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Hiral Raja
Chief Manager Taxation
Asian Paints Limited
Satish V M
Product Expert, SAP Labs India
Agenda
CENVAT CREDIT
VALUE ADDED TAX (VAT), CENTRAL SALES TAX (CST) & OTHERS
CGST: SGST:
Central Excise Duty VAT / Sales tax
Additional Excise Duties Entertainment tax (unless it is levied by
Excise Duty levied under the Medicinal the local bodies).
and Toiletries Preparation Act Purchase tax
Service Tax Luxury tax
Additional Customs Duty - (CVD) Taxes on lottery, betting and gambling
Special Additional Duty of Customs - 4% Octroi and Entry Tax
(SAD) State Cesses and Surcharges in so far as
Surcharges and Cesses they relate to supply of goods and
services
Centre would levy IGST which would be CGST plus SGST on all inter-State
transactions of supply of taxable goods and services
Cross utilization between SGST of one state and SGST of another state not
allowed
Credit of taxes paid on petroleum products not available (since it is not a part
of GST)
Refund/adjustment in case of exports, purchase of capital goods, inverted duty
structure on output tax to be completed in timely manner
2015 SAP SE or an SAP affiliate company. All rights reserved. Public 8
Input tax credit under GST
Illustrative list of Input tax credits currently not available (that might be
available under GST):
Credit on inter state purchases/supply of goods
Burnouts on stock transfers and negative list of goods under each state
Service tax credit on freight from the place of removal to the customer and
other service tax credits currently not available
Excise credits for all business purchase expenses viz. Sales promotion
items, gifts, etc
Luxury tax paid in Hotels
Service tax credits on trading of goods
CVD and SAD on imported goods procured for trading of goods/sales
promotion
Tax credits on purchase of hardware and software
States allowed to collect additional tax (not exceeding 1%) on supply of goods in
course of inter state trade
Honble Finance Minister in Lok Sabha has assured that 1% additional tax
levied in the course of interstate supply of goods shall have no cascading effect
Identify the tax cost (with respect to taxes that are supposed to merged into GST)
in the profit and loss account and start capturing the same so as to enable the
business to understand the impact of GST
Review the current operations/distribution models and evaluate the need for any
changes in the operation/distribution models on account of :
Availability of full credit under GST system; and
Impact of additional tax payable on the supply of goods in course of inter state trade
Utilization Transaction
Contact information:
Hiral Raja
Asian Paints Limited
+91 22 - 39818336