Meaning of GST and it's impact on Indian Economy.

2. Goods and Services Tax-GST ?
GST is a tax that levies on supply of goods or services, or both.
It is a comprehensive tax that levies on Manufacture, sale and
consumption of goods and services at level.
The proposed GST will be levied on all transactions involving supply of
goods and services, except those which are kept out of its purview.
The main purpose of GST is to Bring ‘Single Umbrella Tax Rate’ and
‘Removal of Cascading Effect’.

3. Why GST for India?
Tax
Mechanism
Issues in
Existing law
Administration Needs of India
Increases the
tax revenues
Ensure
competitive
pricing
Ensure boost
to exports
Demand of
Indian
economy

4. Types of GST:-
Note:- In case of U.T.’s (Union Territories) like Chandigarh,
Pondicherry etc., CGST will be applied.
CGST
• CGST(Central Goods and services Tax), that will be charged
and collected by central government
SGST
• SGST(State Goods and Services Tax), that will be charged and
collected by Respective state governments
IGST
• IGST (Integrated Goods and Services Tax), that will be charged
and collected by both central as well as state governments

5. Salient Features of GST
Subsuming of
Various
Central Taxes
Subsuming of
various state
taxes
Distribution of
GST
No Surcharge
Levy on GST
Scope of GST
Working of
GST Council
Compensation
to State
Governments.

6. Expected Scheme of GST
Dual Model
Cross
Utilization
Carry Forward
of CENVAT and
VAT credit
Common
Threshold
limit
GST
Registration
GST
Invoice
Tax
Return
GST Rate
Other
Miscellaneous
Functions

7. Date of Filing of Return for GST
•For Inward Dealers- 10th day of end of quarter
•For Outward Dealers- 15th day of end of quarter
•For Annual Return- 31st December of respective
previous year

8. For any Query
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