GST and its Impact on Agriculture, Assignments of Agricultural economics

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WELCO

ME

Doctoral Seminar

on

GST

&

It‘s Impact on Agriculture Sector

Presented By

Lokesh Ahirwar

Ph.D. Scholar, 1

st

Year

What is GST?

‘G’ – Goods

‘S’ – Services

‘T’ – Tax

 GST is comprehensive tax mechanism - all major indirect taxes are clubbed into

one.

 GST is just like State level VAT which is levied as tax on sale of goods.

 GST will be a National level value added tax applicable on goods and services.

ववव

वव

ववव

व

वव

Main Features of the GST ActMain Features of the GST Act

 GST to be levied on supply of goods or services

 All transactions and processes only through electronic mode

 PAN Based Registration

 Registration only if turnover more than Rs. 20 lack

 Deemed Registration in three days

 Set of auto-populated Monthly returns and Annual Return

 Composition taxpayers to file Quarterly returns

 GSTN and GST Suvidha Providers (GSPs) to provide technology based assistance

 Tax can be deposited by internet banking, NEFT / RTGS, Debit/ credit card and over the counter

 Cross utilization of IGST Credit first as IGST and then as CGST or SGST /UTGST

 Concept of TDS for Government Departments

 Concept of TCS for E-Commerce Companies

 Refund to be granted within 60 days

 System of GST Compliance Rating

Model Of GST

2.0 M

K

K

Total

Conversations

Platforms

2.1 M of the conversations about GST happened between 28

June - 7 July, 2017

32 K

Maximum conversations were generated from India (86.3%), Pakistan (6.0%), Others (5.0%) & USA (2.6%)

13

%

87

%

Demographics Sentiments

Across the past 10 days, out of 2.0 M published material, 2.7 K were blog posts, 32 K online news articles, 3.1 K

forum postings while 2.0 M were tweets

 India’s economy is 3

rd largest among world according to PPP

 GDP 7.3 percent expected for the year 2018-19.

 India contributes 2.99% of total world's GDP.

 India has slipped to 7

th positon in Global GDP ranking in 2018, behind United Kingdom and

France.

 Projected that India will be 6th largest economy of world in 2019 by overtaking France and

5th largest in 2019 by overtaking United Kingdom

 India shares 8.50% of total Asia's GDP

INDIAN ECONOMY – AN OVERVIEW^ INDIAN ECONOMY – AN OVERVIEW

PRE GST INDIRECT TAX STRUCTURE IN INDIAPRE GST INDIRECT TAX STRUCTURE IN INDIA

Basics of Indirect Taxation

Meaning: Indirect taxes are those whose burden can be shifted to others.

INDIRECT

TAX??

Levied by:

1. Central Govt.: Excise, Service Tax, Custom Duties
2. State Govt.: State VAT, Sale Tax, Entertainment Tax, etc.

Indirect taxes are levied on production and sale of commodities and services.

Example: Excise duties on the manufactured products, sales tax ,

service tax , customs duty , tax on rail or bus fare, entertainment tax

etc.

GST Global Scenario

160 countries

France - GST( 195 4)

US - Not GST

 India – 5 % to 28 %

Countries GST Rates (%)

Singapore 7%

Australia 10%

Indonesia 10%

South Korea 10%

Japan 8%

Canada 5% to 15% depending upon where they live

Netherlands 21%

UK 20%

China 17%

Mexico 16%

Source : https://cleartax.in/s/gst-india-and-other-countries-

Slabs of GSTSlabs of GST

• (^0)
• (^) 5 %
• 12 %
• 18 %
• 28 %