What is GST ?
Journey of GST in India.
What are the indirect taxes that GST has replace ?
What are the Component of GST ?
What are the framework that the GST follows ?
Advantages of the GST.
Disadvantages of GST.
Who are the taxable persons under GST ?
What is GSTIN ?
What is reverse charge ?
3. What is GST ?
Goods and Service Tax (GST) is an indirect tax levied in India
on the supply of goods and services.
GST replaced many indirect tax laws that previously existed in
GST is one indirect tax for the entire country.
“GST is a comprehensive, multi stage, Destination
based tax that will be levied on every value
4. Journey of GST in India..
The GST journey began in the year 2000, when a
committee was set up to draft law.
It took 17 years from the law to evolve.
In 2017 the GST Bill was passed in the Lok Sabha and
On 1st July 2017 the GST law came into force.
6. What are the indirect taxes thatGST has
• Service Tax.
• Central excise duty
• Additional Duties of Customs.
• Special additional Duty of Customs
• State VAT
• Central sales Tax.
• Entertainment and Amusement Tax.
• Taxes on lotteries, betting and gambling.
7. What are the components of
There are 3 Taxes applicable under this System.
Central Goods and Service Tax (CGST)
Collected by the Central Government on an intra state
State Goods and Service Tax (SGST)
Collected by the State Government on an intra state.
Integrated Goods and Service Tax (IGST)
Collected by the Central Government for inter state.
8. What are the framework that the
¥ India will follow the dual form of GST.
¥ At the intra state level, where goods and services are sold
within the state, CGST and SGST will be levied.
¥ When selling goods and services into other states, IGST will
¥ GST will be devised as a four tiered tax structure with tax
slabs of 5%, 12%, 18% and 28%.
¥ 0% rate is kept for most essential goods such as rice, wheat.
9. What are the advantage of GST?
GST eliminates the cascading effect of tax.
Higher threshold for registration.
Composition scheme for small businesses.
Simple and easy online procedure.
The number of compliances is lesser.
Defined treatment for E-commerce operators.
Improved efficiency of logistics.
Unorganized sector is regulated under GST.
10. What are the disadvantages of
Increase costs due to software purchase.
Being GST compliant.
GST will mean an increase in operational costs.
GST came into effect in the middle of the
GST is an online taxation system.
SMEs will have a higher tax burden.
11. Who are the taxable persons
Who carries out any business at any place in India
and who is registered or required to be registered
under the GST Act. GST registration is mandatory for:
Any business whose turnover in a financial year
exceeds Rs 20 lakhs.
An input service distributor.
An E-commerce operator or aggregator.
A person who supplies via e-commerce aggregator.
12. What is GSTIN?
≠ GST refers to the unique GST identification number
that every business will be allotted.
≠ Every taxpayer will be allotted a state wise, PAN
based 15 digit Goods and Services Taxpayer
Identification Number (GSTIN).
13. What is Reverse Charge?
When the supplier supplies goods, the tax is
levied upon the supplier. In certain cases, the tax is
levied upon the buyer of the goods. This is called
reverse charge as the chargeability of tax gets