GST In India An Overview and Impact. Types of Taxes Covered in CGST, SGST, IGST Benefits for Government and Customer GDP growth rate Many more to find in PPT

1. GST In India
An Overview

2. What is GST ? How does it work ?
• GST is one indirect tax for the whole nation, which will make India
one unified common market.
• GST is a single tax on the supply of goods and services, right from
the manufacturer to the consumer.
• Credits of input taxes paid at each stage will be available in the
subsequent stage of value addition, which makes GST essentially a
tax only on value addition at each stage.
• The final consumer will thus bear only the GST charged by the last
dealer in the supply chain, with set-off benefits at all the previous
stages.

3. Subsuming of Existing Taxes
Sl.
No.
Subsumed under CGST Subsumed under SGST
1 Central Excise Duty VAT / Sales tax
2 Additional Excise Duties Entertainment tax (unless it is levied by the local
bodies).
3 Excise Duty-Medicinal and Toiletries Preparation Act Luxury tax
4 Service Tax Taxes on lottery, betting and gambling.
5 Additional CVD State Cesses and Surcharges (supply of goods and
services)
6 Special Additional Duty of Customs - 4% (SAD) Entry tax not in lieu of Octroi
7 Surcharges
8 Ceses

4. What are the benefits of GST ?
• For Business and Industry
• Easy compliance
• Uniformity of tax rates and structures
• Removal of cascading
• Gain to manufacturers and exporters
• For Central and State Governments
• Simple and easy to administer
• Better controls on leakage
• Higher revenue efficiency

5. What are the benefits of GST ?
• For the consumer
• Single and transparent tax proportionate to the value of goods and services
• Relief in overall tax burden

6. What ant the major features of the proposed
returns filing procedures under GST?
• Common return would serve the purpose of both Centre and State
Government.
• 8 forms provided in the GST business processes for filing for
returns. Most of the average tax payers would be using only four
forms for filing their returns. These are return for supplies, return
for purchases, monthly returns and annual return.
• Small taxpayers: Small taxpayers who have opted composition
scheme shall have to file return on quarterly basis.
• Filing of returns shall be completely online. All taxes can also be
paid online.

7. What are the major features of the proposed
payment procedures under GST?
• Electronic payment process- no generation of paper at any stage.
• Single point interface for challan generation- GSTN.
• Ease of payment- payment can be made through online banking,
Credit Card/Debit Card, NEFT/RTGS and through cheque/cash at
the bank.

8. Thank You