Government of India released a GST PDF titled ‘GST Concept and Status’ as on April 1, 2019. This GST PDF gives insights with regards to the complete scenario of the previous indirect tax regime and the coming of GST in India.
Accordingly, it contains detailed information in respect of the:
- constitutional scheme of the indirect tax structure before GST, such as the revenue sources of central, state and local governments
- advancement of the indirect tax structure in post – independent India till GST, including tax reforms like CENVAT, VAT, CST and their underlying challenges
need for GST in India - challenges faced by the government in implementing GST
- constitutional amendments undertaken to implement GST
- setting up of GST Council and defining its functions
- Overview of the concept of GST including GST return filing system, ITC, GST refund, composition scheme, reverse charge mechanism, etc.
- Various reforms introduced in the GST council meetings and notifications including GST rates, registration limits, etc.
- snapshot of the number of returns filed and revenue earned by the government as on 31st March 2019 and benefits of implementing GST to the Indian economy.
- Future of GST in India
Thus, one can refer to this GST pdf to have a complete understanding of the pre GST scenario, its issues, introduction of GST in India, various GST concepts and reforms undertaken until march 31, 2019.
Understanding Goods and Services Tax (Presentation)
Another document that gives you an overview of the GST journey, features of the GST act, its design and benefits is ‘Understanding Goods and Services Tax (Presentation)’. This presentation, released by CBIC, provides a snapshot of:
- the GST journey so far, right from the announcement made in 2006 to bring GST in India by 2010, first discussion paper released in 2009, to constitution amendment bill passed in 2016 and finally roll out of GST in July 2017
- previous indirect tax structure including the taxes that came under the jurisdiction of central and state governments respectively
- concept of GST and various components of GST such as CGST, SGST and IGST
- various features of Constitution Amendment Act such as GST being charged by both centre (CSGT) and states (SGST), centre to charge IGST on inter state supplies, compensating states for loss of revenue for five years etc.
- GST council, its members, functions and decisions in respect of AGST rates, threshold limit exempt supplies etc
- compensation mechanism for states
- fundamental features of the GST Act
- suggested structure for the appellate tribunal
- what is GSTN and role of Central Board of Excise and Customs
- Benefits of GST and way ahead
The GST Saga
The GST Council rolled out another GST Document titled ‘ The GST Saga’ that provides a detailed narrative of how the GST was implemented in India. This narrative talks about the efforts made by the government to implement GST in India.
These include bringing centre and states on a common consensus, making amendments to the constitution, roping in stakeholders like policy makers, tax administrators etc for GST implementation.
Accordingly, the GST Saga provides details in respect of:
- the concept of GST and its components such as CGST, SGST levied by both the centre and states on intra – state supplies and IGST levied by the centre on inter state supplies
- origin of GST such as the first announcement made in the budget speech of 2006 to the passing of the Constitution Act, 2016
- the formation of GST council, its members from both centre and states and defining the manner in which decisions would be undertaken by the Council
- formulating GST laws including CGST, SGST, IGST act
- formation of sectoral groups to enable trade and industry to put forth their suggestions for GST
- federal and state taxes that were subsumed in GST and cesses and surcharges that were abolished eventually
- deciding GST rates for goods and services
- creation of a SPV called as the ‘GSTN’ that provided IT infrastructure for the implementation of GST
GST Overview
The GST Overview pdf gives an overview of the various concepts that define the GST law. Unlike the above mentioned documents, the GST overview states GST concepts and their relevant sections in a graphical format. This document would help the users in understanding the GST law in brief and can be referred to run through the fundamental GST concepts and their relevance.
Thus, GST overview lays out:
- various sections that cover respective fundamental GST concepts like supply, forms of supply, exceptions to supply, time of supply, nature of supply, ITC etc
- concept of supply, transactions that are included and excluded from supply, forms of supply like composite supply and mixed supply
- meaning of aggregate turnover
- composition scheme, its conditions, eligibility criteria and GST rates applicable
concept of time of supply in case of goods and services and the liability to pay tax at the time of supply - rules in respect of value of goods and services
- concept of place of supply in case of goods and services
- provisions for ITC
- types of assessment
- types of audit
- offences under GST and corresponding penalties
Goods and Services Tax Simplified
Goods and Services Tax Simplified is a document that covers various FAQs covering the fundamental aspects of the GST regime. This document is really helpful is getting an overview of what GST is all about, various aspects that make the GST law, various documents that one can refer for detailed understanding of GST etc.
Thus, this GST pdf covers:
- the concept of GST and its types
- taxes that are subsumed as a result of GST implementation
- components of GSTIN
- the concept of ITC and availing ITC in various scenarios
- GST registration, process, documents required and various sources providing detailed registration procedure under GST
- process of GST payment
Understanding Goods and Services Tax (Presentation)
This document is the same as the presentation released by CBIC above. This document titled ‘Understanding Goods and Services Tax (Presentation)’ provides you an overview of the GST journey, features of the GST act, its design and benefits. This presentation, released by Ministry of Broadcasting and Communication, provides a snapshot of:
- the GST journey so far, right from the announcement made in 2006 to bring GST in India by 2010, first discussion paper released in 2009, to constitution amendment bill passed in 2016 and finally roll out of GST in July 2017
- previous indirect tax structure including the taxes that came under the jurisdiction of central and state governments respectively
- concept of GST and various components such as CGST, SGST and IGST
- various features of Constitution Amendment Act such as GST being charged by both centre (CSGT) and states (SGST), centre to charge IGST on inter state supplies, compensating states for loss of revenue for five years etc
- GST council, its members, functions and decisions in respect of AGST rates, threshold limit exempt supplies etc
- compensation mechanism for states
- fundamental features of the GST Act
- suggested structure for the appellate tribunal
- what is GSTN and role of Central Board of Excise and Customs
- benefits of GST and way ahead
- manner in which incidence of tax remains the same in pre and post GST tax regime
Rate of GST on Goods
This ‘Rate of GST on Goods’ pdf provides the GST rate structure for goods. To make it convenient for the taxpayers, the GST rate structure is divided into seven schedules, based on the different GST rates.
Therefore, this document can be used to verify the GST rates on the goods produced by various taxpayers. The rate wise schedules as per this document are as follows:
- Schedule I: List of goods at NIL rate
- The Schedule II: List of goods at 0.25% rate
- Schedule III: List of goods at 3% rate
- The Schedule IV: List of goods at 5% rate
- Schedule V: List of goods at 12% rate
- The Schedule VI: List of goods at 18% rate
- Schedule VII: List of goods at 28% rate
GST Invoice Format
Click above image to view GST Invoice Format.
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