This document discusses various taxes in India and provides an overview of the Goods and Services Tax (GST). It states that currently, excise duty is levied by the central government on manufacturing, service tax is levied by the central government on services, VAT is levied by state governments, and CST is levied by state governments for inter-state sales. It then explains that GST is a comprehensive tax levied on the production and trading of goods as well as the provision of services, with the goal of eliminating cascading taxes and reducing tax evasion. Finally, it briefly discusses the expected impact of GST on various sectors such as telecom, banking, automobiles, media, pharmaceuticals, and real

3. 1. EXCISE DUTY on manufacturing : CENTRAL GOVERNMENT
2. SERVICE TAX on services : CENTRAL GOVERNMENT
3. VAT(Value Added Tax) : STATE GOVERNMENT
4. CST (Central Sales Tax) for inter state tax : STATE GOVERNMENT
TO CENTRAL GOVERTNMENT
5. CUSTOM ON IMPORTS : CENTRAL GOVERNMENT
6. SAD, CVD, STAMP DUTY, CESS SURCHARGE ON TAXES BY CENTRAL
GOVERNMENT
 AND MANY MORE………..

4. We have to get ready for TAX
Planning and Surprises
4

5. GST- Meaning and it’s Structure
‘G’ – Goods
‘S’ – Services
‘T’ – Tax
 GST is a Comprehensive tax levied on which is levied on
production, trading goods and provision of Services.
 GST is a tax on Value addition made at each stage and benefit of
setoff will be continued from manufacture / service providers up
to retailers ,So that ultimate Consumer Should bear the tax.

6. OBJECTVES OF GST
 One Country- One Tax
 Consumptions Based Tax Instead Of Manufacturing
 Uniform Registration ,Payment And Input Credit
 To Eliminate The Cascading Effect Of Indirect Taxes On Single
Transaction
 Reduce Tax Evasion And Corruption
 Increase Productivity

7. SECTORS THAT GET
EFFECTED FROM GST

8. TELECOM
• Increased in effective rate from 15% to 18%-20%
• Decentralized compliance under GST
• Multistate circles- A CHALLENGE
• Marginal increase in prices
BANKING
• Increased in effective rate from 15% to 18%-20%
• Marginal increase in prices

9. AUTOMOBILE
• Decrease in effective rate of tax from 25-40% to 18-20%
• Excise duty, VAT/CST, Octroi, Entry tax to be subsumed
under GST
• Cross utilization of credit on goods and service
• Automobiles will become cheaper
MEDIA
• Service tax(15%) and entertainment tax(7%) to be
subsumed into GST(18-20%)
• cross utilization of credit on goods and services
• Marginal decrease in prices

10. PHARMACEUTECIALS
• Excise duty(4-8%), VAT(5%)/CST(2%) other
state tax to be subsumed into GST
• Cross utilization of credits on goods and
service
• Increase in price if GST applied at normal rate
of 18-20%
REAL STATE
• Stamp duty to be continued on land and
constructed immovable property
• Cross utilization of credits on goods and
services available under GST
• Increase in price with stamp duty and GST
both being levied

11. THANK YOU