GST CURSE OR BLESSING FOR

INDIAN ECONOMY

Presented by:
Divya H
Evangeline M
Guatam
Pravin
Divyaprakash
Introduction
 Goods And Service Tax
 Implemented July 1st 2017
 GST categorized into 0%, 5%,12%,18% and 28% slab rates
 Destination Based Taxation System.
 GST subsumed Central Excise Duty, Central Value added tax, Service tax, State Value added tax, Entry
tax, Luxury Tax
 Features Of GST
1. One Nation, One Tax
2. Destination Based Taxation System
3. Multiple tax rates
4. Dual Structure
5. Transparency

Types Of GST
1. Central GST (CGST)
2. State GST (SGST)
3. Integrated GST (IGST
4. Union Territory GST (UTGST)
 Advantages of GST
Single Taxation Point : GST establishes a single taxation point for the levy of indirect taxes. In India, this point is typically at the
final sale of goods or services to the consumer.

Confirm Tax Rate: GST in India has a defined tax rate structure with different tax slabs for different goods and services.

Common Market: GST has transformed India into a common national market. It replaced the complex system of state-level taxes
and created a unified tax regime across all states and union territories.

Reduces Transaction Cost: GST allows businesses to claim input tax credits for the GST paid on their inputs.

Reduces Corruption: GST promotes transparency and accountability in the taxation system. Transactions are recorded
electronically, making it difficult for businesses to evade taxes or engage in corrupt practices.

Transparency: GST mandates detailed record-keeping and reporting by businesses. Transactions are digitally tracked and
reported to tax authorities, increasing transparency in business operations and tax compliance.
• Increase Exports : GST has positively impacted the export sector in India. It allows exporters to claim refunds on GST paid on
their inputs, making Indian exports more competitive in the global market.
 Disadvantages of GST

 States have a Problem with GST

 Penalty payments
 Complex Tax structure: (0%, 5%,12%,18%,28%)
 Digital divide