation Turbine Fuel

Key Features of GST and Benefits of GST

The following are the key features of the proposed GST model:-

  1. Dual Goods and Service Tax : CGST and SGST
  2. Inter-State Transactions and the IGST Mechanism:The Centre would levy and collect the Integrated Goods and Services Tax (IGST) on all inter-State supply of goods and services. The IGST mechanism has been designed to ensure seamless flow of input tax credit from one State to another. The inter-State seller would pay IGST on the sale of his goods to the Central Government after adjusting credit of IGST, CGST and SGST on his purchases (in that order). The exporting State will transfer to the Centre the credit of SGST used in payment of IGST. The importing dealer will claim credit of IGST while discharging his output tax liability (both CGST and SGST) in his own State. The Centre will transfer to the importing State the credit of IGST used in payment of SGST.
  3. Destination-Based Consumption Tax:GST will be a destination-based tax. This implies that all SGST collected will ordinarily accrue to the State where the consumer of the goods or services sold resides.
  4. Computation of GST on the basis of invoice credit method: The liability under the GST will be invoice credit  method i.e.  cenvat credit will be allowed  on the basis of invoice issued by the suppliers.
  5. Payment of GST: The CGST and SGST are to be paid  to the accounts of the central and states respectively.
  6. Goods and Services Tax Network (GSTN):A not-for-profit, Non-Government Company called Goods and Services Tax Network (GSTN), jointly set up by the Central and State Governments will provide shared IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders.
  7. INPUT TAX CREDIT (ITC)  SET OFF : ITC for CGST & SGST will be  taken for taxes allowed against central and state respectively.
  8. GST on Imports : Centre will levy IGST on inter-State supply of goods and services.Import of goods will be subject to basic customs duty and IGST.
  9. Maintenance of Records : A taxpayer or exporter would have to maintain separate details in books of account for availment,  utilization or refund of Input Tax Credit of CGST, SGST and IGST.
  10. Administration of GST :  Administration of GST will be the responsibility  of  the GST Council , which will be the apex policy making body of the GST. Members of GST Council comprised of the Central and   State ministers in charge of the finance portfolio.
  11. Goods and Service Tax Council: The GST Council will be a joint forum of the Centre and the States. The Council will make recommendations to the Union and the States on important issues like tax rates, exemption list, threshold limits, etc. One-half of the total number of Members of the Council will constitute the quorum of GST council.

Here We are Sharing Information About GST Slabs .GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download

The four GST slabs have been set at 5%, 12%, 18% and 28% for different items or services. The brackets are steeper than the rates of 6, 12, 18 and 26% earlier proposed by the government.

To keep inflation in check, essential items including food, which at present constitute roughly half of the consumer inflation basket, will be taxed at a zero rate. The lowest rate of 5 per cent would apply to common use items.

GST Slabs Pdf Download - GST Rates Structure 2016-2017

The peak rate of 28% will apply to luxury goods. Luxury cars, tobacco products and aerated drinks will attract an additional cess on top of the highest tax rate.GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download

The additional cess and a clean energy cess will create a revenue pool which will be used to compensate states for any loss of revenue during the first five years of the implementation of GST,

Service Tax will go up from 15% to 18 %, said Revenue Secretary Hasmukh Adhia.

GST Slabs Pdf Download -About GST Slabs you need to Know-GST Rates

GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download

Slabs

Details

0%

  • There Will be 0 % Tax On More than 50 Percent Consumer Price Basket Including Food Grains.
  • Government of India tried to Keep Foodgrains items Out of GST Slabs .
  • This Will play An important Role In Curbing Inflation .
  • Food grains will be zero-rated to insulate people from inflationary pressures.

5 %

  •  In this Category Tax Will be 5 Percent .
  • Most of The items In this Category are Mass Consumed like Mustard Oil ,Spices Etc

12 %

  • There Will be 12 Percent Tax In this Category .
  • Items -Processed goods

18 %

  •  There Will 18 Percent Tax In this Slab .
  • Items – Smartphones,Mobiles,Toothpastes,Computer,Tablets etc

28 %

  • Most white goods, like washing machines, air conditioners, refrigerators, shampoo, shaving stuff and soap, will be taxed at 28 percent (with riders).
  • The current levy varies between nil tax to 30-31 percent.
  • The rider has been set as there are several items which are used by the lower middle class.

28 % Plus Cess

  • Tax between 40 percent and 65 percent will be imposed on luxury goods like high-end cars, pan masala, aerated drinks and tobacco products.
  • In this Category Tax Will Be High .

 

 

A decision has also been taken to levy a cess in order to raise funds to compensate states for the revenue losses they will incur. The government estimates Rs 50,000 crore will be needed in the first year for compensation. “If we have to raise this by way of tax, we will need Rs 1,72,000 crore,” Finance Minister Arun Jaitley said.

GST Rates In Different Countries- Worldwide GST Rates

CountryYear of ImplementationCurrent Rate
Canada19915 %
Australia200010%
Switzerland19958%
Singapore19937%
Japan19895%
IndiaProposed (2016-17)18 % ( Standard)

GST Rate Based On RNR -Four rates -GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download

  • Merit Rate – Essential goods And Services
  • Standard Rate – Goods And Services In General
  • Special Rate – Precious Metals
  • Nil Rate – Exempted goods And Services

From Which Date GST Bill be implemented in India 

  • Development of GST Frontend and Backend for 17 States by GSTN: End December 2016
  • CBEC’s Backend systems: End November 2016
  • Backend systems of 14 States: End November 2016
  • Backend systems of Pr. CCA, Banks, RBI & State accounting authorities: End November 2016
  • Testing and integration of GST Front end and backend of all stakeholders : Jan – March 2017

Both State and Union government are Committed to Implement from 1st April 2017 .

List Of Taxes included in GST -GST Slabs Pdf Download -GST Rates Structure-gst rate pdf download

Indirect Taxes That Will Be Included Under GST

State taxes which will be subsumed in SGST

  • VAT/Sales tax
  • Entertainment tax (unless it is levied by local bodies)
  • Luxury tax
  • Taxes on lottery, betting and gambling
  • State cess and surcharges to the extent related to supply of goods and services.
  • Entry tax not on in lieu of octroi

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

Taxes That May or May Not Be Subsumed Due To No Consensus Between The Central And The State Governments and various other reasons

  • Stamp duty
  • Vehicle tax
  • Electricity duty
  • Other entry taxes and octroi
  • Entertainment tax (levied by local bodies)
  • Basic customs duty and safeguard duties on import of goods into India

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