GST Goods and Services Tax

GST Goods and Services Tax

GST is the indirect tax levied on goods and services across the country. It is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

There are 3 taxes applicable under this system.

i) CGST: Collected by the Central Government on an intra-state sale (Eg: transaction happening in TamilNadu)

ii) SGST: Collected by the State Government on an intra-state sale (Eg: transaction happening within TamilNadu)

iii) IGST: Collected by the Central Government for inter-state sale (Eg: Punjab to Tamil Nadu)

Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax. The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States.

The Goods and Services Tax Council shall make recommendations to the Union and the States on

a. the taxes, cesses and surcharges levied by the Union, the States and the local bodies which may be subsumed in the goods and services tax

b. the goods and services that may be subjected to, or exempted from the goods and services tax

c. model Goods and Services Tax Laws, principles of levy, apportionment of Goods and Services Tax levied on supplies in the course of inter-State trade or commerce under article 269A and the principles that govern the place of supply

d. the threshold limit of turnover below which goods and services may be exempted from goods and services tax

e. the rates including floor rates with bands of goods and services tax

f. any special rate or rates for a specified period, to raise additional resources during any natural calamity or disaster

g. special provision with respect to the States of Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand and

h. any other matter relating to the goods and services tax, as the Council may decide.

Purpose

At the Tata group we are committed to improving the quality of life of the communities we serve. We do this by striving for leadership and global competitiveness in the business sectors in which we operate.

Our practice of returning to society what we earn evokes trust among consumers, employees, shareholders and the community. We are committed to protecting this heritage of leadership with trust through the manner in which we conduct our business.

Core values

Tata has always been values-driven. These values continue to direct the growth and business of Tata companies. The five core Tata values underpinning the way we do business are:

Integrity: We will be fair, honest, transparent and ethical in our conduct; everything we do must stand the test of public scrutiny.

Excellence: We will be passionate about achieving the highest standards of quality, always promoting meritocracy.

Unity: We will invest in our people and partners, enable continuous learning, and build caring and collaborative relationships based on trust and mutual respect.

Responsibility: We will integrate environmental and social principles in our businesses, ensuring that what comes from the people goes back to the people many times over.

Pioneering: We will be bold and agile, courageously taking on challenges, using deep customer insight to develop innovative solutions.

Mission

To improve the quality of life of the communities we serve globally through long-term stakeholder value creation based on Leadership with Trust.

Key Terms

Environment, Micro and Macro Environment, Value system, Capitalistic Economy, Socialistic Economy, Mixed economy, Fiscal Policy, Monetary policy, Demography, VUCA GST

For Future learning

i) Identify top five Indian companies and understand their vision , mission and core values.

ii) Examine how mobile phones are replacing the existing technologies-Radio, Music system, Camera etc.

Case Study

Dr.VargheseKurien – Pioneer of White revolution in India

Amul meant different things to different people :

To a Milk Producer A life enriching experience

To a Consumer Assurance of havingwholesome milk

To a Mother A reliable source of nourishment for her child

To the Country Rural Development and Self Reliance

Case Study

Apollo Hospitals

Our Vision

Apollo’s vision for the next phase of development is to ‘Touch a Billion Lives’.

Our Mission

“Our mission is to bring healthcare of International standards within the reach of every individual. We are committed to the achievement and maintenance of excellence in education, research and healthcare for the benefit of humanity”.

The TVS Group traces its origins to a rural transport service, founded in 1911 in Tamil Nadu, India. Today, this renowned business conglomerate remains faithful to its core ideals of trust, values, service and ethics.