1.    The GST Opportunity

GST is set to transform India’s business land scape.
For most industrial products, GST rates have been slated at 18%. Today a manufacturer pays about 28-30% as taxes, so this means an average saving of around 10%. The lower tax rate is not the only benefit GST offers. It will provide a push to Indian economy in three big ways.

• One, GST replaces eight central and nine state taxes such as central excise duty, service tax, state VAT and entry tax. This means the end of an era of multiple taxes levied at central, state and local levels, each with a different tax compliance system.
• Two, GST reduces the cascading effect of taxes. An example will explain the current system. A manufacturer pays central excise at 20% on a shirt of value Rs 100. Next, the state government charges VAT not on Rs 100 but on Rs 120 which is the value of shirt and the tax already paid. VAT rate of 15% in effect becomes 18%, leading to a higher price of the shirt. GST resolves the issue by integrating tax systems of Centre and state. Also, GST is to be paid only on the value addition and not on absolute value.
• Three, GST would lead to lower transportation and distribution costs. Currently, firms spend a high 5-8% as product distribution and warehousing cost. The main reason for the high cost is the expense incurred on branches and warehouses that exist due to tax saving rather than business considerations. This would further reduce cost.

The lower taxes, simplified tax structure, seamless tax credit facility and technology driven easy tax compliance system offered by GST provide an ideal platform to increase manufacturing’s share of GDP from the current 17.4% to 25% by 2025. GST will raise India’s productivity and reduce prices. Combining GST with a clearly articulated manufacturing strategy would attract global investments, create jobs and make India a large manufacturing nation within a few years.

2.    The GST Nation – A Guide for Business Transformation

The GST offers a once in lifetime opportunity to transform business. But to benefit; firms will have to learn the new way: The GST way of doing business. This means mastering the new business practices introduced under GST. For example, GST mandates a time bound online filing of details of businesses transactions through the GST Network (GSTN) system. Any delay in doing this would cost money and business. To benefit fully, a firm must devise a strategy for business and understand the compliance requirements.
This book helps you in doing just that in easy to understand language. It has 6 parts:

• How GST works-Learn through simple examples
• GST strategy for Business Transformation
• Master the central concepts of GST
• Develop Insights into Special GST Schemes
• Master GST Compliances & Transitional Provisions
• Understand Working of GST Enforcement & Penalties system

It also provides straight answers to large number of GST related policy and operational issues.
This book is written from the business development and not legal perspective. While writing this book, I assumed no prior knowledge of GST on your part. I hope the book will be of help to everyone associated with the GST.

Contents

A

How GST works – Learn through examples

1. GST Essentials
2. Taxes to be paid under the GST Framework
3. How GST would reduce prices through a tax only on the value addition?
4. Understanding the process of return filing in GST

 B

GST Strategy for Business Transformation

5. How GST will transform Business and Nation?
6. Business critical issues
7. Regulatory responsibilities of a GST registered firm
8. Strategy for agile Business Transformation

 C

Master the Central Concepts of GST

9. Supply: Type, Time, Place and Value of Supply
10. Input Tax Credit

D

Develop Insights into Special GST Schemes

11. Export-Import, SEZs
12. GST provisions for e-Commerce
13. Composition Scheme
14. Job Work – GST Procedure for Outsourced Processing of Goods
15. Advance Ruling

E

Master GST Compliances & Transitional Provisions

16. GST Registration
17. Tax Invoice, Credit and Debit Notes
18. Returns
19. Claiming Tax Refunds
20. Record & Account keeping requirements
21. Transitional Provisions

F

Understand Working of GST Enforcement & Penalties System

22. Assessment of tax liability
23. Demand and Recovery of Tax
24. GST Enforcement: Inspection, Search, Seizure, Penalties
25. Ensuring compliances to GST rules

G

Acts and Rules

26. The Central Goods and Services Tax Act, 2017
27. The Integrated Goods and Services Tax Act, 2017
28. The GST Rules

 H

Annexures

29. List of GST Forms
30. Definitions
31. Key References
32. GST Rates on Services
33. GST Rates on Goods
34. GST Compensation Cess Rates
35. Acknowledgements