Basic information about gst in simple language for an ameture who needs to know what gst is .

1. GOODS AND SERVICE TAX
Mayank jain
(TE-IT/31/B)

2. INTRODUCTION
 After demonetization the gov had decided to
reform various state and central taxes into one
tax which known as gst .
 GST is a indirect tax imposed on supply of
various goods and services hence forth
replacing the Tax system which was introduced
before.
 GST came into existance from the 1ST of july
2017.
 It was intoduced as CONSTITUTION ACT 2017.

3.  GST replaced the following taxes
 Sales Tax
 Central Sales Tax
 Service Tax
 Central Excise
 And other allied laws but the Gov has kept
the liquors and petrolium products under the
state and not covered by present system of
GST.

4. TYPES OF GST
 There are 4 types of GST.
 IGST(Integrated goods & service tax)
 SGST(State/Unioun Goods & service tax)
 CGST(Central Goods & Service tax)
 CESS

5. RATES OF TAXES UNDER GST
 Under GST , goods and services are taxed
the following rates
0%,3%,5%,12%,18%,28%.
 The Gov has also given the facility to opt the
composition scheme for small dealer having
turnover upto 75Lacs with certain restriction.

6. THANK YOU