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GST and its effects on industries like Manufacturing, Goods Transportation Services etc.

Read all of GST in this PPT. Find out how it will affect you if you are a Goods Transportation company/Full truck load transport company.

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GST and its effects on industries like Manufacturing, Goods Transportation Services etc.

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  1. All India Transport Directory Kolhapur Office : 2985,A Ward,Babujamal Road, Near Mahalaxmi Temple,Kolhapur – 416012 Maharashtra, India Phone: +91 231 2620003 Email : enquiry@indiantransporters.in

  2. GST (Goods and services Tax in India) • The GST is one of the biggest taxation reforms in India which integrates State economies and boost overall growth. GST, or Goods and Services Tax, will subsume central indirect taxes like excise duty, countervailing duty and service tax, as also state levies like value added tax, octroi and entry tax, luxury tax. GST will unify the taxes into one which will remove the cascading effects.  So now with GST all these taxes will be removed. http://www.indiantransporters.in Call us - +91 231 2620003

  3. What is GST? G -‘Goods’ S -‘Service’ T - ‘Tax’ • GST Bill, officially known as The Constitution (122nd Amendment) Bill, 2014, would be a Value added Tax (VAT) to be implemented in India, from April 2016. GST is an indirect tax that brings together most of the taxes that are imposed on all goods and services (except a few) under a single banner. • The GST, however, is a comprehensive form of tax based on a uniform rate of tax for both goods and services which is payable only at the final point of consumption. http://www.indiantransporters.in Call us - +91 231 2620003

  4. Need of GST • Now why GST is so important for the growth in the economic system in India? • India presently has a dual system of tax and services. The present indirect structure can be described in the flow chart below http://www.indiantransporters.in Call us - +91 231 2620003

  5. Need of GST http://www.indiantransporters.in Call us - +91 231 2620003

  6. Need of GST • India needs GST to get rid of problems with the direct taxes. As multiple taxes like CENVAT, central sales tax, state sales tax, octroi, etc will not exist and will be replaced by GST, and improve tax compliances. • The complexity in determining the nature of transaction, the inability of states to levy tax on services, lack of uniformity in provision and rates, complexities in administration, all could be withdrawn to an extent with the implementation of GST. • More than 150 countries have adopted GST as it has the potential to raise revenue with more transparency and neutrality. http://www.indiantransporters.in Call us - +91 231 2620003

  7. There are three prime models of GST • GST at central(Union) Government Level only • GST at State government level only • GST at both, Union and State Government Levels. http://www.indiantransporters.in Call us - +91 231 2620003

  8. Benefits of GST • To economy • A study by the National Council of Applied Economic Research estimated that roll out of the tax would boost the GDP growth by anywhere between 0.9-1.7 per cent. GST will boost up economic unification of India. It will assist in better conformity and recover risk factors in revenue generation and increase its flexibility. • To corporate • The industries will benefit the most from the arrival of GSTas removal of cascading taxes makes the manufacturing sector more competitive and reduces the tax compliance burden. All entry taxes, including octroi will be subsumed in GST from the start. So with no embedded tax costs on inter-state movement of goods (CST or entry taxes) under the GST regime, and shift of taxation to the consumer ultimately, businesses would have more flexibility to revise their supply chains process and thus, optimize logistics costs. http://www.indiantransporters.in Call us - +91 231 2620003

  9. Difficulties/Drawback of GST • Some critics say that GST would have a negative impact on the real estate market. It will increase the cost of new homes by 8 percent to and reduce demand by about 12 percent. • It is also estimated that Low and Middle income groups will be affected badly as the price of goods and services will go up with the implementation of GST in India. • Some economist says that CGST, SGST and IGST are nothing but new names for Central Excise/Service Tax, VAT and CST. http://www.indiantransporters.in Call us - +91 231 2620003

  10. Conclusion • The GST system is basically structured to simplify current indirect tax system in India. A well- designed GST is an attractive method to get rid of deformations of the existing process of multiple taxation. • We are India’s only Transport Directory, providing listing solution for transportation companies providing full truck load transport services, food Transportation, goods transportation companies, and other transport services. • To list your transport company visit www.indiantransporters.in or call us on 9156044824. http://www.indiantransporters.in Call us - +91 231 2620003

  11. Contact Us Details Kolhapur Office : 2985,A Ward, Babujamal Road, Near Mahalaxmi Temple, Kolhapur – 416012 Maharashtra, India Phone: +91 231 2620003 http://www.indiantransporters.in enquiry@indiantransporters.in

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