gst registration companies in chennai

1
GOODS AND SERVICES TAX
2
GOODS AND SERVICES TAX

• GST' The goods and services tax (GST) is an
  indirect federal sales tax that is applied to the
  cost of certain goods and services.
• Most countries with a GST have a single unified
  GST system, which means that a single tax rate is
  applied throughout the country.
• www.taxaudit.saveracorporate.com
  044 - 65680380

3
GST with example

• GST is a consumption based tax levied on sale,
  manufacture and consumption on goods services
  at a national level.
• State GST (SGST) Which will be levied by State.
  Integrated GST (IGST) which will be levied by
  Central Government on inter-State supply of goods
  and services.
• www.taxaudit.saveracorporate.com
  044 65680380

4
Benefits of GST

• Easy compliance
• Uniformity of tax rates and structures
• Removal of cascading
• Improved competitiveness
• Gain to manufacturers and exporters
• www.taxaudit.saveracorporate.com
  044 65680380

5
For Central and State Governments

• Simple and easy to administer
• Better controls on leakage
• Higher revenue efficiency
• www.taxaudit.saveracorporate.com
  044 65680380

6
For the consumer

• Single and transparent tax proportionate to the
  value of goods and services.
• Relief in overall tax burden
• www.taxaudit.saveracorporate.com
  044 65680380

7
Central level, the following taxes are being
subsumed

• Central Excise Duty,
• Additional Excise Duty,
• Service Tax,
• Additional Customs Duty commonly known as
  Countervailing Duty, and
• Special Additional Duty of Customs.
• www.taxaudit.saveracorporate.com
  044 65680380

8
State level, the following taxes are being
subsumed

• Subsuming of State Value Added Tax/Sales Tax,
• Entertainment Tax (other than the tax levied by
  the local bodies), Central Sales Tax (levied by
  the Centre and collected by the States),
• Octroi and Entry tax,
• Purchase Tax,
• Luxury tax, and
• Taxes on lottery, betting and gambling.
• www.taxaudit.saveracorporate.com
  044 65680380

9
GST within State
www.taxaudit.saveracorporate.com

044 65680380
10
How many countries have GST

• Presently, there are around 160 countries that
  have implemented GST/VAT in some form or other.
  In some countries,
• VAT is the substitute for GST, but conceptually
  it is a destination based tax levied on
  consumption of goods and services.
• Only Canada has dual GST model(Just like India is
  going to implement Dual GST Model).
• www.taxaudit.saveracorporate.com
  044 65680380

11
What is the percentage of GST?

• Highlights. Four-tier GST rate structure of 5,
  12, 18, 28 decided by the all-powerful GST
  Council.
• Zero-tax rate to apply to 50 of items in CPI
  basket, including food grains used by common man.
  
• Highest tax slab will be applicable to items
  which are currently taxed at 30-31.
• www.taxaudit.saveracorporate.com
  044 65680380

12
Documents required for GST registration

• PAN card of the Company.
• Proof of constitution like partnership deed,
  Memorandum of Association (MOA) /Articles of
  Association (AOA), certificate of incorporation.
• Details and proof of place of business like rent
  agreement or electricity bill.
• www.taxaudit.saveracorporate.com
  044 65680380

13
SAVERA CORPORATE SERVICES

• NO 134, 3RD STREET, TNHB COLONY,
• KORATTUR, CHENNAI 600080.
• E-Mail saveracorporateservices_at_gmail.com
• www.saveracorporate.com
  044 - 65680380

14
GST with example

• GST is a consumption based tax levied on sale,
  manufacture and consumption on goods services
  at a national level.
• State GST (SGST) Which will be levied by State.
  Integrated GST (IGST) which will be levied by
  Central Government on inter-State supply of goods
  and services.
• www.taxaudit.saveracorporate.com
  044 65680380

15
Benefits of GST

• Easy compliance
• Uniformity of tax rates and structures
• Removal of cascading
• Improved competitiveness
• Gain to manufacturers and exporters
• www.taxaudit.saveracorporate.com
  044 65680380

16
For Central and State Governments

• Simple and easy to administer
• Better controls on leakage
• Higher revenue efficiency
• www.taxaudit.saveracorporate.com
  044 65680380

17
For the consumer

• Single and transparent tax proportionate to the
  value of goods and services.
• Relief in overall tax burden
• www.taxaudit.saveracorporate.com
  044 65680380

18
Central level, the following taxes are being
subsumed

• Central Excise Duty,
• Additional Excise Duty,
• Service Tax,
• Additional Customs Duty commonly known as
  Countervailing Duty, and
• Special Additional Duty of Customs.
• www.taxaudit.saveracorporate.com
  044 65680380

19
State level, the following taxes are being
subsumed

• Subsuming of State Value Added Tax/Sales Tax,
• Entertainment Tax (other than the tax levied by
  the local bodies), Central Sales Tax (levied by
  the Centre and collected by the States),
• Octroi and Entry tax,
• Purchase Tax,
• Luxury tax, and
• Taxes on lottery, betting and gambling.
• www.taxaudit.saveracorporate.com
  044 65680380

20
GST within State
www.taxaudit.saveracorporate.com

044 65680380
21
How many countries have GST

• Presently, there are around 160 countries that
  have implemented GST/VAT in some form or other.
  In some countries,
• VAT is the substitute for GST, but conceptually
  it is a destination based tax levied on
  consumption of goods and services.
• Only Canada has dual GST model(Just like India is
  going to implement Dual GST Model).
• www.taxaudit.saveracorporate.com
  044 65680380

22
What is the percentage of GST?

• Highlights. Four-tier GST rate structure of 5,
  12, 18, 28 decided by the all-powerful GST
  Council.
• Zero-tax rate to apply to 50 of items in CPI
  basket, including food grains used by common man.
  
• Highest tax slab will be applicable to items
  which are currently taxed at 30-31.
• www.taxaudit.saveracorporate.com
  044 65680380

23
Documents required for GST registration

• PAN card of the Company.
• Proof of constitution like partnership deed,
  Memorandum of Association (MOA) /Articles of
  Association (AOA), certificate of incorporation.
• Details and proof of place of business like rent
  agreement or electricity bill.
• www.taxaudit.saveracorporate.com
  044 65680380

24
SAVERA CORPORATE SERVICES

• NO 134, 3RD STREET, TNHB COLONY,
• KORATTUR, CHENNAI 600080.
• E-Mail saveracorporateservices_at_gmail.com
• www.saveracorporate.com
  044 - 65680380