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5 .pdf



Original filename: 5.pdf
Title: Multiple Taxes -Central
Author: Administrator

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By Damodar Agrawal & Associates
Regd Office: House No 131 (Part), Near Dheer Sagar
Kue ki Badi, Ward No 5, Churu (Rajasthan)

Branch Office: R-107-109, Dua Complex, 24, Veer
Sawarkar Block, Shakarpur, Delhi-1100921
Website: damodaragrawal.com
Email: Damodar06@yahoo.co.in,
Deepika@damodaragrawal.com

CA Damodar Agrawal
FCA, B.com
Mobile No : 9810654446
CA Deepika Agrawal
FCA, Bcom(H), DISA, Certified GST Consultant,
Certified Indirect Tax Consultant,
Certified Fraud Accountant & Forensic Auditor
Mobile No: 9999263589

Multiple Taxes -Central
Custom Duty
- Basic Custom Duty
- Customs Cess

- Countervailing Duty
- Special Additional Duty (SAD)

Excise Duty : Basic Excise Duty, Additional Exercise Duty

Service Tax

Product Specific Cess like Automobile Cess
Education cess and SHEC, SBC, KKC
Infrastructure cess and clean energy cess
Research and Development Cess
By Damodar Agrawal & Associates

Multiple Taxes
Multiple
Tax
Value Added Tax
Central Sales Tax charged by originating state
Entry Tax
Octroi charged by Municipality
Local Body Tax (Maharashtra)
Entertainment Tax
Luxury Tax
Stamp Duty & Registration fees

By Damodar Agrawal & Associates

Excise Duty- Issues
Taxable event –Manufacture/Deemed Manufacture

Different Rates- 2% or 6% or 12.5% or 24% or 27% or 30%

Different Valuation Mechanism – Production
Capacity/Transaction Value /MRP

Movable and marketable

Different Exemption – absolute/conditional

Classification – Tariff Heading under CETA ,1985
By Damodar Agrawal & Associates

Taxable event :Rendering of Services

Positive List Regime Vs Negative List Regime

Definition of ‘services’ and Exclusion thereof

Negative list of services

Mega Exemption List of services

Transaction involving both goods and services

Valuation and Abatement issues

Double Taxation

Fastest Growing Revenues collection for Central Govt.
By Damodar Agrawal & Associates

Taxable event: Transfer of property in Goods/Deemed sale
Lack of uniformity in VAT Rates/Classification
Multiple threshold exemption limit
Different Forms and Procedure :
# Registration
# Due date of payment

# Due date of returning filing
# Due date of annual return
# Assessment Procedure
# Appellate procedure
# Entry Forms
# ITC and Reversal of ITC on CST sale
# refund mechanism
By Damodar Agrawal & Associates

Origin based Tax –Manufacturing State Vs. Consuming State

C Form and other statutory declaration
No credit on CST purchases – leading to cascading
Complex Law on Stock transfer sale E-I/E-II
CST Vs VAT Issues – Check Post Control

By Damodar Agrawal & Associates

Benefits of GST
Abolition of
multiple
layers of
taxes
Tax Booster
for
Government

Mitigation of
Cascading in
Taxation

Development
of common
National
Market

Reduced
Litigation

Efficient
Administrati
on by Govt.

Increase in
Voluntary
Compliance
By Damodar Agrawal & Associates

Dual GST Model – India
Supply

Inter state Supply

Intra State Supply

(one state to
another)

(within state)

CGST

SGST

IGST

(CGST Act)

(SGST Act)

(IGST Act)

By Damodar Agrawal & Associates


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