Overview of Goods and Services Tax

India is known as the land of taxes. We have so many taxes under Direct and Indirect Taxes. As per the constitution of India, indirect taxes are administered by the Central Government and State Governments.

• The Centre has the powers to levy tax on the manufacture of goods (except alcoholic liquor for human consumption, opium, narcotics etc).

• As for Services, it is the Centre alone that is empowered to levy Service tax. 

• The States have the powers to levy tax on the sale of goods. 

• In the case of inter-State sales, the Centre has the power to levy a tax (the Central Sales Tax) but, the tax is collected and retained entirely by the States.

Benefits which the Country will accrue from GST

Introduction of GST is a very significant step in the field of indirect tax reforms in India.

• By amalgamating a large number of Central and State taxes into a single tax and allowing set-off of prior-stage taxes, it would mitigate the ill effect of cascading and pave the way for a common national market.

• For the consumers, the biggest gain would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%.

• Introduction of GST would also make our products competitive in the domestic and international markets. Studies show that this would instantly spur economic growth. 

• There may also be revenue gain for the Centre and the States due to widening of the tax base, increase in trade volumes and improved tax compliance. 

• Last but not the least, this tax, because of its transparent character, would be easier to administer. 

Learn more from GST Centre. For more information, please visit our website: https://gstcentre.in/

GST Class

Goods and Service Tax is an indirect tax which was introduced in India on 1 July 2017 and  was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as the Constitution Act 2017. The GST is governed by a GST council and its chairman is the finance minister of India. Under GST, goods and services are taxed at various
tax rates.

                                    

GST in India is a reality now. GST is going to subsume most of the indirect taxes of our country such as Central Excise, Service Tax, VAT & CST, Entry Tax, etc and would bring in significant amount of change in way of doing business.

We provide E-Learning and Blended Learning Management System (Direct Training + E-Learning). Our learners can learn with their mobile/Computer as our video tutorials will be available to them on 24x7 hours basis. Learners can also attend classes at our GST Centre Direct Training Centres where you can get Professional Training from Certified Faculties.

The following facilities will be provided for online and offline students

• Video Tutorials
• Case Study
• Self Examination Questions 
• Certification from Association of GST Professionals

For more details,Please visit our website : https://www.gstcentre.in

Valuation In GST

Value of taxable supply
The value of goods and services supplied should be identified to ascertain the tax payable as per GST law. The value of taxable supply of goods and services shall ordinarily be the transaction value which is actually the price paid or payable,When the parties are not related and price is the solo consideration.

Transaction Value
Transaction value refers to the price actually paid or payable for the supply of goods and services. Normally some conditions are applied which are.....

• The supplier and the recipient are not related
• Price is the sole consideration for the supply

Valuation Rules

Contract price is more specifically referred to as transaction value and that is the basis for computing tax.However, when the price is influence by some factors like relationship of parties or certain transactions are deemed to be supply,which do not have a price,it is required to overcome these factors to determine the transaction value correctly.

When is valuation applicable?

Valuation rates are applicable when

(i)  Consideration not in money terms 

(ii) Transaction Value declared is not reliable

(iii) Parties are related 

(iv) supply by any specified category of supplier mentioned in the GST Law

For More Details, Visit our website: https://www.gstcentre.in/

GST Registration

In the present scenario GST is a reality now. GST is going to subsume most of the indirect taxes of our country such as Central Excise, Service Tax, VAT & CST, Entry Tax, etc. and would bring in significant amount of change in way of doing business.
Registration process in GST include
1. Furnish/File necessary forms, documents etc
2. Sign with Digital Signature/E Signature
3. Approval from the Govt./ Tax Department
4. Person will be recognized as legally registered taxable person

Registration under Goods And Service Tax (GST) regime will confer following  advantages to the business:

1. Legally recognized as supplier of goods or services.
2. Proper accounting of taxes paid on input goods or services which can be utilised for payment of         GST due on supply of Goods or Services or both by the business.
3. Legally authorised to collect tax from his purchasers and pass on the credit of the taxes paid on the     goods or services supplied to purchasers or recipents.
4. A person without GST transaction can neither collect GST from his customers nor claim any input     tax credit of GST paid by him.

