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Goods and Service Tax
 Parminder Singh
 Haryana School of Business
GST : one tax one country
 will be implemented w.e.f. 1 April 2017
 Will replace whole indirect tax structure and single tax
system known as GST will be introduced in India
 GST will be applicable @ the rate of 18 %
 Additional 1 % duty in case of inter state sale
 Implemented by more than 100 countries throughout
world…
WHY GST
 Complicated tax structure
 Approximately 18 different 2 indirect taxes are imposed
in India
 Complicated tax procedure
 Less indirect tax revenue
 High rate of tax evasion
 Worldwide standards compliance
WHAT WILL GST DO
1. Simplify the whole procedure
2. Every indirect tax will merge into GST
3. One tax, one country
4. Increased tax revenue
5. Easy tax structure
6. Less burden on taxpayers
INDIRECT TAXES TO BE MERGED
1. SERVICE TAX
2. VAT
3. EXCISE DUTY
4. ADDITIONAL EXCISE DUTY
5. OCTROI TAX
6. CENTRAL SALES TAX
7. ADDITIONAL LEVY
8. SURCHARGE
AND OTHER INDIRECT TAXES PREVALING IN INDIA IN
DIFFERENT 2 FORMS
EXEMPTIONS FROM GST
 PETROLIUM PRODUCTS
 CRUDE OIL
 AVIATION TURBINE FUEL (ATF)
 CUSTOM DUTY
MANAGEMENT OF GST
BY GST COUNCIL
Which comprises
 Union finance minister as head
 Finance and taxation minister from every state or any
minister elected by state govt.
 Highly participative and democratic decision
DISPUTE SETTLEMENT AUTHORITY
 Any kind of dispute among centre and state will be
brought under the ambit of DSA, where every dispute
will be transferred to Supreme Court of India …………….
COMPENSATION TO STATES
 Loss of revenue to concerned states will be compensated
by central government in preceding years
 So states will get their revenue loss get compensated by
central government and thus it will make the
momentum going on
WHAT IS NEXT
GST PASSED BY RAJYA SABHA AFTER LONG TIME
(UPPER HOUSE )
NOW WILL BE PRESENTED IN TO LOK SABHA
(LOWER HOUSE )
THAN WILL BE SENT TO PRESIDENT FOR FINAL
SIGNATURE
NOW GST WILL BECOME “ GST ACT 2016” 
IT WILL BE 122 AMENDMENT IN INDIAN
CONSTITUTION
QUERIES
 THE HOUSE IS OPEN FOR SUGGESTIONS,
OPINIONS, AND DISCUSSION
THANK YOU
HAVE A NICE DAY

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GST Parminder Singh

  • 1. Goods and Service Tax  Parminder Singh  Haryana School of Business
  • 2. GST : one tax one country  will be implemented w.e.f. 1 April 2017  Will replace whole indirect tax structure and single tax system known as GST will be introduced in India  GST will be applicable @ the rate of 18 %  Additional 1 % duty in case of inter state sale  Implemented by more than 100 countries throughout world…
  • 3. WHY GST  Complicated tax structure  Approximately 18 different 2 indirect taxes are imposed in India  Complicated tax procedure  Less indirect tax revenue  High rate of tax evasion  Worldwide standards compliance
  • 4. WHAT WILL GST DO 1. Simplify the whole procedure 2. Every indirect tax will merge into GST 3. One tax, one country 4. Increased tax revenue 5. Easy tax structure 6. Less burden on taxpayers
  • 5. INDIRECT TAXES TO BE MERGED 1. SERVICE TAX 2. VAT 3. EXCISE DUTY 4. ADDITIONAL EXCISE DUTY 5. OCTROI TAX 6. CENTRAL SALES TAX 7. ADDITIONAL LEVY 8. SURCHARGE AND OTHER INDIRECT TAXES PREVALING IN INDIA IN DIFFERENT 2 FORMS
  • 6. EXEMPTIONS FROM GST  PETROLIUM PRODUCTS  CRUDE OIL  AVIATION TURBINE FUEL (ATF)  CUSTOM DUTY
  • 7. MANAGEMENT OF GST BY GST COUNCIL Which comprises  Union finance minister as head  Finance and taxation minister from every state or any minister elected by state govt.  Highly participative and democratic decision
  • 8. DISPUTE SETTLEMENT AUTHORITY  Any kind of dispute among centre and state will be brought under the ambit of DSA, where every dispute will be transferred to Supreme Court of India …………….
  • 9. COMPENSATION TO STATES  Loss of revenue to concerned states will be compensated by central government in preceding years  So states will get their revenue loss get compensated by central government and thus it will make the momentum going on
  • 10. WHAT IS NEXT GST PASSED BY RAJYA SABHA AFTER LONG TIME (UPPER HOUSE ) NOW WILL BE PRESENTED IN TO LOK SABHA (LOWER HOUSE ) THAN WILL BE SENT TO PRESIDENT FOR FINAL SIGNATURE NOW GST WILL BECOME “ GST ACT 2016” IT WILL BE 122 AMENDMENT IN INDIAN CONSTITUTION
  • 11. QUERIES  THE HOUSE IS OPEN FOR SUGGESTIONS, OPINIONS, AND DISCUSSION
  • 12. THANK YOU HAVE A NICE DAY