In short, GST means Goods and Service Tax eliminating many indirect taxes like VAT, Central Excise duty, Sales Tax, Service Tax etc. etc. It is described as one tax for one nation. GST is classified under three categories; CGST which means Central Goods and Service Tax, IGST which means Integrated (Interstate) Goods and Service Tax and SGST, State Goods and Service Tax.

1. Biggest Tax Reform Since Independence.....Biggest Tax Reform Since Independence.....
Divya KushwahaDivya Kushwaha
M.C.A.M.C.A.
Dept. of C.S.(GKV)Dept. of C.S.(GKV)

3. 
 History
 Introduction
 Tax Structure in India
 PastTax System
 Value Added Tax(VAT)
 Model of GST
 Benefits of GST
 Negative Impact of GST
 Product Excluded from GST
 References
Contents

4.  Feb 2006: First time introduced concept of GST and announced the
date of its implementation in 2010.
 Jan 2007: First GST study by ASSOCHAM (ASSOciated CHAMbers
of Commerce & Industry Of India).
 Feb 2007: F.M. announced introduction of GST from 1 April 2010
in Budget.
 The Government came out with a first Discussion Paper on GST in
November, 2009.
 Introduced the 115th
Constitution Amendment(GST) Bill in the year
2011.
History

5. 
‘G’-Goods
‘S’-Services
‘T’-Tax
Goods and Services Tax(GST) is a comprehensive tax on
manufacture, sale and consumption of goods and service at a
national level.
GST is a tax on goods and services with value addition at each
stage.
GST will include many state and central level indirect taxes.
It overcomes drawback present tax system.
Introduction

6.  Direct Tax:
Paid by individual.
e.g.:Income Tax, Corporate Tax, Wealth Tax
 Indirect Tax:
Paid by intermediatories.
e.g.:Excise duty, Custom duty, Service Tax, Octrai Tax,
VAT, CENVAT.
Tax Structure In India

7. 
 Tax Cascading(Tax on Tax)
 Complexity
 Taxation on Manufacturing Level
 Exclusion Of services
 Tax Evasion
 Corruption
Past Tax System

8. 
 Implemented in April-1/2005
 It is replacement to complex Sales Tax.
 It overcomes a cascading Effect of Tax.
 It applied on “Value Added Portion” in
sales price.
VAT
(Value Added Tax)

9. 
Model Of GST
Three Prime Models of GST
Central GST
GST is to be levied
by the centre
State GST
GST is to be levied
by the states
Integrated GST
GST is to be levied
by the Centre and
the States
concurrently

10. 
Central Taxes:
Excise Duty
Service Tax
Custom Duty
Taxes Proposed to be
Subsumed in GST

11. 
State Tax:
Value Added Tax(VAT)
Entertainment Tax
Luxury Tax
Contd..

12. 
For Business and Industry
Easy compliance
Removal of cascading
Gain to manufacturers and exporters
For Central and State Governments
Simple and easy to administer
Higher revenue efficiency
For the Consumer
Single and transparent tax
Relief in overall tax burden
Benefits of GST

13. 
 Services will become expensive e.g. Telecom,
banking,airline
 Doesn’t include petroleum & alcohol
products.
 Packets products/Goods, Clothes, Jewellery.
Negative Impact of GST

14. 
 Petroleum Product
 Alcohol
 Tobacco Product
 Purchase Tax
 Zero Rating For Exports
Product Excluded from GST

15. 
 www.slideshare.com
 www.importexport.com
 www.youtube.com
References