This document provides an overview of the Goods and Services Tax (GST) implemented in India in 2017. It discusses the history and legislation behind GST, the types of taxes it replaces, key aspects like tax slabs and the GST Network, the registration process, and purposes and advantages/disadvantages of GST. The goal of GST is to merge multiple taxes into a single indirect tax system to reduce the cascading tax effect and create a common national market.

1. CHHOTU , PRADEEP

2. CONTENTS :-
INTRODUCTION OF GST
HISTORY
LEGISLATION
TYPES OF TAX
GST VS VAT
GST TAX SLAB
GSTN
GST REGISTRATION
PURPOSE OF GST
ADVANTAGES OF GST
DISADVANTAGES OF GST
CONCLUSION
CHHOTU , PRADEEP

3. GST Stands for
GST
SERVICES
TAX
GOODS

4. Introduction Of GST
Goods and Services Tax (GST) is an upcoming
system of taxation in India which will merge
many individually applied taxes into a single tax.
GST is a comprehensive indirect tax on
manufacture, sale and consumption of goods
and services throughout India to replace taxes
levied by the central and state governments.
GST is Implementation from July 1,2017.

5. HISTORY
• In The World France Is The First Country Who
Implemented GST In The Year Of 1954.
• Presently, there are around 160 countries that
have implemented GST.
• The Reform Process In Indirect Tax Regime Of India
Was Started In 1986 By Vishwanath Pratap
Singh By Introduction Of Modified Value Added Tax
(MODVAT).
CHHOTU , PRADEEP

6. LEGISLATION
• The goods and services tax (GST) council chaired
by finance minister of Mr. Arun Jaitley .
• Lok Sabha passes
Goods and Services Tax in
the Year of 29 March 2017 .
CHHOTU , PRADEEP

7. TYPES OF TAX
Tax
Direct Tax
Income Tax
Wealth Tax
Indirect Tax
Central Excise
Duty
Customs Duty
Purchase Tax
Vat
Service Tax
CHHOTU , PRADEEP

8. Indirect Taxes That Will Be Included Under
GST
Central Excise
duty
Taxes on lottery
Additional excise
duty
Service tax
Education cess
Surcharges
VAT/Sales tax
Entertainment tax
Luxury tax
Taxes on lottery,
betting and
gambling
Entry tax not on in
lieu of octroi
Electricity Duty
Replace
GST
CHHOTU , PRADEEP

9. GST Vs VAT
After the introduction of GST, indirect taxation system of
India will be subsumed under GST because a line of
different taxes will be covered in a single tax law which
is GST. Before GST the main indirect taxation which is
generally used are VAT, Service Tax, Excise etc.
Where VAT is a tax which is added at each point of time
that is from the time of manufacture up to the time of
sale. Tax is added at each stage when the value is
added that is why it is called value added tax.
CHHOTU , PRADEEP

10. Finalized GST Tax Slabs in India for
2017 by GST Council
Rates Commodity/Services
0% Essential Items Including Food
5% Common Use Items
12% - 18% Standard Rates
28% Items, Which are Currently Taxable with (30-
31%)
28% (with Cess) Luxury and De-Merits Goods
CHHOTU , PRADEEP

11. GSTN
• Goods and Services Tax Network (GSTN) is a
nonprofit Organisation formed to create a platform
for all the concerned parties i.e. stakeholders,
government, taxpayers to collaborate on a single
portal.
• The IT network will be developed by private firms
which are being in tie up with the central
government and will be having stakes accordingly.
• The Authorised capital of GSTN is 10 crore in which
Central government holds 24.5 percent of shares
while the state government holds 24.5 percent and
rest with private banking firms.
CHHOTU , PRADEEP

12. GST Registration
• GST Registration –All Procedure, Rules, Forms, Documents Required,
will Online .
• GST Date Extended Latest News (15-06-2017) – GST
Date is extended and Registrations will re-open from 25th June 2017 and
continue for 3 months as per Rules.
• As per Official News about GST Date Extension :
• Existing Taxpayers of VAT, Service Tax, Central Excise
• DO NOT WORRY
• If you have not enrolled for GST yet, or
• If you have activated your account under enrolment but not
submitted the application
• ENROLMENT WINDOW WILL REOPEN ON 25th JUNE 2017 AND
CONTINUE FOR 3 MONTHS AS PER RULE.
CHHOTU , PRADEEP

13. PURPOSE OF GST
• Single Umbrella Tax Rate:
GST shall replace a number of indirect taxes
being levied by Union and State Governments.
• Removing Cascading Effect:
GST is intended to remove “Tax on Tax Effect”
and provide for common national market for
Goods and Services.
CHHOTU , PRADEEP

14. ADVANTAGES OF GST
 EASY DOING BUSINESS .
 MAKE IN INDIA .
 COMMON MARKET .
 NO TAX EVASION .
 GDP LIFT .
 ATTRACTIVE FOR FOREIGN INVESTORS .
 INVENTORY COST WILL FALL.
CHHOTU , PRADEEP

15. DISADVANTAGES OF GST
•The Service Tax in India is now 15% but the
recommended GST is about 18-20%.
•All the services will be Costlier and that is one of the
Disadvantages of GST.
•Where are some retail stocks where the Tax rate is only 4
percent but with GST it will be costlier like Garments and
cloths.
•Business will be controlled by the center and state so it
may be some complicated for the businessman.
•All assets will be online and some fines are like criminal
activity.
CHHOTU , PRADEEP

16. CONCLUSION
• “Great Step By Team India" That Will Help
Transform The Economy, Bring In Transparency
And Bring In The System Of "One Country One
Tax.” - P.M.MODI
• GST Is -One Nation, One Country , One Tax.
• GST Is – Strong Tools Of The Solve Of The Black
Money And Corruption In My Country.
• I Hope GST Will Help Full For Develop My Country,
Economics System And Business Life.
CHHOTU , PRADEEP

17. ANY QUERY..
CHHOTU (DCA-III)
PRADEEP KUMAR (DCA-III)