INDIAN ECONOMY 1)Avhad Anil 2)Avhad Suyog 3)Ritik Bhawsar 4)Chaudhari Ganesh 5)Bhilare Raviraj 6)Chandale Rahule Student Name 1) AVHAD ANIL 2) AVHAD SUYOG 3) BHAWSAR RITIK 4) CHAUDHARI GANESH 5) BHILARE RAVIRAJ 6) CHANDALE RAHUL Content 1]Introduction 2]Why India Needs GST? 3]Positive Impact Of GST On Indian Economics 4] Negative Impact Of GST on Indian Economy 5] Conclusion INTRODUCTION
• GST stands for Good’s and service tax.
• The GST bill was passed by both parliament on 29 March 2017. th
• Before 2017,the people of India used to pay several indirect taxes
like VAT, excise duty, service tax, Central sales tax. • GST single Indirect Tax. • GST is expected to simplify tax system. TAXATION STRUCTURE IN INDIA
TAXATION STRUCTURE IN INDIA
DIRECT TAX INDIRECT TAX
INCOME INTRASTATE TAX INTERSTATE TAX
CGST SGST IGST(central)
Why India Needed GST ? Positive Impact of GST on Indian Economy 1] Common Man Friendly
>> GST Act provide benefit that consumption of common
>> Only Moderate tax 5% is leveid on item like tea, coffee,
medicine. 2] Advantages for Trad and Industry
>> Procedure for filling GST returns has been
Simplified. Save lot’s of time
>> There shall be on uninterrupted flow of input
credits so that incidence of taxation does not cascade. 3] Benefits to Economy >> GST is expected to create one unified Market for most good’s and service in Country.
>> If price of good service is fall in domestic economy export
will rise leading to high earn.
>> A unified market is expected to lead to balance regional
growth.
>> Gst is expected to improve tax compliance.
Negative Impact of GST on Indian Economy
• GST being an indirect tax is recoverd by means of rising
the selling price which affects middle and lower middle class. • In general, firms continue to face issues with input tax credit system which affects the market. • The unemployment rate had risen from 3.39 to 6.06 % during the period July 2017 to February 2018 in india. Conclusion • GST has both positive as well as negative impact on the economy. • It facilitates economic growth by being transparent. • It also creates loss over few sectors by the increased price of the commodity. • Thus, how GST is viewed in terms of the Indian economy depends on person to person Thank You