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    Anupama Dev

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    ANUPAMA GOKUL
    GST is a single, unified indirect tax replacing multiple taxes levied on goods and services by the central and state governments. [1] It streamlines and cross-utilizes input tax credits and introduces an invoice matching concept. [2] The GST Council governs GST with a 33.33% voting power for the Union Government and 66.66% for state governments. [3]

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    Anupama Dev

    Uploaded by

    ANUPAMA GOKUL
    115 views10 pages
    GST is a single, unified indirect tax replacing multiple taxes levied on goods and services by the central and state governments. [1] It streamlines and cross-utilizes input tax credits and introduces an invoice matching concept. [2] The GST Council governs GST with a 33.33% voting power for the Union Government and 66.66% for state governments. [3]

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    Merits & Demerits

    Original Title

    Gst

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    GST is a single, unified indirect tax replacing multiple taxes levied on goods and services by the central and state governments. [1] It streamlines and cross-utilizes input tax credits and introduces an invoice matching concept. [2] The GST Council governs GST with a 33.33% voting power for the Union Government and 66.66% for state governments. [3]

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    115 views10 pages

    Anupama Dev

    Uploaded by

    ANUPAMA GOKUL
    GST is a single, unified indirect tax replacing multiple taxes levied on goods and services by the central and state governments. [1] It streamlines and cross-utilizes input tax credits and introduces an invoice matching concept. [2] The GST Council governs GST with a 33.33% voting power for the Union Government and 66.66% for state governments. [3]

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    ANUPAMA DEV

    Overview of GST

    Service State
    Tax Goods & Excise
    Service Tax Duty

    (GST)
    Entertai
    nment
    Excise Tax
    Duty

    VAT CST

    Luxury Octroi
    Tax Duty

    ANUPAMA DEV
    Features of GST .

    1. One Nation & One Tax & One Market

    2. Events are based on Concept of Supply.

    3. Streamlining & Cross Utilization of Input Tax

    Credits.

    4. Revolutionary Invoice Matching Concept.


    ANUPAMA DEV
    GST Council

    GST Governing Body with power to take decision on rates,

    exemption, threshold exemptions etc with 33.33% voting

    power of Union Government & 66.66% power lies with the

    State Government.

    ANUPAMA DEV
    Concept of Supply
    All the Earlier Laws, Taxes were based on Events like 
    Manufacturing, Provision of Service, Sales, Contract entered, Agreement made, etc.
    An Act of
    Transfer of Sale / Barter /
    Refraining /
    Land Lease, Business Exchange /
    Tolerating /
    Tenancy, or Letting Assets Transfer / License
    Obligating, etc
    out of Any Building / Rental / Lease /
    for Commerce Disposal of Goods.

    Under GST, the Concept of


    Electronic
    Treatment of Supply has tremendously
    Commerce
    Goods. increased the Scope of Operator
    Taxable events.

    IT Services –
    Import of Designing,
    Goods / Transfer of
    Construction Development,
    Services. Title in Goods
    Services etc
    / Rights in
    Goods. ANUPAMA DEV
    MERITs of GST

    • GST eliminates the cascading effect of tax

    • Higher threshold for registration

    • Composition scheme for small businesses

    • Simple and easy online procedure

    ANUPAMA DEV
    • The number of compliances is lesser

    • Defined treatment for E-commerce operators

    • Improved efficiency of logistics

    • Unorganized sector is regulated under GST

    ANUPAMA DEV
    DEMERITS OF GST

    • Increased costs due to software purchase

    • Being GST-compliant

    • GST will mean an increase in operational costs

    ANUPAMA DEV
    • GST came into effect in the middle of the financial year

    • GST is an online taxation system

    • SMEs will have a higher tax burden

    ANUPAMA DEV
    THANK YOU

    Presented by,
    Anupama Dev

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