GST impact - trader and manufacturer
Impact on Traders
Positive Impact on Traders
No dispute good Versus Service:
In present regime of tax structure, the big issue is whether the transaction amount to sale of good or service. Though this dispute still may arise from view of time/place of supply from good or time/place of supply of services as both are separately given. However, net impact is neutral, on either of them needs to pay GST.
Composition levy Increased
In current regime of taxation the limit under Composition Scheme is 40 lakhs where as under GST it is increased up to 50 Lakhs. It is beneficial as 10 lakhs in turnover is a big thing from trader point of view.
Credit of Excise Duty and Service tax:
In current regime of taxation then a trader is not eligible to take credit of input service as well as the Excise duty. However, in GST regime he will be eligible to take all credits and it will make positive impact on trader.
No Margin to Disclose
Currently a trader who wants to pass on the CENVAT Credit of excise duty needs to obtain dealer registration and have to disclose the margin. But now this is no more relevant as trader is eligible to take credit as well as no requirement of separate dealer registration.
No Reversal of Credit on goods sent for stock transfer
Currently as stock transfer is not liable to Vat as well as CST hence, credit pertains to goods sent to stock transfer needs to be reversed. However, in GST Regime stock transfer got made taxable, hence No reversal of credit is required.
Credit of CST
In current regime of tax, on inter- state purchases CST paid became the cost to the trader as the Credit was not available where as under GST regime it will be available as IGST Credit.
Negative Impact on Traders
Stock transfer made taxable
In current regime of tax, stock transfer are not taxable on being made available “Form F” where as in current regime stock transfer made taxable. Due to this Warehouse decision to be taken more appropriately.
No Form “C”
In current regime of tax, on being made available the Form C, CST rates charged at the rate of 2% instead of 14.5% which is local tax rate, however in GST regime interstate will be taxed at standard rate i.e IGST.
Goods sent to job work are taxable
In current regime of tax, the goods sent for job work are not liable to CST on being made available of Form “H” whereas in Current GST regime it became taxable.
Increased burden of Compliances
Instead of 4/12 Returns (state wise vary), now a trader needs to file 37 returns in year and much more compliances.
Impact on Manufacturers
Positive Impact on Manufacturers
One Tax
In present structure of tax, there is various kind of taxes such as excise duty, Service tax, VAT, Entry tax, Central Sales Tax etc. But in GST regime there is only one tax i.e GST however, there will be three parts such CGST, SGST, IGST. This is measure relief for the manufacturer.
Rate of tax
In current tax regime the consumer pays approximately 25-26% more than the cost of production due to excise duty (at 12.5%) and value added tax (almost 14.5%).In GST, goods may become cheaper marginally which a good sign for manufacture to compete with international market. The Impact of rate of tax depends on industry wise, but mostly it is beneficial.
No Concept of Manufacture
In Non-GST regime the biggest litigation and issues are whether the transaction amount to manufacture or not. The interpretation related to term “Manufacture” will no more be relevant. It may result in ease of doing business without having litigation about the process.
Reduction In Cost
In GST regime there will be reduction in cost of production as credit will be eligible of tax on purchases made from interstate purchases and no cascading effect. Hence, a manufacturer need not take the decision regarding purchase from point of view of tax implication as credit is eligible on all purchases.
Minimization of Classification issues
In current regime of tax there are numerous issues on classification of goods due to separate rates on different goods and exemptions on certain goods. But in regime of GST there shall be minimization of classification issues due to uniform rate and less expected exemptions.
Speedy Movement of Goods
In GST Regime of tax structure there will be minimization of trade barriers, such as filing of way bills/entry permits. Compliance under entry tax will be abolished. There is much compliance in current regime on interstate movements or locally such as way bills, statutory forms etc which lead to slow movements of goods where as this concept is going to be abolished though check points will still be eligible.
CENVAT Credit
In regime of present tax, the manufacturer is unable to utilize the credit of Central Sales tax and VAT provided output is charged under Composition Scheme, which becomes the cost for him. But in Regime of GST, a manufacturer will be eligible to take Credit of SGST (VAT) as well as IGST (CST) on the purchases. There will be seamless flow of Credit in GST.
Valuation of Samples
In current law goods removed on sample basis, tax needs to paid by adopting the nearest aggregate value. However, in GST regime, time up to six months is granted to decide whether the good sold on sample basis has been approved or not which beneficial thing for manufacturer. However, after 6 months tax needs to be paid if the same is still in process of approval.
