GST

Meaning and Scope

• GST is an indirect tax imposed on the supply of goods

and services.
• The goods and services tax (GST) is a tax on goods and
services sold domestically for consumption.
• The GST is usually taxed as a single rate across a nation.
 Categories of GST
• CGST –
The Central Goods and Services Tax of CGST is a tax under the GST regime
that is applicable on intrastate (within the same state) transactions. The
revenue earned from CGST is collected by the Central Government.

• SGST – The State Goods and Services Tax or SGST is a tax under the
GST regime that is applicable on intrastate (within the same state)
transactions
 Categories of GST

• IGST –
The Integrated Goods and Services Tax or IGST is a tax under the GST regime that is applied on the
interstate (between 2 states) supply of goods and/or services as well as on imports and exports.

• UGST –
The Union Territory Goods and Services Tax or UTGST is the counterpart of State Goods and Services
Tax (SGST) which is levied on the supply of goods and/or services in the Union Territories (Uts) of
India.
Advantages of GST
 TDS
• Tax Deducted at Source is a mean of collecting income tax in India,
under the Indian Income Tax Act of 1961. Any payment covered
under these provisions shall be paid after deducting at prescribed
percentage / rate.
•
• The government uses TDS as a tool to collect tax evasion by taxing
the income ( partially or wholly) at the time it is generated rather than
at a later date.
 Types of TDS
TDS is applicable as per the nature of the transaction. A different rate is
applicable for each transaction. Here are some of the sources of income
which are eligible for TDS deductions.
Salary income
Interest on fixed deposits (FD)
Rent payment
• Commission or brokerage
 What is TDS Refund?
TDS refund is the refund issued by the income tax authority when your TDS deducted or advance taxes
paid exceeds your actual tax liability. When you earn any income like salary, house rent, interest, etc.,
TDS is deducted by the payer, and the deducted amount is further remitted to the government.

But when you file your income tax return, you give your complete details of income, investments and
deductions, on the basis of which your tax liability is determined. So, if there is any mismatch between
the actual tax liability and the tax deducted, then you can claim a refund of the excess amount paid.
Thank you!