PowerPoint Presentation On the burning topic of India i.e GST. It is specially made for B.tech Students who has HU paper in their course

1. Presentedby:sumit Kumar, pranjalKumar
Department : InstrumentationAnd Control
RollNumber :16/ICE/007, 16/ice/027
Institute :HaldiaInstituteOf Technology, Haldia
Submittedto:Mrs. gouridas

2. Gst: an overview
Past tax structure
existing tax structure
Subsuming ofexisting taxes
Present tax slabs
Input tax credits
Taxableperson
Benefits to assessee
Exemptionof gst
2

3. 3
Goods and service tax
Indirect tax
Applies to alltaxable supplies of goods or
services
Introduced on 1st July 2017
Replaced multiple cascadingtaxes levied by state and
central government
Governed by gst council

4. 4
TaxStructure
DirectTax
Income Tax
Wealth Tax
IndirectTax
CentralTax
Excise ServiceTax Custome
State Tax
VAT
EntryTax, luxurytax,
LotteryTax,etc.

5. 5
TaxStructure
DirectTax
Income Tax WealthTax
IndirectTax= GST
(Exceptcustoms)
Intra-state
CGST(Central) SGST (State)
InterState
IGST (Central)

6. 6
• CentralExcise
• AdditionaldutiesofCustom(CVD)
• ServiceTax
• Surchargesand allcesses
CGST
• VAT/sales tax
• Entertainment Tax
• LuxuryTax
• Lottery Tax
• Entry Tax
• Purchase Tax
• Stamp Duty
• Goods andpassenger Tax
• Tax on vehicle
• Electricity, banking, Real state
SGST
• CSTIGST

7. Rateof
taxes 0% 5% 12% 18% 28%
P
R
O
D
U
C
T
S
Milk, Salt,vegetables,curd,
eggs,unpacked food
grains,unpackedaata,
unpackedMaida,unpacked
paneer,etc.
Sugar,Packedpaneer,
Tea, Coal,Coffee,
Apparels(< Rs1000),
Footwear(<Rs500),
DomesticLPG, Edible
oils,etc.
Butter,Ghee, Almonds,
FruitJuice, Computers,
Mobiles,Umbrella,
Preparationoffruits,
vegetables,nuts,etc.
Hairoil, Soap,Toothpaste,
Pasta,CornFlakes,Soups,
Ice-Creams,CapitalGoods,
Printers,Industrial
Intermediaries,etc.
SmallCars,HighEnd
Motorcycles,Consumers
Durablesuch asACand
Refrigerator,Cements
Cigarettes,wines,etc
7
 It means that the rate of tax is different in different fields.
 It includes rate of taxi.e. 0% ,5% ,12% ,18% and 28%.
 table given below explains the rate of tax divided on different products as per GST.

8. 8
 It will cover alltypesofperson carryingon businessactivities,i.e. manufacturer,job-
worker,trader,importer,exporter,all typesofservice providers,etc.
 If acompanyis having fourbranchesin fourdifferentstates,all thefourbrancheswill be
consideredas TP(Taxableperson) undereachjurisdictionof SGst.
 A dealermustget registered underCGSTasit will makehim entitle toclaim ITC ofCGST
therebyattractingbuyersunderB2B(Business toBusiness) transactions.
 Importershavetoregister underbothCGSTandSGSTaswell.

9. 9
Inputcreditmeans at the time of payingtax on output, youcan reduce the tax youhavealready
paid on inputs and pay the balance amount
A
b
c
output
Inputs (A,B andC)
Tax paidon output =
₹450Tax paidonpurchaseof b = ₹120
Tax paidonpurchaseof c = ₹80
Tax paidonpurchaseof a = ₹100
Taxtobepaidbymanufacturer=₹450-tax paidoninputs(₹300)=₹150

10. 10
 Reduction in multiplicity of taxes.
 Mitigation of cascading/ double taxation.
 Development ofcommon national market.
 Simplertax regime –
 Fewerrates and exemptions.
 Conceptual clarity (Goods vs. Services).

11. 11
Tax on items containing Alcohol
Tax on Petroleum Products
Tax on Tobaccoproducts

12. 12