State Wise Registration
Generally it has been observed that many manufacturers have two premises of factory within same locality or in same state and they are liable to take separate registration for each factory. But in GST Regime, registration has to be taken state wise and not factory wise. This will abolish the difficulties which have been faced due to separate registration.
No assessment by multiple tax authorities
Generally, manufacturers are facing many difficulties in handling the assessments done by the Separate authorities for VAT, Service Tax, Central Excise, CST, etc. In GST regime it is expected that assessment will be done by State authorities for SGST, Central Authorities for CGST, and Interstate authorities for IGST.
Electronic Mode for Forms
In current regime of tax there is very much manual filing of documents such as initial declaration, Numbering of Invoices etc. But in GST regime there will be less manual filing of documents and more through electronic mode. Further, the communication with department also could be through electronic mode.
Negative Impact on Manufacturers
Time of Supply
In current regime of tax the time of duty on manufacture attracts at the time of removal where as in GST regime it will earliest of the four such as (Date of Issue of Invoice, Date of Payment, Date of Removal, Debit in the books of Receiver).
Increase in Working Capital
In GST regime of tax, stock transfer has been made taxable, which requires the huge working capital because the realization of tax going to be on final supply tills that It may block the capital.
No Credit of Petroleum Product
Petroleum Product has been kept out of GST hence; the tax paid on Petroleum Product is not eligible as credit and same became the cost. Each industry requires the Petroleum Product such as Fertilizer Industry, Power Sector, Logistic Sector etc.
Introduction of Reverse Charge on Goods
In current regime Of tax structure there was reverse charge on specified services but in case of GST even the reverse charge will be applicable on goods.
Post supply Discount
If the discount has to be given post supply than it must be known to both the parties at the time of supply or pre-supply and the proof of being known is the clause of discount must be there either in contract or agreement or offer etc.
Matching Concept of Returns
In current regime, if the tax has been made the purchaser to supplier then he is eligible to take the Credit it is immaterial whether the same has been credited to Central Government by the supplier or not. But in GST Regime, the matching concept if tax credit will be there, if credits pertaining to supplier does not match with purchaser than it will not be accepted in return unless it is rectified by both the parties.
Denial of CENVAT Credit on purchases made from unorganized/unregistered Person
In GST regime if the goods have been purchased from the register person then only credit will be given otherwise the credit will not be allowed.
No Compliance of “C” and “F” Forms
As stock transfer has been made taxable in GST Regime hence Concept of “F” Forms is no more relevant and IGST has been levied on all inter-state purchases or sale and credit will be allowed, hence No Concept of form “F” is relevant.
Increase in Compliance-burden
There is going to be huge compliance burden in GST Regime such as 37 returns for one office in a year.
To Conclude:
The introduction of the Goods and Services Tax will be a very noteworthy step in the field of indirect tax reforms in India. By merging a large number of Central and State taxes into a single tax, GST is expected to significantly ease double taxation and make taxation overall easy for the industries. For the end customer, the most beneficial will be in terms of reduction in the overall tax burden on goods and services. Introduction of GST will also make Indian products competitive in the domestic and international markets. Last but not least, the GST, because of its transparent character, will be easier to administer. Once implemented, the proposed taxation system holds great promise in terms of sustaining growth for the Indian economy. more
Positive Impact on Traders
No dispute good Versus Service:
In present regime of tax structure, the big issue is whether the transaction amount to sale of good or service. Though this dispute still may arise from view of time/place of supply from good or time/place of supply of services as both are separately given. However, net impact is neutral, on either of them needs to pay GST.
Composition levy Increased
In current regime of taxation the limit under Composition Scheme is 40 lakhs where as under GST it is increased up to 50 Lakhs. It is beneficial as 10 lakhs in turnover is a big thing from trader point of view.
Credit of Excise Duty and Service tax:
In current regime of taxation then a trader is not eligible to take credit of input service as well as the Excise duty. However, in GST regime he will be eligible to take all credits and it will make positive impact on trader.
No Margin to Disclose
Currently a trader who wants to pass on the CENVAT Credit of excise duty needs to obtain dealer registration and have to disclose the margin. But now this is no more relevant as trader is eligible to take credit as well as no requirement of separate dealer registration.
