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  • Keynote Topic: GST - The Game Changer: A Tax Expert Perspective

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    Bhuvi Baalu
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    The document discusses Goods and Services Tax (GST) in India from the perspective of a tax expert. It outlines how GST aims to replace the current complex indirect tax system with a single, unified tax. GST will be levied as Central GST and State GST on a common base at the national level. This dual GST structure along with Integrated GST on inter-state transactions is expected to significantly simplify indirect taxation in India. The expert believes GST reforms can potentially improve resource allocation, increase productivity and competitiveness, and lead to higher economic growth by transforming businesses.

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    The document discusses Goods and Services Tax (GST) in India from the perspective of a tax expert. It outlines how GST aims to replace the current complex indirect tax system with a single, unified tax. GST will be levied as Central GST and State GST on a common base at the national level. This dual GST structure along with Integrated GST on inter-state transactions is expected to significantly simplify indirect taxation in India. The expert believes GST reforms can potentially improve resource allocation, increase productivity and competitiveness, and lead to higher economic growth by transforming businesses.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views8 pages

    Keynote Topic: GST - The Game Changer: A Tax Expert Perspective

    Uploaded by

    Bhuvi Baalu
    The document discusses Goods and Services Tax (GST) in India from the perspective of a tax expert. It outlines how GST aims to replace the current complex indirect tax system with a single, unified tax. GST will be levied as Central GST and State GST on a common base at the national level. This dual GST structure along with Integrated GST on inter-state transactions is expected to significantly simplify indirect taxation in India. The expert believes GST reforms can potentially improve resource allocation, increase productivity and competitiveness, and lead to higher economic growth by transforming businesses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 8

    Keynote Topic: GST – The Game

    Changer: A Tax Expert Perspective

    Harishanker Subramaniam
    Partner and National Leader, Indirect
    Tax Services, EY LLP
    Goods and Service Tax
    - A Game Changer
    Current Patchwork of Indirect Taxes

    State VAT CENVAT/Service Tax

    Primary Service Primary Service


    Producers Providers Producers Providers

    Service Service
    Manufacturers Manufacturers
    Resellers Resellers

    Distributors Distributors
    Real Estate Real Estate
    Resellers Resellers
    Proposed GST Framework

    GST

    Primary Service
    Producers Providers

    Manufacturers Service
    (less exclusions) Resellers

    Distributors Real Estate/


    Resellers Petroleum
    Proposed GST Framework

    Dual-GST Inter-state supplies


    and imports
    ► Centre and States
    to levy GST on ► Integrated-GST
    common base (IGST) on inter-state
    supplies/import of
    (CGST & SGST) Salient goods and services
    features

    Minimum exemptions 1% origin tax


    ► Potentially
    aligned to ► On inter-state
    current VAT supplies of goods
    exemptions
    Economic Impact of GST

    GST
    reforms
    Improved
    resource
    allocation Lower price of
    capital goods

    Higher total
    productivity
    Larger capital
    stock
    Improved
    competitiveness

    Sales
    Higher
    tax
    potential
    reforms
    output
    GST will lead to a business transformation
    Thank You

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