Features: - Relevant for May24/ Nov 24 -As per Latest ICAI SM - All amendments upto 31/10/2023 covered At} 2 Handwritten Book Sean to Download Book By FAST APP CARiddhi Baghmar from > Play Store ® wowfasteduin © 95225 64050 © 9714111666 EY/FAST IDT by Riddhi Baghmar €)/FASTIDTCA INTER IDT INDEX 1 Rae Ne 73 2. VT ae 88 [14 ees 144 ee a ALGST in Indio - An Introduction * What jis ‘Tox ? +A Pecunia burden Laid Ap On. indivi duals or propert owners to” fupport -the Govt... a Paynacut exacted “ lative Quiton ty. ole i wot @ vo Ln, Pynaa oy donakion, but aw enforced _Coukribubion INDIRECT TAX Ff * The person paying the tax to the * ne Er comers a orate Government collects the same bea eiiheiminciienceMad ¥ fromthe ultimate consumer. revel Thus, incidence of the tax is ) shifted to the other person. DIRECT TAX 4 L Burden of ‘tax borne Burden oF Tax shifted thes percow fo _anotrer perton Coen : ees Indirect taxes Direct taxes Income tax ao] ca one beg Ae] id ef ee} we 2* Genesic of Got Im Indio. Gt wor dawned ow “elas” + France was the first country to implement GST + Presently> 160 countries have adopted GST © Genesis of GST In Indi 2000:- The then P.M mooted the concept of GST and set up a committee 2006207:- Union Finance Minister P. Chidambaram announced in budget that GST be introduced from 1 April 2010 December 2014: The constitution (122nd Amendment) Bill was Introduced in Lok Sabha GERIMay2095:- Lok Sabha Passed the Bill BFA)AUG)ZOIE-- Rajya Sabha Passed the Bill SEH/SEpt 2016:- President Assent The Constitution (101st Amendment) Act was enacted Sept! 2046:- 1st ast council meeting Aprill2097: - ast council recommends c/s//u/cess bill Wprill2017:- CasT/sGsT/UTGST/ comp. Cess Act passed MayiZ097: - Gst council recommends all the rules BOtRUURE 2OI7-- All states except J & K passed their SGST Act BEHUUY 2017:- sasT Act passed by J&K; CGST and IGST ordinances promulgated to extend GST to J & K. Presently. GST Applicable to whole of India D2+ Concept us Gst: | Value Odded Tax 2. Coutinuous chain tax Credits 3. Burden borne b fin Consumer 4. No Gaarnalns . taxes + Need for Gst in Indio: GST - Cure for se in erstwhile value added taxation, Defecienues Aanduded L aa Cece ot Tox te. Fae pn. tax fg: VATS Charged on Excise 2. Distinction between goods Ond Cuvices blurred. .'. Certain trantochon Subject te double taxation. Softw ore, Bert auras 3. CENvaT C Centyal tevy) and vat C State levy) wee Ctlent volue added tax but set oH Against ead. ottSen was not. postible. 4. Mudtiple. toxea wee to be paid Os VAT, Service tax, daxury tox, ent Atdinwent tox , e& wer mot deepen iS Assessable value of goods under excise law = 1000 Excise duty @ 125% e125 Taxable value for VAT 1125 [VAT @ 14.30% 160.88 Total invoice value 1,285.88 03* Chain of Credit under Gor: Manufacturer Distributor Retailer Consum« ®@ ®@ ® Cost: 1,00,000 GST @ 18%= 18,000 Cost: 1,00,000 Profit: 11,200 Sale Price: 1,11,200 GST @ 18% 20,016 Cost: 1,11,200 Profit: 24,640 Sale Price: 1,35,840 GST@ 18% 24,451.20 Cost: 1,60,291.2 (1,35,840+24,451.20) Input Tax Credit= NIL Input Tax Credit= 18,000 Input Tax Credit= NIL Paid Government GST = 18,000 Paid to Government GST = 2,016 (Output tax - Input tax) Paid to Government GST= 4,435.20 (Output tax - Input tax) Tax Borne by the Consumer 18,000+2,016+ 4,435.20= 