Escolar Documentos
Profissional Documentos
Cultura Documentos
3 |
State Levies
CST to be abolished
Subsumation
of taxes
Luxury tax
Taxes on lottery, betting and
gambling
Service tax
Cesses and surcharges
levied by Union ie education
cess etc
Central GST
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Purchase tax to
be subsumed
State GST
Taxable event to
be supply
States to levy tax
on services
Exemptions
Valuation
Multiplicity of
taxes
GST to subsume most current
indirect taxes
Credit
Possible expansion of
credit base
Credit pool to be
maintained for each state
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Likely to be
consistent for all
goods and
services MRP
valuation may go
Classification
Likely to either be
withdrawn or be
converted into refund
mechanism
Rates
Tax rates to change
for inputs and outputs
Initially 1% additional
tax on inter-state sales
Taxable event
Paradigm shift
6 |
7 |
8 |
9 |
Transitional challenges
10 |
11 |
12 |
Transaction structuring to be
reviewed
Procurement pattern and
trading models to be analysed
No significant difference
between local and interstate
under GST?
Billing patterns, local vis--vis
inter state to be reviewed
Transition
Transition of credits
New registrations
Change in contract
clauses
Review of procurement
costs
Taxability of transactions
spread across regimes
Treatment of tax paid
inventory
Records/ Accounting
State-wise sales records
Credit availment and utilization
records
13 |
Compliance
Tax computations
New formats for invoices /
records/ returns/
declarations
Validity of statutory form
(Form F/Form C)
Manner of payment of
taxes
New compliance dates
Documentation for
movement of goods
Transaction restructuring
BMRs take
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GST: IMPLEMENTATION CHALLENGES
Disclaimer
Purpose of this presentation is to give a highlights of the proposed GST regime in
India and not render any definitive opinion on any of the activities of stakeholders
under the GST regime
Prior professional advise is advised before implementation of aspects covered under
this presentation
Some of the features highlighted including the IGST model for interstate supplies are
understood to be under reconsideration
It is likely that the final model would differ from our understanding and the
implications discussed herein would accordingly vary and the contents of
this presentation would need to be updated basis the revised GST framework in the offing
BMR is under no obligation to update this presentation for future changes
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Our comments in the preceding slides are based on the GST framework outlined in
the First Discussion Paper on GST (2009) and the Constitution Amendment Bill, 2014