VAT vs GST, Current Tax Structure and proposed GST Regime
VAT vs GST, Current Tax Structure and proposed GST Regime: Difference between GST and VAT. Key changes between the current Tax Structure.||VAT vs GST, Current Tax Structure and proposed GST Regime: Difference between GST and VAT. Key changes between the current Tax Structure.||VAT vs GST, Current Tax Structure and proposed GST Regime: Difference between GST and VAT. Key changes between the current Tax Structure.||VAT vs GST, Current Tax Structure and proposed GST Regime: Difference between GST and VAT. Key changes between the current Tax Structure.||VAT vs GST, Current Tax Structure and proposed GST Regime: Difference between GST and VAT. Key changes between the current Tax Structure.
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VAT vs GST, Current Tax Structure and proposed GST Regime: Difference between GST and VAT. Key changes between the current Tax Structure and proposed GST Regime, GST Current Tax Structure and proposed GST Regime. Difference Between Excise, VAT and GST. Hello Friends here we are providing complete Difference between Current Tax Structure and proposed GST tax structure like - Structural Difference, Basis of Levy, difference between GST Registration, Procedures for Collection of Tax and Filing of Returns, Tax on Transfer of Goods to Branch or Agent within State. Now you can scroll down below and check "VAT vs GST, Current Tax Structure and proposed GST Regime".
In this article you may find complete details or Difference between old Tax Structure and New GST Structure. Check Difference Between, GST and VAT, GST and Excise, GST and Service Tax, etc. Now check all details for "VAT vs GST, Current Tax Structure and proposed GST Regime" from below...
A dual layered tax system with both Central and State GST levied on same base on all the goods and services except Petroleum ,High Speed Diesel, Motor spirit and Natural Gas to be brought at a later date, subject to recommendation of GST Council.
Must Read - GST Definition, Objective, Framework, Action Plan & Scope
GST Scenario - Uniform E-Registration process based on PAN of Entity
Current Scenario - Part validation by system, full verification subject to assessments by relevant Central/State authorities
GST Scenario - System based validation and consistency checks on Input Credit availed, utilisation and Tax Payments
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Current Scenario - Excise Duty charged up to the point of Manufacturing
GST Scenario - Replaced by CGST (Central Goods and Service Tax, to be charged up to Retail Level
GST Scenario - No Change
GST Scenario - To be subsumed under GST (CGST)
Must Read - Difference Between Present Tax Structure and GST Structure
GST Scenario - To be subsumed under SGST (State Goods and Service Tax), based upon Place of Supply Rules
GST Scenario - To be subsumed in IGST (Integrated Goods and Service Tax)
Current Scenario - Currently being charged by selected states for interstate transfers, held as import in local area
GST Scenario - No entry tax, Additional 1% of Tax to be levied on inter-state supply of selected goods, list yet to be finalised
Current Scenario - Exempt/Zero rated
GST Scenario - No Change
GST Scenario - To be taxable but full credit available to dealers
GST Scenario - Might Be taxable , Unless TIN of Transferor and Transferee is same
Current Scenario - Currently set-off of Excise duty and Service tax is allowed
GST Scenario - No cross Set-off between CGST and SGST
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Current Scenario - There are certain non-creditable goods and services under both VAT & CENVAT Rules
GST Scenario - No such disallowance, unless specified by GST Council
GST Scenario - No such disallowance, unless falling under the Negative List which is yet to be finalised by GST Council
GST Scenario - No such Exemptions, Investment Refund Scheme (IRS) may be introduced for existing zones based upon recommendations of GST Council
Must Read - Role of Chartered Accountants in GST
GST Scenario - Not Changed
a) Central Excise-1.5 Crores
b) VAT-Varies from Rs. 5 to 20 Lacs from state to state
c) Service Tax- Rs.10 Lacs GST Scenario - CGST-Limits to be decided
SGST-Rs.10 Lacs to 20 Lacs as recommended by GST Council
Must Read –
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VAT vs GST, Current Tax Structure and proposed GST Regime
1. Structural Difference
Current Scenario - a)Central Taxes:-Central Excise/Custom Duty, Central Sales Tax on Goods and Service Tax charged on Services, Surcharge & Cess b)State Taxes-State Vat, Sales Tax Deducted at Source, WCT, Luxury Tax, Entertainment Tax, Tax on Lottery, Surcharge & Cess GST ScenarioAdvertisement
2. Basis of Levy
Current Scenario - Taxable at the place of- a)Manufacture/Sale of goods,
- b)Rendering of services
3. Registration
Current Scenario - Decentralised registration under Central and State Authorities.4. Procedures for Collection of Tax and Filing of Returns
Current Scenario - Central Excise and Service Tax-Uniform, VAT-Varies from State to State and GST Scenario - Uniform process and common dates for collection/deposit of tax and filing of returns5. Validation and of Challan/Returns, Input Credit and Payment of Tax
5. Excise Duty
6. Basic Customs Duty
Current Scenario - In case of Import, taxed by Centre under separate act7. Countervailing Duty/Special Additional Duty
Current Scenario - In case of Import, taxed by Centre, separately8. Service Tax
Current Scenario - Charged by Centre on list of Services under Finance Act on Payment/Provision Basis9. Central Sales Tax (CST)
Current Scenario - Applicable at concessional rate of 2% on inter-state transfers against C-Forms, otherwise full rate i.e. 5% to 14.5%10. State VAT
Current Scenario - Except exempt items, all goods are taxed GST Scenario - Subsumed in SGST (State Goods and Service Tax) [divider style="solid" top="20" bottom="20"]11. Entry Tax
12. Tax on Export of Goods and Services
13. Tax on Inter State Transfer of Goods to Branch or Agent
Current Scenario - Exempt against Form F14. Tax on Transfer of Goods to Branch or Agent within State
Current Scenario - Generally Exempt; Depends Upon State Procedures15. Cascading Effect
Current Scenario - Credit between Excise Duty & Service Tax available, but no set-off against VAT on Excise Duty GST Scenario - Credit available on the full amount of taxes up to retailer16. Cross Set-Off of Levy
17. Disallowance of Credit on selected items
18. Disallowance of inputs/input services used in Exempted Goods /Services
Current Scenario - Not Allowed19. Exemptions –Excise Free Zone, VAT Remissions
Current Scenario - Some areas enjoy status of Excise/Vat Exemptions i.e. North East, Himachal20. Levy of Tax on Government Bodies, NGOs
Current Scenario - Certain Govt. bodies, PSUs and Non-for-profit bodies covered21. Threshold Limits for levy of Tax
Current Scenario -b) VAT-Varies from Rs. 5 to 20 Lacs from state to state
c) Service Tax- Rs.10 Lacs GST Scenario - CGST-Limits to be decided
SGST-Rs.10 Lacs to 20 Lacs as recommended by GST Council