24,451.20 Value Addition 1,00,000 GST @ 18% 18,000 Value Addition= 11,200 GST @ 18%= 2,016 Value Addition= 24,640 GST @ 18%= 4,435.20 Value Addition= NIL * Got us a Geitinakon based 40x Tox levenve would accrue fo the Cont ume Hon state] UT. pA on Consumption of 4sle plate. or# Framework Gst in India > Duab Get Dug we us 4 aL Structure, dual GST model ds adopted. ie. Centre + State] UT fon cusrrestly, Lnapose taxes. Benetits GST L t “ L 1 £ Benefits to Sivaplifired. Eaay Tox Advantage pr Econom Tax Compliance ‘trade~ ond 4 Structure 1 Inclus \ Creabion | fase of lL Automated lL Benofits ‘to unified doi procedure. Witter. Lud wat: noBoual Market busines qreaktr use o 2. Mitigaho 2. Boot te 2, Certain IT. i (WU effects “Make tw in Tox 2. Reduchiow. Eacbdng India" twitiotive| Administration | im Covmpliance 2. Boost to ous investments, expoAts ound saps cents * Stokec ond Ute for GST Puxpore 23 Stotes @ STs without BUT: with isLature CALL cd) Legicloture A-Prddiman £ Nicobar =“ pebhi DB - Lakthadieep = Tee b= lodobh L Postar C - Chandigowe S D - Dadra kk Nagar Haveli gen + ager Ound. Dost, Diw Other - Died Temi Ctg: €€ wv we tang tg: €€2) CGST_ + UIGST DS#11 pedal Category stares in GST: CN —i Uttrakhand ant Tot) No - Nagaland M- Manipur, Mizoram, Meghalaya A - scone A- Atunarhal PRadear @- likbiw U- Uttrakhand T - Tripura T-Tomwu & Kashmir H - Himachal Pradede * Clastificasion Unde Get: Hormouised Lytton Scheme Clasrificotion. Nomenclature CHiN) Seawi ces For Goode For Services a Toxec Subsumed in GIT: Centrob Taxes Stake Taxes > txuse > huxu Tox - Larvice Tox - Tox ov lnbesns 7 ~ CVD f& Special Cv 0nd Gdimb li = fer - Purchase Taxes — Surcharges ond Cetses - vAT| soles Tox Aelon to supply % - Jax on advetbisenent Vi CRA Goods and Seas - Entertainment Tox Cexcept by Acad bodies) — Surcharges ant Cetsea Atos is Goods and ‘tt 0G* Joxes not ubtumed jn Gor Alcoholic Liquor for Outside Got C Power to tax IMaman, Conatump Hon humains with States) . State excuse + vat | CST Cintra) Cimber) HM Nar GST Counil +t deude ‘High Cpeed Diewel te dose from whide Git - Motor Spixit wi be plicable Natural Gas Central excise + VAT, [ CST Cini.) Civben)) ‘Aviation Turbine Fuel - Petroleum Crude, + EnteAtainment Tax Pook SHU remains poittte Local bodies Coy docol bodies) + Tobacco oe iW Indian Hemp , Other narcotics + Reat Ectate Lector Cfale | Purchase Inno vable propesty) oF Centra excise Dury + GST Stake excice Duby + Got Out of qst (Stomp Duty , Property Tax)* GST Common Postar: *_www. gst. govin =—* (oeleite ye ed. by GSTN [to wwnow portal for (Goods ond Services’ Netrsort) an sevice] [sec 3 Comaposy J *[Link] 5 @ ed by! C porto “he cle bru sides Informaticc Centre Gereaton) ~ Minis of Blectronics and Information ‘Technology ~ Goverment of India. sw. einvoicel. get. ov. tu Cluvoice qenehaton portal > Managed by GStN for e-Cnvetces) x GSB | ASe GSTN <> Gf Gist Suid Thoviders) — Aste CAppiication Suvidha Providers) GSP is On Additional Channel eins made available for facilitating the tax-payers “for _pthformaiing ove, the UNous” Ond use Heir Sekvices is opkoual. Goes hay toke help of ASt& who act a» Oo dink between " taxpayer Ound GS. © funchons intlade » - Returw fii - Quick monitors Gst COmpliances - Rewnciiation i it ulias of Pur chase Register witt Oude Popubabed. Taxpayers 