Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
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  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
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  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
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  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

Goods and Services Tax

Goods and Services Tax


• Goods and Services Tax (GST) is a multi-stage consumption tax on all Goods and Services

• GST is levied on supply of goods and services on each stage of the supply chain

• GST will replace separate Value Added Taxes (VAT) levied by the Centre (CENVAT) and States (VAT/Sales Tax)

• GST can technically cover 86% of GDP excluding only agriculture sector (14%) as per economic classification • 160 countries have so far implemented GST/VAT

 Malaysia implementing GST from April 1, 2015

Goods and Services Tax

Goods and Services Tax

What are the benefits?

• Common and unified national market

 Removal of barriers to trade

 Lower cost of doing business

 More fair, equitable and transparent

 Improved compliance resulting in reduced overall tax rates

• World Bank (India Development Update – Oct 2014)

 Delays due to road blocks, tolls and other stoppages will be down by 50% and freight time down by some 20-30%

 Logistics costs will be down by 30-40%

 Boosting competitiveness of India’s key manufacturing sectors by 3 to 4 percent of net sales

• Impact on GDP (NACER study commissioned by 13th Finance Commission)

 GDP can go up by 0.9-1.7% depending on assumptions

 Gain in Exports between 3.2-6.3% of GDP

 Import gain between 2.4-4.7% of GDP

 Goods and Services Tax

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