This document discusses India's introduction of the Goods and Services Tax (GST) regime. It provides an overview of the Indian economy and its previous taxation system, which suffered from complexity, lack of stability, and high compliance costs. The GST is described as an indirect tax that replaced multiple central and state taxes. It aims to create a unified market, remove cascading taxes, and reduce the tax burden. The GST's advantages include eliminating tax on tax, reducing black money, and facilitating seamless inter-state trade. However, its implementation also faces challenges such as lack of client preparedness and clarity around provisions.

1. Change In Tax Regime In India
With Reference To
GST
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Presented By:
Rahul Dhakad

2. CONTENTS:
• Indian Economy- An overview
• Taxonomy of Indian taxation
• Present – tax system suffer from
• What is GST and its key features
• GST- How it works ?
• GST – Advantages
• Challenges
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3. Indian Economy :- Overview
• 6th largest economy in the world (GDP $2.454 trillion, 2017)
• 3rd largest by Purchasing Power Parity (PPP)
• G-20 major economies and a member of BRICS
• World is presently facing recession-II but Indian economy is still better than
comparable economies.
• Agriculture, services and industry are the major sector of India an economy.
Contribution of different sectors in March, 2016 was :
• Services 53.66%
• Industry 29.02%
• Agriculture 17.32%
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4. Taxonomy of Indian Taxation
Center
State
• Excise Duty
• CST
• Custom
• Service Tax
• VAT
• Entry Tax
• Octroi
• Luxury Tax
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6. Before 1st July – Tax System Suffer
From
Confusion and Mistrust
Complex and lacking in stability
Hidden tax on exports, no state tax on imports
High transaction costs
Narrow base
High compliance cost
To much litigations
Lack of harmony and inter state practices
Highly corruption
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7. What Is GST..?
» Goods and Services Tax (GST) is an indirect tax
» Introduced in India on 1 July 2017
» It replaced multiple cascading taxes levied by the central & state
govts.
» A value-added tax
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8. Taxes Under GST
GST
Intra-State
Movement
Central GST
(CGST)
State GST
(SGST)
Inter-State
Movement
Integrated GST
(IGST)
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10. GST – How It Works …?
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12. Advantages Of GST
It replace all Major Indirect Taxes
It will remove Cascading effect (Tax on Tax)
It will reduce flow of BLACK MONEY
One India one market
Seamless flow of goods across nation
Ease to doing business
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13. Challenges:
GST preparedness among clients is missing
Lack of Clarity on GST Provisions (Rules and Regulation)
Increased compliance, with increase in the number of returns to be filed annually
Preparedness of IT Systems
Lack of skilled resources and need for re-skilling
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