0m¥ Compensation cess. lo_provide frr Lompentation to the states for phe Loss Of Staventae, men on Account GST ivplementation. Inapoted. ow Specific sae items oy demerit goods &: Tobacco, pan motola, wmobor Cart, Aerated Waters, ete. (Provided foro. _pertod 5 yeahs frome dake on abide Shose._bringr get _Act into force) + Constitutonal PAovisions » Consktubion of India L v L Treo le 2S Parts 12 Schedules Ctontaining Gus Avielesd) ‘Article 265: Article 265 of the Constitution of India prohibits arbitrary collection of tax. It states that “no tax shall be levied or collected except by authority of law”. The term “authority of law” means that tax proposed to be levied must be within the legislative competence of the Legislature imposing the tax. Article 2462 - Respective authority to Union and state Government for levying tax. Seventh Schedule to Article 246:- Need a a a tonsttubional ‘Abcendintne > Union List State List Concurrent ist ana List I List List IL ae oe of votious taxes im © Income Tax Jaxes onagricultural Criminal Law a D ice st D GST Ond +o + Custom Duty income # Stamp Duties yet Excise Duty * Excise on aleohol Bcpowers bors Cente . cst opium & narcotics And stoke to Lewy * VAT aud Collect it. © Any other Notin Witt * E¥Xury entertainment, betting, gambling pa+ Ts Sivewton Seate abo. make law wit hye at *K Abkicle 269A: Ley and Collection of GST ow © Twee- tate > Totus fle Soppty * Tox . thay. be apportioned. between Union Gud States as vi b i bs We AL Lomein, GST Wuncil Inport: deemed inkerttate * Arnount apportioned to States: Not form. park ot Contolidattd Fund % Iudion * Fohlioment tnporwered to formulate, principles ngarding — place _of —tupply aid. —_teltin, _bo_be._Cont eked, —_ imk A State. * Akicle. 249A: GET Council (Union) CMenicter incharge of finance 6¥ J taxolion OY On, Ober minister l Choirpebtow nowwated by Sock stare) L. Union minister of L Store i ee VICk= presi venue i themaelves . meron * ‘ov By vot . fet d - “t Centre . ei si J > 23k State { CG Ascents 4D# Coundl Chol make Wo mend Ob on i t : - Taxec/Cetcec/ £uychar be tub, in iT. ~ °. ftyvice be Subject to | ex ted ST. - Mo dav: ine Levi wh on mes (GST > Threthold Limits - Rakes of GST - Spevab — provisions sith veapect to SCSs. - Special Rakes ty faite additional Auources during Cahanaities| disaster. - ex eh unl a + Counc wo the dabe wolat G&t tobe deiek ow Hm wae * No at or pwieedingg Of the Counuil shalt be invalid. merely by Seasons of! = cay tg Tvacaany dec im combitvtion 6f¢ Council OR . y v Co) tg defect i’ Oppot usinent of periow as member Of Council OR # GST Coundl shall ettablish mechani to odjudi cote ditpuke between ~ — @) GOT & ome| more states | ong oe (0) Gor + State] Stotes ome] move states | oy count ov (t) Two oy wore States te + ceic [Central Boar, Indirect Jax a duaiis ive Bo. AU ponti ble. wv Odministratow GST law. Alto” Administ the work Atlaked” fo Aewy Gnd _CoUedion Of excise on petroleum products, — tovdie ond alan cihtons DustyFAST Highlights of Book Pee eee Te CA INTER v INDIRECT TAXES § Handwritten Book FA!) Book By ° CA Riddhi Baghmar Clear CA with Cleared all levels of CA in first attempt Passed all 3 levels of CFA in first attempt 82 marks in CA Final IDT [Link] with Gold Medal & All Gujarat Rank 3 Merit and All Gujarat Rank 4 in Hsc