Goods and Service Tax, GST India

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GST or Goods and Service Tax is the One Indirect
Tax for the entire India. This is helpful is
removing the difference of prices due to varied
taxes across different states. It took almost 13
years of wait and debate to finally start the
implementation of the same. In this
presentation, we have tried to explain about GST,
its implications, its process and working along
with the benefits for Businesses or manufacturers
as well as consumers.
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What is GST
GST will be a single tax on the supply of goods
and services across the commercial establishments
be it manufacturer or trader or service provider.
GST will provide the credit of taxes paid while
buying and thus will only add tax on the value
added of goods or services. This in turn will
bring down the tax burden on the final consumer
of goods or services.
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Benefits of GST
GST is said to be the biggest reform in Indirect
taxation since independence. It brings along
various benefits for the businesses and industry
like ease of compliance, uniformity of tax
structure, removal of cascading of taxes. All
these will make India a better and simpler place
to do business. For consumers also, with taxes
paid on the final purchase will be lesser due to
reduction of taxes on the already paid taxes.
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List of Taxes Subsumed
The list of taxes removed from the system at
Central level are Central Excise Duty Additional
Excise Duty Service Tax Additional Custom Duty or
countervailing duty Special Additional duty of
Customs
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List of Taxes Subsumed
The list of taxes removed from the system at
State level are Sales VAT or Sales
tax Entertainment Tax (other than tax levied by
local bodies) Central Sales tax that is levied by
center and collected by states Octroi and entry
tax Purchase tax Luxury tax Taxes on lottery,
betting and gambling.
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How it Works
Their will be two types of GST i.e Center GST
also termed as CGST which will be levied and
collected by Central Government State GST also
termed as SGST which will be levied and collected
by State Government Both CGST and SGST will be
levied simultaneously on all the transactions of
supply of goods and services.
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How it Works
With introduction of GST, all the existing
Service tax or Sales Tax dealers do not need to
apply for fresh registration, also new dealer may
apply with a single form for registration of
GST. See the link for frequently asked question
about GST
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Rates of GST
While rates of GST are yet not decided. The
implementation of GST still have to wait for
couple of months, when this will become the law.
As on August 03, 2016, Rajya Sabha cleared the
bill in parliament. The rates of GST will be
decided by the GST council in days to come.
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How GST impacts
GST not only brings ease but also transparency
into the system as GST will be linked to PAN.
The counter credits will be available for both
CGST and SGST. The filing of the returns will be
online with 8 different types of forms. The
payments can be made through online transfer like
NEFT or RTGS. This will make it very simple to
adhere to compliance structure for any business.
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How GST impacts

• For Consumers, the prices of several commodities
  or products may change due to change in tax
  structure.
• The prices may drop for some and may rise for
  some of the commodities but with transparency and
  similar tax structure.
• Differential pricing may go away across India.

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How GST impacts
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How GST impacts
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Important things to know