Introduction to GST Video Lecture

you
buzzes their or GST everybody's talking
about GST if you listen to news if you
read newspapers if you don't talk to
friends and colleagues everybody is
talking about GST and so the very
important question arises are you ready
for GST so let is see if we want to know
what is a position worldwide as far as
GST is concerned it's a very good
concept if we see it was first
introduced in France in 1954 and after
the biggest countries in the world more
than 160 countries have adopted GST some
places the order to and so so we also
have a Canadian tax a different concept
what we are now going to implement the
GST that is for the back in some of the
countries and the one important point
for difference as compared to the other
countries is that here in India we will
have do the jst Ford energy misty
because the other pedal structure we
have the states rated the center and
both in powers that is why we will we
will do the GST which is also in place
in Brazil and Canada but in most of the
countries they are you
single HD that's a basic difference and
we look to the race of GSC one of the
highest rates is in Gambia 40% and in
how many study 7% so early in India turn
around this way of unequal is an
impossibility
any person but we don't know more once
it is finalized a number you do know so
it will be obviously in this and in
Malaysia nearby country it was
introduced in 2015-16 only and very it
is 6%
now history of GST in India
you want to know that you not only know
that so I will not be talking about this
to PhD in India it was introduced ten
years ago and what everything has
happened the Constitution amendment bill
122 as also being passed with the state
servicing this is news this is happening
every day and I think we need to waste
time on that
we will in fact up ysg is being
introduced because of some existing
problems in the taxation system because
my discipline city of taxes is there
multiple taxes are there we excise you
is there what is their service taxes
their custom duty is there is so many
taxes and for each tax we have to file
returns we have to pay taxes separately
written compliance is etcetera so that
is the basic problem and one more and
obviously become the system becomes very
difficult and for normal accountant or
even a CA or another profession it is
difficult to comply with all these
things and so many changes take place
every day
what other problems are there cascading
effect of taxes from times immemorial we
have seen that we have to pay tax on tax
if some we are buying from somebody and
he's just some tax again we will be
selling to another person and we will be
taking even that tax into account and
we'll be calculating tasks to the total
amount so that is tax on tax for
cascading effect of taxes in order to
some extent that was being the benefit
was given to the people but still in
other cases in this cascading effect of
taxes is still there where total taxes
and single item we are aware that in
many cases we do not know whether the
particular thing is a good or a service
take the example of software in software
you have to pay excise duty also you
have to pay that also take the example
of when you walk to a restaurant for a
diner
and your friends they are you have to
pay back or sew on some items this tax
or therapy if it is in a condition in
restaurant so these problems are there
and under the very big problem is the
religious availability of input related
service tax benefit and excise duty when
if it can be data but for the back if
you pay back you cannot take the benefit
of service tax
similarly for service tax you cannot eat
the benefit of God so these access
different access you may not take the
input to end it all
that is again a very very big problem
and because of that the cost of
production moves up and makes us
uncompetitive
so what change will take place in GST
for goods and service tax the to the new
law will come very soon ingesting most
of these individuals will be substitute
whether it is service tax whether it is
bad whether it is excise duty whether it
is local levies like entry and
entertainment tax levy by this state all
these will be subsumed and even
accustomed to a limited extent because
special edition Beauty and the
countervailing duty will be subsumed the
basic customer will be living in there
and so import or goods will still be
taxable under the customs duty and these
will be substituent cheese
another important change that will
happen now is that GST unlike the other
taxes that we have till now is a
destination based tax what does that
mean a destination based ash means that
the revenue will be taken or it will be
the video of the consumption state where
the consumption takes place of the item
of the good or the services the
backstage will get a riveting
now let us see what are the constituents
of GST what our taxes will be lived in
GST Fuji is degree 1 Foods in service as
but it will have several components so
what are these let us see one type of
CNG a stick will be interested same that
is sale within the state so in this case
what Texas will be there see GST that is
changeable goods and service tax and s
GST that is the stage Goods and service
tax which will go to the stage and CG is
to be moved into the center another sale
it would be intersecting same and in
this case only one acts will be there
that everything integrated goods and
services it is IGS t it will have the
portions of CTAs chain is GST we just
now see and if you talk about the
utilization of so how things will happen
let us see in the case of interest rates
taxable supply what will happen from if
we are input method of C GST can be used
for a period of orbit liability or C GST
but it cannot be used for payment of
output language ago is GST similarly if
we have input rate of HD HD we can use
it to pay our put liability of is GST
but we cannot use HD HD or a payment of
clarity on C GST so in not even all the
cases we can get the cause utilization
of the day in some cases it is possible
then if we talk about interstate supply
of goods and services we will have one
tax that is digesting it would have as
already said to potions CGS TN is GST
this will be collected by the central
government but a portion of this which
will be suggesting will be retained by
the central government and the state
portion that is a GST will be
transferred to the relevant state
whichever is the consuming state that
will get that portion of GST hi friends
hope you like the first introduction
chapter on GST now we agree that GST is
a big opportunity for professionals and
at the same time it may become a threat
if professional doesn't update in time
now what's the challenge the challenge
is how to prepare for GST we are all
aware that the knowledge will flow from
everywhere like books websites workshops
seminars webinars and in fact there
would be overload of knowledge but
question is how systematically we can
use this knowledge in this limited time
so what do we require we require
structured learning regular updation and
most importantly updating well within
time time is the crucial and deciding
factor because people who learn well in
time will have an edge over others we
are happy to inform you that web tell
with its experience in software
development has now ventured into GST
eLearning with the help of panel of
experts we have kept these modules
simple for better understanding of not
only professionals like you but also
your own staff or staff of your clients
who do not get access to learning but
are the ones who have to do the actual
work
following are the major topics which we
will take up under GSD EE learning
introduction of GST registration returns
supply time of supply place of supply
which will be very important payment
refund industry wise analysis and many
more the amongst the first ones to get a
complete insight on GST
you