Presentation on GST and its Feb/12/2020

Wednesday
types

Goods & Services Tax-

The biggest tax reform, since independence
Presented by:
Ajit Shukla
Syeda Ainain Nida
Swetha Mehta
Naik Gaurang Rajesh
 Introduction
•GST is a comprehensive tax levy on manufacture, sale &
consumption of goods and service at a national level
•Value addition at each stage
•No differentiation between goods and services
•Tax levied from production to consumption
•Dual GST: Central GST & State GST
•GST exists in more than 140 countries

Shortcomings which GST took care of

•Cascading effect of tax
•Complexity
•Taxation at manufacturing level
•Tax evasion
•corruption
Elements:
Principal Characteristics:
Supply,
supply •consist of two or more supplies
Dependant •should be taxable supplies under GST
supply •Can be either goods OR services OR a
combination of both
•should be naturally bundled
 Exempt Supply
Goods & services sold by the companies are free from GST.
No GST will be charged on these goods & services

Supplies are taxable but do not attract GST for which ITC
cannot be claimed

Examples:
• Fresh milk
• Fresh fruits
• Curd
• Bread
 Outward Supply
Outward Supply in relation to a person shall mean supply of
goods &/OR services whether by sale, transfer, barter,
exchange, licence, rental, lease or disposal made OR agreed
to make by such person in a course of furtherance of business

SIMPLE WORDS:
Any types of sales are called outward supply
THANK YOU