Persons Liable to take registration

1. General/Normal Category:- Who has to take registration based on aggregate Turnover. They need       to register only when the total turnover for the financial year exceeds the threshold limits.
2. Mandatory Category:- Who has to compulsarily take registration irrespective of the turnover               Threshold limits are not applicable to them
3. Exempted Persons:- Those who need not take registration. But they can take voluntary registration      if needed.
4. Transitional Registration:- All taxable persons who have registered under the existing laws should       be registered under the GST Act throught Enrolment process.

For more Details, Visit our website : https://www.gstcentre.in

Overview of Goods and Services Tax

The Goods and Services Tax or GST has launched and is set to transform the way we do our taxes. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination based tax that will be levied on every value addition.

GST Replaces the following taxes :

1. Taxes currently levied and collected by the Centre.

•           Central Excise duty.
•           Duties of Excise ( Medicinal and Toilet Preparations )
•           Additional Duties of Excise ( Textiles and Textile Products )
•           Additional Duties of Excise (Goods of special Importance )
•           Additional Duties of Custom ( Commonly known as CVD )
•           Special Additional Duty of Customs ( SAD )
•           Service Tax

2. State taxes that would be subsumed under the GST are :

•           State VAT
•           Central Sales Tax
•           Luxury Tax
•           Entry Tax ( all forms )
•           Entertainment and Amusement Tax (Except when levied by the local bodies )
•           Taxes on advertisements
•           Purchase Tax
•           Taxes on lotteries, betting and gambling

Introduction of GST is an important step in the field of indirect taxes reforms in India.

By integrating a large number of Central and State taxes into a single tax and allowing set-off of prior-stage taxes, it would reduce the ill effects of cascading and pave the way for a common national market.
For the consumers, the biggest gain would be in terms of a depletion in the overall tax load on goods, which is currently evaluated at 25% - 30%.
Introduction of  GST would also make our products competitive in the domestic and international markets. Studies show that this would immediately encourage economic growth.
There may also be revenue gain for the Centre and the States due to widening of the tax base, increase in trade volumes and improved tax compliance.
This tax would be easier to administer as it is transparent in nature.
Join with our GST Centre and learn more about GST.
Visit our website : https://www.gstcentre.in/

Valuation in GST

Goods and Services tax or GST is one tax to include all taxes. It will bring in "One Nation One Tax" rule.Being a completely new form of indirect taxation there are many questions in the minds of the organizations. One of the important question is what is the value of supply under GST?
GST Centre will give you the answer to all the questions about valuation in GST. We are the best Online Training providers on GST Courses. We have included valuation of GST in our Course.

The valuation in GST is mainly indicate that the value of supply of goods and/or services shall be the transaction value. It is the price actually paid( or payable) for the supply of goods / Services between unrelated parties i.e, the supplier and the recipient of the supply are not related with each other and the price will be the sole consideration for the supply.

The value of supply under GST shall include:

• Any amount that the supplier is responsible to pay which has been incurred by the recipient and is not included in the price.  
• The value will include all incidental prices in relation to sale such as packing, commission etc.  
•  Interest/ late fee / penalty for late payment of consideration will be included.    

To Learn more about Valuation under GST Visit: www.gstcentre.in

GST Online

GST is the new tax system is going to implement in India from July 1. It will be a biggest reform in India's indirect tax system since the economy began to be opened up 25 years ago, at last looks set to become reality.
GST Centre provides you an opportunity to learn about the new tax system. We have the mission to train our students in a convenient, continuous and comprehensive way. Our mode of training is Online.
We Offer Courses in GST,

• Diploma in GST - Beginner Course
• Diploma in GST - Intermediate Course
• Diploma in GST - Expert Course
• Diploma in GST - Business Management

Any person can become a student of GST Centre by simply register to our website. After the successful registration students can login to our E-learning system and can start the Online learning from your mobile / computer with internet connection. We are providing 1 year login for online course. Students can share their doubts with the faculty at the training time. Our Faculties are also trained, so that they can teach the students in a dedicated way. Timely conducting exams and delivery of Certificates are also done by GST Centre.

To Learn More Visit: www.gstcentre.in