GST

(Goods and Services Tax)

Submitted by :- Shivam
Enrollment No. :- 01496701717
Introduction of GST
• GST is comprehensive tax mechanism where in all
major indirect tax are clubbed into one. Whether
they are levied on services (service tax) or goods
(excise and VAT).
• The Goods and Service Tax is a value added tax to
be implemented in India, from April 2017.
Constitutional Provisions of Indirect Tax
• Constitution is the foundation and source of powers to legislate all laws in
India. Parliament, as well as State Legislatures gets the power to legislate
various laws from the Constitution only and therefore every law has to be
within the vires of the Constitution.
• Schedule VII enumerates the subject matters on which the Parliament and
State
• Legislature have the powers to make laws in three lists:
1. List I (Union List);
2. List II (State List); and
3. List III (Concurrent list)
 PROCEDURE FOR REGISTRATION
• GST Registration Procedure
• Step 1: Go to the GST Portal. ...
• Step 2: Generate a TRN by Completing OTP Validation. ...
• Step 3: OTP Verification & TRN Generation. ...
• Step 4: TRN Generated. ...
• Step 5: Login with TRN. ...
• Step 6: Submit Business Information. ...
• Step 7: Submit Promoter Information. ...
• Step 8: Submit Authorised Signatory Information.
 Levy and charge of GST
• GST will be levied on all goods and services except
on goods outside the scоре of GST, exempted
goods & services and transactions below threshold
limit. Threshold limit is annual turnover of Rs.10
lakh for businesses in the North-eastern and hill
States, and Rs. 20 lakh for rest of India.
 EXPLAINATION ABOUT:
• Supply:-Under GST, Supply is
considered a taxable event for
charging tax. The liability to pay
tax arises at the ‘time of supply
of goods or services’. Thus,
determining whether or not a
transaction falls under the
meaning of supply, is important
to decide GST’s applicability.
• Composite supply:-Composite
supply means a supply is
comprising two or more
goods/services, which are
naturally bundled and supplied in
with each other in the ordinary
course of business, one of which
is a principal supply.
• It means that the items are
generally sold as a combination.
• Mixed Supply:- Mixed
supply under GST means a
combination of two or more
goods or services made together
for a single price.
• Each of these items can be
supplied separately and is not
dependent on any other.
• Service under GST:- Supplies
taxable at a ‘NIL’ rate of tax* (0%
tax);
• Supplies that are wholly or partially
exempted from CGST or IGST, by
way of a notification amending
Section 11 of CGST Act or Section 6
of IGST Act;
• Non-taxable supplies as defined
under Section 2(78) – supplies that
are not taxable under the Act (For
Example Alcoholic liquor for
human consumption.
Thank You