about gst in india. all about one nation,one tax,what are he tax rates . hoew it is different from previous tax. why it is better,what are its benefits and disadvantages . what will be its impact in indian economy specially for class 11 eco project i made this and good marks helps in understanding gst

1. GOODS AND SERVICES TAX (GST)
GST
One Nation , One Tax

2. Goods
and
Service
tax
Goods and Services Tax (GST) is a
single tax rate levied on the
manufacture,sale and consumption of
goods and services at a national
level.In this system, GST is levied only
on the value-added at every stage of
production. This will ensure that there
is no cascading effect of taxes (tax on
tax paid) on inputs that are used in
manufacturing of goods.

3. GOODS AND SERVICES TAX
Previous GST
Nature of
Regime
A Combination of value added tax (VAT)
which is a destination-based tax and origin-
based taxes such as excise duties etc.
Tax incidence at the point of sale
Tax Base Goods & Services are taxed separately,
subject to some exemptions
Comprehensive base of goods &
services included
Multiplicity
of tax rates
Multiple tax rates Single tax rate
Tax
Cascading
Incomplete set off mechanism for tax paid in
the supply chain (e.g. no set off available for
VAT against service tax or excise duty)
Complete set-off should be
available in the entire chain of
production and distribution to
eliminate tax cascading effect
How is GST different from current
system?

4. GOODS AND SERVICES TAX
Why is it considered a better system?
• Currently, there are multiple indirect taxes — Central taxes such as excise duty,
service tax and countervailing duty, and State taxes, such as VAT,
entertainment tax and luxury tax. This results in high tax rates. Accordingly, GST
seeks to eliminate multiplicity of taxes, rates, exemptions and such exceptions
to achieve uniformity of taxes across the country. Further, it would provide
greater certainty and transparency of taxes.
• Also, the differences across states fragment the national market along state
boundaries. GST is likely to replace all these taxes with a simple levy, lowering
effective tax on goods and creating a national market in goods and services.

5. What is the GST
model India
plans to adopt?
Most countries have a unified GST
system. However, India has opted
for a dual GST system prevalent in
Brazil and Canada. Under this
model, both the Centre and states
have the right to levy and collect
tax on the sale of goods and
services.

6. What are the key benefits of implementing a GST?
• GST will simplify India's tax structure, broaden the tax base, and create a
common market across states. This will lead to increased compliance and will
support India's GDP growth.
• It will be beneficial for India Inc. as the average tax burden on companies will
fall due to transparent set-off mechanism and elimination of cascading taxes
leading to reduced production costs and increased export competitiveness.
• Implementation of GST may lead to a fall in costs in many cases making several
products competitive leading to benefits for the manufacturers and also making
some of them competitive on the world stage. Over a period of time the
consumer will reap the benefits of the process through lower costs.

7. GST
Disadvantages
●Some Economist say that GST in India
would impact negatively on the real
estate market. It would add up to 8
percent to the cost of new homes and
reduce demand by about 12 percent.
●Some retail products currently have
only four percent tax on them. After GST,
garments and clothes could become
more expensive.
●The aviation industry would be
affected. Service taxes on airfares
currently range from six to nine percent.
With GST, this rate will surpass fifteen
percent and effectively double the tax
rate.
●Adoption and migration to the new GST
system would involve teething troubles
and learning for the entire ecosystem.

8. By Aarishti Singh , Madhav Eshpuniyani ,
Sarthak Joshi , Aditya Kukreti , Yugam
Kumar and Mukul Rajwara