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    gst2017 161225071035

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    Birjesh Kumar
    GST is a comprehensive indirect tax that combines central excise duty, services tax, VAT, and other indirect taxes into a single tax. It aims to reduce the cascading effect of taxes and make India a common market. Some key advantages are ease of doing business, attracting foreign investment, eliminating tax evasion, and reducing inventory costs. Certain items like alcohol, petroleum, and tobacco are not included in GST. The government, trade and industry, and consumers all benefit from GST through increased revenue and GDP, reduced costs and improved competitiveness, and lower prices respectively. GST is implemented in multiple tax slabs of 0%, 5%, 12%, 18%, and 28%.

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    gst2017 161225071035

    Uploaded by

    Birjesh Kumar
    37 views16 pages
    GST is a comprehensive indirect tax that combines central excise duty, services tax, VAT, and other indirect taxes into a single tax. It aims to reduce the cascading effect of taxes and make India a common market. Some key advantages are ease of doing business, attracting foreign investment, eliminating tax evasion, and reducing inventory costs. Certain items like alcohol, petroleum, and tobacco are not included in GST. The government, trade and industry, and consumers all benefit from GST through increased revenue and GDP, reduced costs and improved competitiveness, and lower prices respectively. GST is implemented in multiple tax slabs of 0%, 5%, 12%, 18%, and 28%.

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    GST is a comprehensive indirect tax that combines central excise duty, services tax, VAT, and other indirect taxes into a single tax. It aims to reduce the cascading effect of taxes and make India a common market. Some key advantages are ease of doing business, attracting foreign investment, eliminating tax evasion, and reducing inventory costs. Certain items like alcohol, petroleum, and tobacco are not included in GST. The government, trade and industry, and consumers all benefit from GST through increased revenue and GDP, reduced costs and improved competitiveness, and lower prices respectively. GST is implemented in multiple tax slabs of 0%, 5%, 12%, 18%, and 28%.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    37 views16 pages

    gst2017 161225071035

    Uploaded by

    Birjesh Kumar
    GST is a comprehensive indirect tax that combines central excise duty, services tax, VAT, and other indirect taxes into a single tax. It aims to reduce the cascading effect of taxes and make India a common market. Some key advantages are ease of doing business, attracting foreign investment, eliminating tax evasion, and reducing inventory costs. Certain items like alcohol, petroleum, and tobacco are not included in GST. The government, trade and industry, and consumers all benefit from GST through increased revenue and GDP, reduced costs and improved competitiveness, and lower prices respectively. GST is implemented in multiple tax slabs of 0%, 5%, 12%, 18%, and 28%.

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    © All Rights Reserved
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    Download as pptx, pdf, or txt
    of 16

    GST

    TANVEER
    Introduction :

    GOODS AND SERVICE TAX (GST)


    GST is comprehensive tax mechanism where in all major indirect taxes
    are clubbed into one, whether they are levied on services(service tax)
    or goods(excise and vat).

    The goods and service tax is a Value Added Tax (VAT) to be


    implemented in India, from April 2017.

    One of the aims of introducing GST is to reduce the cascading effects


    of taxes which is the primary focus of VAT but vat system is not
    comprehensive enough to do so.
    GS
    T

    Central State GST


    GST
    1. Central excise duty 1. VAT Purchase
    2. Additional excise duty 2. tax
    3. Service tax 3. Entertainment tax
    4. Countervailing duty(CVD) 4. Luxury tax
    5. Additional duty of customs(ADC) 5. Lottery tax
    6. Surcharge, Education and 6. State surcharge and cesses
    Secondary/Higher secondary cess leviable on the above as of now
    Advantages of GST
    :
    Ease of doing business
    Attractive for foreign investors
    FDI
    No tax evasion
    Inventory cost will fall
    Make in India
    Common market
    Manufacture goods could become cheap
    GDP lift
    PRESENT TAX SYSTEM

    Product sold from Mumbai to Nagpur VAT @ 10% = Rs 100


    Price = Rs 1000

    Product sold from Nagpur to


    Chennai
    Total Cost Price = Rs 1100
    Rs -2310 CST @ 10% = Rs
    210 Profit =1000
    Sale Price =Rs2100
    GST SYSTEM

    Product sold from Mumbai to Nagpur CGST @ 5% = Rs


    Price = Rs 1000 50
    SGST @ 5% =Rs
    50

    Product sold from Nagpur to


    Chennai
    Total Cost Price = Rs 1100
    Rs -2210 IGST @ 10% = Rs
    210 Profit =1000

    Less: Sale Price =Rs2100


    CGST
    SGST
    commodities not included in GST

    Alcohol
    Petroleum Products
    Tobacco Products
    Taxes not included in GST

    Stamp Duty
    Property Tax
    Toll Tax
    Electricity Tax
    Advantages

    Boost Economic Growth


    Streamline domestic supply chain
    Reduce compliance burden
    Removes contradictory tax regimes
    Increase global competitiveness
    Government

    Increases GDP
    Enhanced Revenue
    Improved Ranking
    Trade and Industry

    Reduction in cost
    Enhanced Margins
    Reduction of Litigations
    Consumers

    Same quality and Reduced price


    Slabs

    5%
    12%
    18%
    28%
    Tax rates Applicable

    0% Food grains

    5% mass consumption like spices,


    tea and mustard oil
    12% washing machines, air
    conditioners, refrigerators,
    shampoo, shaving stuff and
    soap

    18% Ordinary cars and bikes.

    28% Luxury Cars, Pan Masala,


    Tobacco products, Aerated
    drinks.
    CONCLUSION
    1. PROCESS AND NOT AN EVENT.
    2. IMPLEMENTATION
    3. INCREASE IN GDP
    4. BENEFITS AN INDIVIDUAL
    5. INFLATION CAN BE SUSTAINED.
    THANK YOU

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