Introduction to Goods & Service Tax (Concept)

1. Sweta
Roy
Choudhury
Pillai HOC College
of Arts Science
and Commerce,
Rasayni

2. Semester V - Syllabus
• Introduction to Indirect Taxation
• Definitions
• Concept of Supply & Taxable Events
• Charge, Levy & Collection
• Exemption
• Time of Supply
• Nature and Place of Supply
• Value of Supply
• Documentation
• Input Tax Credit & Computation of GST
• Registration under GST
• Computation of Liability and Tax

3. What is GST ??
• ‘G’ – Goods
• ‘S’ – Services
• ‘T’ – Tax
It is levied on the supply of goods
and services. Goods and Services
Tax Law in India is
a comprehensive, multi-stage,
destination-based tax that is
levied on every value
addition. GST is a single
domestic indirect tax law for the
entire country.

5. Features of GST
• Subsuming of 17 taxes at Central/States level.
• Consumption Based Tax.
• One Tax rate across the country.
• Taxable event – “Supply of Goods or Services”
• No differentiation in Goods or Services
• Comprehensive tax on Goods & Services
• No tax on tax.
• Free flow of credit.
• Value Addition Tax at each stage.

6. Comparing Old Tax System
&
GST System

10. To understand how GST works lets go
Shopping !!

11. Lets say you like this Dress

12. How much does it cost ???

21. PRACTICAL SUM

22. Q. Mr. A of Pune supplied Good/Services for Rs. 200,000 to Mr. B of
Mumbai. CGST and SGST rate on supply is 9% each. IGST is 18%.
Find – a. Total Price charged by Mr. A.
b. Who is liable to pay GST?
PARTICULAR AMOUNT AMOUNT
Value of Supply of Goods/Services 200,0000
Add – CGST (9%) 18,000
Add – SGST (9%) 18,000 36,000
Total Price 236,000
b. Who is getting the money ??
So, Mr. A will be liable to pay GST.