Presented by:

Darpana Dutta
Deepshri Thapa
Fayzaline Shabong
Moumita Karmakar
Sita Sharma
Sumitra Dey
What is tax?
• The word tax came from the Latin word “Taxo” which means to asses
or estimate
What is GST?
• GST is a comprehensive tax levy on manufacture, sale and
consumption of goods and services at a national level.
• GST is a tax on goods and services with value addition at each stage.
History
• 2006- First announcement of GST was made by the Union Minister
during the 2206-2007 budget, that it would be introduced on 1st April
2010.
• 2009- Empowered committee released the 1st discussion paper.
• 2011- 115th amendment bill was introduced in Lok Sabha.
• 2014- 122nd amendment bill was introduced in the Lok Sabha.
• August 2016- The Bill was passed in Rajya Sabha.
• September 2016- The Honourable President of India gives his consent
for the Constitution Amendment Bill to become an Act.
• March 2017- CGST, SGST, IGST, UTGST and compensation Cess Act was
recommended by GST Council.
• April 2017- CGST, SGST, IGST, UTGST and compensation Cess Act was
passed.
• 1st July 2017- GST Laws, goods and services tax was launched all over
India.
• 7th July 2017- Jammu and Kashmir State Legislature passed its GST
Purpose of GST
• Single Umbrella tax rate
• Removing cascading effect
Benefits of GST
1. An end to cascading effects.
2. Growth of revenue in states and union.
3. Reduces transaction cost and unnecessary wastage.
4. Eliminates the multiplicity of taxation.
5. One point single tax.
Challenges of GST
• With respect to tax threshold
• With respect to nature of taxes
• With respect to number of enactment of statutes
• With respect to rates of taxation
• With respect to tax management and infrastructure