GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Act came into effect on 1st July 2017. Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

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GOODS SERVICES
Goods and Services Tax
-An Overview
Life Cycle
Production CustomerCommerce And Trade
Excise Delivery Channel
Traders Enabler’s
Sale and Purchase Service Providers
VAT & CST Service Tax

3. Overall the role of the CUSTOMERS in the PRE-GST or POST-GST Era has
not changed.
CUSTOMER is the one who will be Burdened.
Changes in the manner of COLLECTION & ADMINISTRATION of TAX
QUESTIONS
Is it beneficial for CUSTOMERS?
Is it beneficial to ECONOMY?
Has it impacted adversely to Business Man?
Is it so SIMPLE?
Is it ONE nation ONE tax?
Does it have a CASCADING tax effect?

4. [1.]Central taxes
a.) Central Excise duty
b.) Duties of Excise (Medicinal and Toilet Preparations)
c.) Additional Duties of Excise (Goods of Special Importance)
d.) Additional Duties of Excise (Textiles and Textile Products)
e.) Additional Duties of Customs (commonly known as CVD)
f.) Special Additional Duty of Customs (SAD)
g.) Service Tax
h.) Central Surcharges and Cesses so far as they relate to supply
of goods and services.
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[2.] State taxes
a.)State VAT
b.)Central Sales Tax
c.)Luxury Tax
d.)Entry Tax (all forms)
e.) Entertainment and Amusement Tax (except local bodies)
f.) Taxes on advertisements
g.) Purchase Tax
h.) Taxes on lotteries, betting and gambling
i.) State Surcharges and Cesses so far as they relate to supply of
goods and services
The GST would replace the following taxes:
Goods and Services Tax
CGST IGST SG/UT GST

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DOMESTIC INTERNTIONAL
ECONOMY
STATE INTER-STATE
INTRA-STATE
(A) BASED ON TERRITORY
UNDERSTANDING ECONOMY
CGST SG/UT GST
IGST
IGST

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PLACE OF SUPPLY
(B) ACTIVITY
TERTIARYSECONDARYPRIMARY
AGRICULTURE MANUFACTURINNG SERVICE
IMPACT OF GST ON ACTIVITIES
Core Agriculture
Incidental Activities
NO
YES
GOODS
CAPITAL TRADING
UNDERSTANDING ECONOMY

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KEY PLAYERS OF GST REGIME
GOVERNMENT
Represented through
CBEC GSTC
GSTIN
User Interface
Knowledge
Interface
https://www.gst.gov.in/ http://www.cbec.gov.in/
IT Platform

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HOW SYSTEM WILL WORK

10. Return Form What to file? By Whom? By When?
GSTR-1 Details of outward supplies of taxable goods
and/or services effected
Registered Taxable Supplier 10th of the next month
GSTR-2 Details of inward supplies of taxable goods
and/or services effected claiming input tax
credit.
Registered Taxable Recipient 15th of the next month
GSTR-3 Monthly return on the basis of finalization
of details of outward supplies and inward
supplies along with the payment of amount
of tax.
Registered Taxable Person 20th of the next month
GSTR-4 Quarterly return for compounding taxable
person.
Composition Supplier 18th of the month succeeding quarter
GSTR-9 Annual Return Registered Taxable Person 31st December of next financial year
GSTR-10 Final Return Taxable person whose registration has
been surrendered or cancelled.
Within three months of the date of
cancellation or date of cancellation
order, whichever is later.
GSTR-11 Details of inward supplies to be furnished by
a person having UIN
Person having UIN and claiming refund 28th of the month following the month
for which statement is filed
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In the table below, we have provided details of all the returns which are required to be filed under the GST Law.
All these returns are required to be filed digitally online through a common portal to be provided by GSTN, non-government,
private limited company promoted by the central and state governments with the specific mandate to build the IT infrastructure
and the services required for implementing Goods and Services Tax (GST).

11. GST Rates List Item Wise
0% GST Rate – Milk, Meat, Sindoor etc.
18% GST Rate – Paneer, Stent, Vegetables etc.
12% GST Rate – Agarbatti, Bhutia, Animal Fat etc.
18% GST Rate – Cameras, Steel Products, Mineral Water.
28% GST Rate – Automobiles, ATM, Shampoos etc.
“CESS STILL HAUNTING”
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12. Input Tax Credit
Credit of TAX paid on the Input Service or Goods availed in the
furtherance of business.
All of the following conditions need to be satisfied to avail GST Input credit:
1.) The dealer should be in possession of Tax Invoice / Debit or Credit Note /
Supplementary Invoice issued by a supplier registered under GST Act.
2.) The said goods/services have been received.
3.) Returns (GSTR-3) have been filed.
4.) The tax charged has been paid to the government by the supplier.
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13. Accounting Under GST
1.) Real Time Accounting.
2.) Thrust on Book-keeping.
3.) Use of Software becomes essential.
4.) Real time settlement of claim.
5.) Transactions should be standard.
6.) Monthly Claim settlement and Reconciliations.
7.) KYC of Customers and Vendors should be done.
8.) Deal with GST registered vendors preferably.
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14. Account/Records Information Required By Whom?
Register of Goods
Produced
Account shoud contain detail of goods manufactured in a
factory or production house
Every assessee carrying out
manufacturing activity
Purchase Register All the purchases made within a tax period for manufacturing
of goods or provision of services
All Assessee
Sales Register Account of all the sales made within a tax period must be
maintained
All Assessee
Stock Register This register should contain a correct stock of inventory
available at any given point of time
All Assessee
Input Tax Credit
Availed
This register should maintain the details of Input Tax Credit
availed for a given tax period
All Assessee
Output Tax
Liability
This register should maintain the details of GST liability
outstanding to be adjusted against input credit or paid out
directly
All Assessee
Output Tax Paid This register should maintain the details of GST paid for a
particular tax period
All Assessee
Other Records
Specified
Government can further specify by way of a notification,
additional records and accounts to be maintained
Specific Businesses as notified by
the government
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Qualifications for Becoming a GST Practitioner
The following people can become GST practitioners:
1.) A retired officer of the Commercial Tax Department of any State Government or of the
CBEC who has worked in a post of Group-B (or higher) gazetted officer for a minimum
period of two years
2.) A Tax Return Preparer or a Sales Tax Practitioner registered for a period of not less than
5 years
3.) A graduate or postgraduate in Commerce, Law, Banking including Higher Auditing, or
Business Administration or Business Management from any Indian University or a
recognized Foreign University
4.) A Chartered Accountant, Cost Accountant or a Company Secretary
GST Practitioner

16. Penalty
For cases with no intention of fraud or tax evasion:
An offender not paying tax or making short payments has to pay a penalty of 10% of
the tax amount due subject to a minimum of Rs. 10,000.
For cases of fraud:
An offender has to pay a penalty amount of tax evaded/short deducted etc.,
i.e., 100% penalty, subject to a minimum of Rs. 10,000.
Additional penalties as follows-
Tax amount involved 50 lakhs 100 lakhs 250 lakhs
Jail term Upto 1 year Upto 3 years Upto 5 year
*Fine In all three cases
Cases of fraud also face penalties, prosecution and arrest.
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THANK YOU!