Academic Publication

Author Profile

Dr. Sandeep Kumar, did Master of Commerce from Kurukshetra University, Kurukshetra and Chartered Accountant (CA) Course from The Institute of Chartered Accountant of India (ICAI) New Delhi also Plad from Guru Jambhewswar University of Science & Technology, Hisar He is presently Fellow Chartered Accountant (FCA) and member of the ICAL. He has more than 8 years teaching experience in Accounting, Finance and Taxation. He has worked as a convenor and Member in various committee, Workshop and seminar of Chaudhary Ranbir Singh University, Jind. Haryana. He has attended more than 25 national and international seminar and presented more than 10 research papers. He has published his more than 15 articles in National and International reputed Journal.

About The Book

Goods and services tax (GST) has been identified as one of the most important tax reforms post independence. GST is a path breaking indirect tax reform which will create a common national market by removing inter-state trade barriers. GST has subsumed (absorbed or include) multiple indirect taxes imposed by central and state. GST was first introduced in France in the year 1954. Within 62 years of its introduction about 160 countries across the world have adopted GST. Generally GST is popular for single model but Canada and Brazil also have dual model of GST. India has adopted a dual GST which will be imposed concurrently by centre and states. The Goods and Services Tax (GST) is successor to VAT used in India on the supply of goods and services. GST is a digitalized form of VAT where you can also track the goods & services. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes. Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on several items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range.

Table of Contents

Preface Chapter 1. Basics of the Goods and Services Tax (GST) Chapter 2. Registration in GST Chapter 3.Taxable Event Supply, Time, Value and Place of Supply Chapter 4. Input Tax Credit Chapter 5. Levy and Collection of Taxes and RCM Chapter 6. Import-Export Chapter 7. Refund of GST Paid Chapter 8. Composite Levy Chapter 9. Invoice Account and Records Chapter 10. GSTR 3B and GSTR 1 Chapter 11. Advance GST Chapter 12. E Way Bill in GST Bibliography Index