No Reversal of Credit on goods sent for stock transfer
Currently as stock transfer is not liable to Vat as well as CST hence, credit pertains to goods sent to stock transfer needs to be reversed. However, in GST Regime stock transfer got made taxable, hence No reversal of credit is required.
Credit of CST
In current regime of tax, on inter- state purchases CST paid became the cost to the trader as the Credit was not available where as under GST regime it will be available as IGST Credit.
Negative Impact on Traders
Stock transfer made taxable
In current regime of tax, stock transfer are not taxable on being made available “Form F” where as in current regime stock transfer made taxable. Due to this Warehouse decision to be taken more appropriately.
No Form “C”
In current regime of tax, on being made available the Form C, CST rates charged at the rate of 2% instead of 14.5% which is local tax rate, however in GST regime interstate will be taxed at standard rate i.e IGST.
Goods sent to job work are taxable
In current regime of tax, the goods sent for job work are not liable to CST on being made available of Form “H” whereas in Current GST regime it became taxable.
Increased burden of Compliances
Instead of 4/12 Returns (state wise vary), now a trader needs to file 37 returns in year and much more compliances.
Impact on Manufacturers
Positive Impact on Manufacturers
One Tax
In present structure of tax, there is various kind of taxes such as excise duty, Service tax, VAT, Entry tax, Central Sales Tax etc. But in GST regime there is only one tax i.e GST however, there will be three parts such CGST, SGST, IGST. This is measure relief for the manufacturer.
Rate of tax
In current tax regime the consumer pays approximately 25-26% more than the cost of production due to excise duty (at 12.5%) and value added tax (almost 14.5%).In GST, goods may become cheaper marginally which a good sign for manufacture to compete with international market. The Impact of rate of tax depends on industry wise, but mostly it is beneficial.
No Concept of Manufacture
In Non-GST regime the biggest litigation and issues are whether the transaction amount to manufacture or not. The interpretation related to term “Manufacture” will no more be relevant. It may result in ease of doing business without having litigation about the process.
Reduction In Cost
In GST regime there will be reduction in cost of production as credit will be eligible of tax on purchases made from interstate purchases and no cascading effect. Hence, a manufacturer need not take the decision regarding purchase from point of view of tax implication as credit is eligible on all purchases.
Minimization of Classification issues
In current regime of tax there are numerous issues on classification of goods due to separate rates on different goods and exemptions on certain goods. But in regime of GST there shall be minimization of classification issues due to uniform rate and less expected exemptions.
Speedy Movement of Goods
In GST Regime of tax structure there will be minimization of trade barriers, such as filing of way bills/entry permits. Compliance under entry tax will be abolished. There is much compliance in current regime on interstate movements or locally such as way bills, statutory forms etc which lead to slow movements of goods where as this concept is going to be abolished though check points will still be eligible.
CENVAT Credit
In regime of present tax, the manufacturer is unable to utilize the credit of Central Sales tax and VAT provided output is charged under Composition Scheme, which becomes the cost for him. But in Regime of GST, a manufacturer will be eligible to take Credit of SGST (VAT) as well as IGST (CST) on the purchases. There will be seamless flow of Credit in GST.
Valuation of Samples
In current law goods removed on sample basis, tax needs to paid by adopting the nearest aggregate value. However, in GST regime, time up to six months is granted to decide whether the good sold on sample basis has been approved or not which beneficial thing for manufacturer. However, after 6 months tax needs to be paid if the same is still in process of approval.
State Wise Registration
Generally it has been observed that many manufacturers have two premises of factory within same locality or in same state and they are liable to take separate registration for each factory. But in GST Regime, registration has to be taken state wise and not factory wise. This will abolish the difficulties which have been faced due to separate registration.
No assessment by multiple tax authorities
Generally, manufacturers are facing many difficulties in handling the assessments done by the Separate authorities for VAT, Service Tax, Central Excise, CST, etc. In GST regime it is expected that assessment will be done by State authorities for SGST, Central Authorities for CGST, and Interstate authorities for IGST.
Electronic Mode for Forms
In current regime of tax there is very much manual filing of documents such as initial declaration, Numbering of Invoices etc. But in GST regime there will be less manual filing of documents and more through electronic mode. Further, the communication with department also could be through electronic mode.
