GST

GOODS AND SERVICES TAX

BY :- RITVIC PULWANI
 INDEX
1) INTRODUCTION
2) PRE-GST SCENARIO
3) DEFICIENCIES IN EARLIER LAW
4) BENEFITS
5) GST COUNCIL
6) COMPOSITION SCHEME
7) REGISTRATION
8) RETURNS
 INTRODUCTION
GST is a comprehensive value added tax on
goods and services.
It is collected on value added at each stage
of sale or purchase in the supply chain.

Seamless input tax credit throughtout the

supply chain.

All sectors are taxed with very few

exemption.

At all stage of production and distribution,

taxes are pass through and tax is borne by
final consumer.
 Gst Structure
Tax on each transaction to be allowed by Central as
well as State. It is a DUAL LEVY .
Central tax = CGST Goes to Central Govt.
State tax = SGST Goes to respective State Govt.
ORDER TO UTILISATION

INPUT INPUT INPUT

CGST SGST IGST
Output CGST Output SGST Output IGST
Output IGST Output IGST Output CGST
Output SGST
 PRE- GST SCENARIO IN INDIA

Before the introduction of GST in India, the

major indirect taxes applicable in India were :

1) Excise Duty :
ax on manufacture of goods
Service Tax :
ax on provision of services
Customs Duty :
x on import/export of goods
State-Level VAT :
x on intra-state sale of goods
Central Sales Tax :
x on inter-state sale of goods
 BENEFITS
 Creation of unified national market.

 Mitigation of ill effects of cascading.

 Elimination of multiple taxes and double

taxation.

 Boost to “MAKE IN INDIA” initiative.

 Buoyancy to the government revenue.

 Improved efficiency of logisitics.

 Unorganized sector is regulated under GST.

 GST COUNCIL
Article 279A of the Constitution of india
empowers President to constitute joint forum
of centre and state namely, GST Council .
Comosition has been discussed below:-
 Union Finance Minister :- Chairman
 Union Minister of State in charge of
Finance or Revenue :- members
Every decision of GST Council shall taken of
not less than ¾ of weighted votes of member
present and voting.
Central Government weighted of 1/3 of vote
State Government together weighted of 2/3
of total votes caste in that meeting
 COMPOSITION SCHEME
ELIGIBILITY CRITERIA
In case of Nine Special Category States(ie
Assam , Arunachal Pradesh, Manipur, Sikkim,
Meghalaya , Mizoram, Nagaland, Tripura and
Himachal Pradesh), a person can opt for
composition scheme if his turnover for the
preceding financial year does not exceed
Rs75 LAKHS.
In case of Any Other State Including J&K
AND Uttarakhand, a person can opt if turnover
For preceding financial year does not exceed
Rs1 CRORE.
 REGISTRATION
Persons Liable For Registration
A Supplier to obtain registration in state from
where he makes a taxable supply of goods
services if his “aggregate turnover” in
a financial year exceeds the following
amounts:
Rs 10 Lakhs in case of TEN Special Category
States (Assam, Manipur, Arunachal Pradesh,
Meghalaya,Mizoram,Nagaland, Sikkim,Tripura,
Himachal Pradesh and Uttarakhand); and

Rs 20 lakhs in case of any other state.

THANK YOU