Courses for GST
Goods and Service Tax: GST
GST is one indirect tax for the whole nation, whichwill make India one unified market.It is a single tax on the supply of
goods and services,right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available
in the subsequent stage of value additions, which makes GST essentially a tax only on value addition at each stage.The final
consumer will thus bear only the GSTcharged by the last dealer in the supply chain, with setoff benefits at all the previous stages.
Industry:
With the implementation of the GST (Goods and Services Tax), the entire indirect tax system in India
(excise, state-level VAT, service tax) is expected to evolve.
- Total tax collection in India (direct & indirect) - Rs 14.6 lakh crore
- Almost 34% - Indirect taxes
- Rs 2.8 lakh crore coming from excise
- Rs 2.1 lakh crore from service tax
Objectives :
- Ensuring availability of input credit across the value chain
- Minimising cascading effect of taxation
- Simplification of tax administration and compliance
- Harmonisation of tax base, laws, and administration procedures across the country
- Minimising tax rate slabs to avoid classification issues
- Prevention of unhealthy competition among states
- Increasing the tax base and raising compliance
