about merits and demerits of GST act

1. GOODS &
SERVICES TAX ACT

2. PROJECT GUIDE-
DR. SHUBHAM MISHRA
PRESENTED BY-
ANKITA SALNI TOPPO (08)
NIDHI TIGGA (40)
NISHA CHHAVI KINDO (43)
PRIYAM VISHWAKARMA (50)
RIYA GUPTA (58)

3. TOPIC-
STRUCTURE OF GST
• SGST
• UTGST
• CGST
• IGST
BENEFITS OF GST
LIMITATIONS OF GST

4. PRE-GST INDIRECT TAX STRUCTURE IN INDIA
Central excise duty
Additional duties of excise
Excise duty levied under medicinal
& toiletries preparation act
Additional duties of customs(SAD &
CVD)
Service tax
Surcharges & cesses
State VAT / sales tax
Purchase tax
Entertainment tax
Luxury tax
Entry tax
Taxes on lottery, betting &
gambling
Surcharges and cesses
CENTRAL TAXEX STATE TAXEX
GST

5. GST
IGST
SGST/UT
GST CGST
GST STRUCTURE IN INDIA

6. Structure of GST:
INTRA- STATE SUPPLY
SGST+CGST SGST+CGST
INTRA-STATE SUPPLY
UTGST+CGST
INTRA-STATE SUPPLYFOREIGN TRADERS
INTER-STATE SUPPLY
INTER-STATE SUPPLY
IGST
IGST
IMPORT-EXPORT
IGST
IGST
STATE STATE
UNION TERRITORY

8. BENEFITS OF GST
Reduction in cascading of taxes
Overall reduction in prices
Common national market
Benefits to small taxpayers
Self-regulating tax system
Non-intrusive electronic tax system

9. REDUCTION IN PRICE OF GOODS UNDER GST:

10. REDUCTION IN PRICE OF SERVICES UNDER GST

11. BENEFITS OF GST
Simplified tax regime
Reduction in multiplicity of taxes
Consumption based tax
Abolition of CST
Exports to be zero rated
Protection of domestic industries-IGST

12. BENEFITS OF GST
DECREASE IN INFLATION
EASE OF DOING BUSINESS
DECREASE IN BLACK TRANSACTION
MORE INFORMED CONSUMER
POORER STATES TO GAIN
MAKE IN INDIA

13. LIMITATIONS OF GST
Increase cost due to software purchase
Hardship in GST compliance
Increase in operational cost
Effective in the middle of the financial
year
An online taxation system
SME’s will have higher tax burden

14. LIMITATIONS OF GST
Petroleum & liquor are not at tax regime
No anti inflationary
Costlier services
Administration complexities
Registration in each state
Stamp duty is also out of tax regime

15. CONCLUSION:
GST is the most logical steps towards the comprehensive
indirect tax reforms in our country. GST is levied on all
supply of goods & services, it is destination based taxation
system.
GST is all set to integrate state economies and boost
Overall growth. GST will create a single, unified Indian
market to make the economy stronger.

16. THANK YOU...