India's current indirect tax system is complex and it isn't very easy to navigate. In fact, it is one of the trickiest aspects of running a business in India. To resolve this issue , faced by almost every new or existing businessman, the government has decided to implement a simpler more universally accepted 'Goods & Services Tax' (GST). GST would be one indirect tax meant to create and maintain a unified indirect taxation system across the country.

1. GST –
What you
need to
know
about it

2. List of taxes replaced by GST
▫ Service Tax, VAT, CST, Purchase Tax.
▫ Entry Tax, Luxury Tax, Entertainment Tax,
Advertisement Tax.
▫ Central Excise Duty, Tax on Lotteries.
▫ Special Countervailing Duty.
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3. Benefits of GST
▫ Better transparency and compliance.
▫ An easy-to-understand uniform tax structure.
▫ Reduction in tax cascading and leakage.
▫ Consumers benefit from competitive pricing on
goods and services.
3

4. Different types
of GST
4

5. CGST
▫ The central government is responsible for collecting
Central GST.
5

6. SGST
▫ On intra-state sales, the state government collects
the state GST.
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7. IGST
▫ On inter-state sales, the central government collects
the integrated GST.
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8. The implications of GST slab rates
▫ 5%, 12%, 18%, and 28% are the four tax slabs.
▫ Locally manufactured goods will fall under the lower
slab.
▫ Higher slabs will be applied to luxury and negative
items.
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9. GST influence on daily life
▫ Individuals will get better pricing on goods and
services.
▫ Businesses will get rid of complex taxation systems.
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10. “
Now that you are aware of the term GST,
you must have realised the long-term
benefits of the same.
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11. 11
Thanks!
Would Love to hear from you.
Hero Fincorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057
Tel : 18001024145
Email : corporate@herofincorp.com
Website : https://www.herofincorp.com/
Know More : GST and It's Various Facets