Two Day Workshop on GST

VPS Solutions conduct a two days workshop on GST on 20th August 2018 for the employees and clients. Our Financial expert explained all concepts of GST. India’s biggest indirect tax reform in the form of Goods and Services Tax (GST) has completed 1 year. A comprehensive dual GST was introduced in India from 1 July 2017.

In a short span of time, all the states approved their State GST (SGST) laws. Union territories with legislatures, i.e., Delhi and Puducherry, have adopted the SGST Act and the other 5 union territories without legislatures have adopted the UTGST Act.

The nation-wide E-way bill has implemented from April 1 this year. It is to be noted that E-way Bill  is one  of the major reforms  in GST and would bring  about a revolutionary change in the way movement of goods  will be governed in the country  therefore it is the need of the hour to keep the students informed about the various provisions of tax.

 

  • Brief concept of GST  :
    The talks of ushering in GST took concrete shape with the introduction of Constitution (122nd Amendment) Bill, 2014. The Bill was passed by the Parliament on 8 August 2016. This was followed by the ratification of the Bill by more than 15 states. On 12 April 2017, the Central Government enacted four GST bills:

    • Central GST (CGST) Bill
    • Integrated GST (IGST) Bill
    • Union Territory GST (UTGST) Bill
    • The GST (Compensation to States) Bill
  • What GST bring with it?:
    GST is a destination-based tax that replaces the earlier Central taxes and duties such as Excise Duty, Service Tax, Counter Vailing Duty (CVD), Special Additional Duty of Customs (SAD), central charges and cesses and local state taxes, i.e., Value Added Tax (VAT), Central Sales Tax (CST), Octroi, Entry Tax, Purchase Tax, Luxury Tax, Taxes on lottery, betting and gambling, state cesses and surcharges and Entertainment tax (other than the tax levied by the local bodies).
  • Benefits of GST:
    GST has been envisaged as a more efficient tax system, neutral in its application and attractive in distribution. The advantages of GST are:

    • Wider tax base, necessary for lowering the tax rates and eliminating classification disputes
    • Elimination of multiplicity of taxes and their cascading effects
    • Rationalization of tax structure and simplification of compliance procedures
    • Harmonization of center and State tax administrations, which would reduce duplication and compliance costs
    • Automation of compliance procedures to reduce errors and increase efficiency
  • Job Work, E-Commerce Transaction under GST:
    Our Expert Explained how to handle E-Commerce Transactions under GST.
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