over view of gst

1. Goods And Services Tax
ONE NATION ONE TAX:

2. CONCEPT OF GST:
• A comprehensive Dual Goods and Services tax has replaced to complete
Multiple Indirect Tax structure from 1st July 2017.
• GST Is a value Added tax levied on Manufacturing, Sale, and
Consumption of Goods and Services.
• It is a Destination Based Tax on supply of Goods and Services levied on
all stages , right from Manufacturer upto final consumption with credit of
taxpaid on previous stages available as set off.

3. IMPLEMENTATIONOF
GST:
Amendments in the
constitution
Providing legislative
framework for GST (GSTC)
Goods and Service Tax
Council
Redefining the Role of CBEC
Goods and service tax network
(GSTN)

4. RECENT TAX STRUCTURE OF INDIAAFTER
IMPLEMENTATION OF GST :
GST
VALUE
ADDED
TAX
CENTRAL
SALES
TAX
CUSTOM
DUTY
EXCISE
DUTY
SERVICE
TAX

5. COMPONENTS OF GST:
SGST
(State goods and
service tax)
CGST
(central goods and
service tax)
IGST
(Integrated goods and
service tax)
UTGST
(Unionteritory goods
and service tax)

6. EXISTING TAXES SUBSUMED UNDER
CGST & SGST
CGST
CENTRAL
CESSES AND
SURCHARGES
CENTRAL EXCISE
DUTY
SPECIAL
ADDITIONAL
DUTY OF
CUSTOMS
ADDITIONAL
DUTIES OF EXCISE
GSI
ADDITIONAL
DUTIES OF
CUSTOM
SGST
STATE VAT
CENTRAL SALES
TAX
PURCHASE TAX
ENTERTAINMENT
TAX
LUXURY TAX

7. FEATURES OF GST:
APPLICABLE
ON SUUPLY
• Applicable On Supply of Goods , Services And Goods And Services.
• Supply includes SALE, TRANSFER, EXCHANGE, LICENSE, RENTAL, LEASE, BARTER
Etc.
NATURE OF
SUUPLY
• IGST Charged If The supply Is Inter State And Import.
• CGST and SGST/ UTGST is charged if the supply is Intra state.
DUAL MODEL
OF GST
• In India Dual model of GST has been Adopted
• Both State govt. & Central govt has the power to levy GST on every Supply of goods or services
or both which takes place Within a State or Union territory.

8. FEATURES OF GST:
TREATMENT
OF IMPORT &
EXPORT
• Under GST Import shall be treated as Inter sate supply and would be subject to IGST In
addition to Basic custom duty.
• Export Is Treated as ZERO RATED SUPPLY as per the GST Law, no tax is payable on Export of
Goods and Services.
ALCOHOLIC
LIQUOR
• GST is not applicable on supply of Alcoholic liquor for human consumption.
• The power to levy taxes on Alcoholic liquor is remains with the State govt.
ITEMS
TEMPORARILY
OUT OF GST
• PETROLIUM CRUDE , HIGH SPEED DISEL , PETROL OR MOTOR SPIRIT, NATURAL
GAS , SUPPKY OF ELECRTICITY , ALCOHOLIC LIQUOR FOR HUMAN
CONSUMPTION.

9. ADMINISTRATIVE AUTHORITY:
 CENTRAL BOARD OF INDIRECT TAXATION AND CUSTOMS(CBIC) Is the Administrative
Authority Responsible to deal with goods and service tax matters in India.
 CBIC plays an active role in the Drafting of GST laws and procedures particularly the CGST and
IGST.
GST IDENTIFICATION NUMBER:
 GSTIN is the identification number provided to the person registered under GST.
 It is a 15 Digit Alpha Numeric number in which the 1st two digit defines the State code , Next 10
Digit defines the PAN number of the Assessee .
 The next number defines the Number of Entities of the Assessee and the next two are the Default
code and Check code respectively

10. KEY WORDS:
• A Taxable event under GST system is supply of goods and /or services.
• The Maximum rate announced of GST is 28%.
• HSN code is used to classify Goods and Service under GST.
• CGST , UTGST , IGST Act is enacted by Central govt.
• SGST act is enacted by State govt.
• ITC (Input tax credit) under GST refers to the amount of tax a supplier can reduce while
paying output tax.
• GST is based on the principle of Destination Based Taxation.
• THRESHOLD Limit is the maximum limit to which charge of GST is optional, As per the
law the Tax payer’s with an Annual Turnover of 20lakhs or 10lakhs (for specified states )
would be exempted from GST.