Negative Impact on Manufacturers
Time of Supply
In current regime of tax the time of duty on manufacture attracts at the time of removal where as in GST regime it will earliest of the four such as (Date of Issue of Invoice, Date of Payment, Date of Removal, Debit in the books of Receiver).
Increase in Working Capital
In GST regime of tax, stock transfer has been made taxable, which requires the huge working capital because the realization of tax going to be on final supply tills that It may block the capital.
No Credit of Petroleum Product
Petroleum Product has been kept out of GST hence; the tax paid on Petroleum Product is not eligible as credit and same became the cost. Each industry requires the Petroleum Product such as Fertilizer Industry, Power Sector, Logistic Sector etc.
Introduction of Reverse Charge on Goods
In current regime Of tax structure there was reverse charge on specified services but in case of GST even the reverse charge will be applicable on goods.
Post supply Discount
If the discount has to be given post supply than it must be known to both the parties at the time of supply or pre-supply and the proof of being known is the clause of discount must be there either in contract or agreement or offer etc.
Matching Concept of Returns
In current regime, if the tax has been made the purchaser to supplier then he is eligible to take the Credit it is immaterial whether the same has been credited to Central Government by the supplier or not. But in GST Regime, the matching concept if tax credit will be there, if credits pertaining to supplier does not match with purchaser than it will not be accepted in return unless it is rectified by both the parties.
Denial of CENVAT Credit on purchases made from unorganized/unregistered Person
In GST regime if the goods have been purchased from the register person then only credit will be given otherwise the credit will not be allowed.
No Compliance of “C” and “F” Forms
As stock transfer has been made taxable in GST Regime hence Concept of “F” Forms is no more relevant and IGST has been levied on all inter-state purchases or sale and credit will be allowed, hence No Concept of form “F” is relevant.
Increase in Compliance-burden
There is going to be huge compliance burden in GST Regime such as 37 returns for one office in a year.
To Conclude:
The introduction of the Goods and Services Tax will be a very noteworthy step in the field of indirect tax reforms in India. By merging a large number of Central and State taxes into a single tax, GST is expected to significantly ease double taxation and make taxation overall easy for the industries. For the end customer, the most beneficial will be in terms of reduction in the overall tax burden on goods and services. Introduction of GST will also make Indian products competitive in the domestic and international markets. Last but not least, the GST, because of its transparent character, will be easier to administer. Once implemented, the proposed taxation system holds great promise in terms of sustaining growth for the Indian economy. more
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Oct 31
Mind it - I am not against GST, single law is always better then multiple laws or areawise laws. BUT my objection is to its implementation as well as provisions. The concept of 5 groups (rather say 6 as alcohol & petro is outside it) is basic flaw as more the groups more the confusing. I think three stages were sufficient. Secondly, many items draw unnecessary higher rates like loans for higher studies, hybrid cars, copies etc etc. Third, is there any thought of school exits - how the unorganized sector be able to compete organized sector? Fourth, what is the control over under-billing concept, when you are saying no kachha-pacca hisab, then must have think about this concept too. Fifth, lower the tax lower the concept to betray it. But when one has to shell out 28%, who will not lure to save it? Sixth, you are saying there will be no inspector raj but when the authorties are going on checking routines then what they are going to do. And as we all know about the sincerity of our checking authorities. Shall not it increase the corruption? more
Jul 02
How GST will benefit common man is not explained anywhere. When overall tax collection target remain same or higher, the out go from common man's pocket will remain same or go up. The real problem is corruption in the system. Unless this is checked, whatever tax system you introduce, problem will remain the same. more
Jul 01
The benefit to common man is decreased in black money transactions and more business man will be added to tax system. This will increase the revenue of the government.
As per finance minister, increase in tax collection, will lead to decrease in tax rates, which will benefit to the common man. more
As per finance minister, increase in tax collection, will lead to decrease in tax rates, which will benefit to the common man. more
Jul 01
I am convinced with Brij gupta ji Unless and untill we see the implications for two/three days, there is no point to Comment. more
Jun 30
All this explanation is OK. The GST registration, rates, and return submission is the responsibility of manufacturers, traders, and service providers etc and not for the common people like me. What I am interested to know is - how it is going to affect me in my expenses for living on food items and house etc which are essential for living and not luxury items. No one is taking about in detail.. more
Jun 30
