GST in india

1. STUDENTS DISCUSSION
FORUM
DATE: 23-08-2017 TIME: 11.00AM TO 1.00PM
5TH B.com
GOODS AND SERVICES
TAX

2. • HISTORY OF TAX SYSTEM IN
INDIA
AZHARUDHEEN
• GST MEANING AND
IMPLEMENTATION
SHANID M
• TYPES OF GST AND
COMPARISON WITH VAT
SHIBILA KRISHNA
• GST ADVANTAGE &
LIMITATION
BIBIN JOSE
• GST IMPACTMRUDHULA SAJEEVAN
TOPICS

3. TAX
HISTORY OF
TAX SYSTEM IN
INDIA
AZHARUDHEEN

4. TAXATION IN INDIA- MEDIEVAL AND
BRITISH ERA With the advent of Muslim rule in India the country
witnessed a sea of change in the taxation system of India.
 Although, they also practiced the same norm of taxation,
but it was more homogeneous in structure and collection.
 The period of British rule in India witnessed some remarkable
change in the whole taxation system of India.
 Although it was highly in favour of the British government.

5. TAXATION IN INDIA- MEDIEVAL AND
BRITISH ERA
 It incorporated modern and scientific methods of taxation
tools and systems.
 First war of independence in 1857 was a major financial
burden to the British government.
 Thus they in acted Income Tax Act 1886.

6. TAXATION IN INDIA-POST 1922
BRITISH ERA
 Administrative and taxation system was 1st done in history of
taxation system in India.
 Rapid growth and modernization of taxation system in India.

7. TAX STRUCTURE IN INDIA
DIRECT TAX INDIRECT TAX
INCOME
TAX
CORPORATE
TAX
WEALTH
TAX
EXCISE
DUTY
CUSTOMS
DUTY
SERVICE
TAX
OCTRAI
TAX
VAT

8. INDIRECT TAXES
CENTRAL TAXES
 Central Excise duty (CENVAT)
 Additional duties of excise
 Excise duty levied under Medicinal
& Toiletries Preparation Act
 Additional duties of customs (CVD
& SAD)
 Service Tax
 Surcharges & Cess
STATE TAXES
 State VAT / Sales Tax
 Central Sales Tax
 Purchase Tax
 Entertainment Tax (not levied
by the local bodies)
 Luxury Tax
 Entry Tax ( All forms)
 Taxes on lottery, betting &
gambling
 Surcharges & Cess

9. ROAD TO GST
 2006, announcement of the intent to introduce GST by
01.04.2010
 November 2009 – First Discussion Paper (FDP) released by
EC on which Comments were provided by Government of
India.
 June 2010- Three sub-working Groups constituted by
Government of India on:
 Business Process related issues.
 Drafting of Central GST and model State GST legislations.
 Basic design of IT systems required for GST in general and
IGST in particular.

10. GST
INTRODUCTION TO GOODS AND SERVICE TAX,
MEANING AND
IMPLEMENTATION
SHANID M

11. WHAT IS GST?
GOODS AND SERVICE TAX (GST) IS AN INDIRECT TAX WHICH
WAS INTRODUCED IN INDIA ON 1 JULY 2017 AND WAS
APPLICABLE THROUGHOUT INDIA WHICH REPLACED MULTIPLE
CASCADING TAXES LEVIED BY THE CENTRAL AND STATE GOVT.
 IT IS COLLECTED ON VALUE ADDED AT EACH STAGE OF SALE.
 SEAMLESS INPUT TAX CREDIT THROUGHOUT THE SUPPLY
CHAIN.

12. HSN CODE (HARMONIZED SYSTEM
NOMENCLATURE)
 HSN IS A MULTIPURPOSE INTERNATIONAL PRODUCT
NOMENCLATURE DEVELOPED BY THE WORLD CUSTOMS
ORGASZIATION(WCO)

13. AIM OF GST

14. SUBSUMED INTO GST
 CENTRAL LEVEL TAXES
 STATE LEVEL TAXES

15. TAXES TO BE REPLACED UNDER GST
• Central Excise
Duty
• Additional Excise
Duty
• Service Tax
• Additional
Customs Duty
• Special Additional
Duty of Customs
CENTRAL
TAXES
• Entertainment
Tax
• Entry tax
• Purchase Tax
• Luxury tax
• Taxes on
lottery, betting
• CST
STATE
TAXES
GST

16. SLABS / TAX % IN GST

17. INTRASTATE SALE
NAME QTY RATE S% AMT C% AMT TOTAL
SUGAR 4 100 2.5 2.5 2.5 2.5 105
TOTAL 105

18. INTERSTATE SALE
NAME QTY RATE IGST% AMT TOTAL
SUGAR 4 100 5 5 105
TOTAL 105

19. WAY OF FORWARD
 Passage of CGST, SGST, IGST by Parliament and passing of
SGST laws by State Legislatures
 GST Council to fit tax rates to various categories of Goods and
Services
 Rules relating to registration, returns, valuation, Input Credit
etc. to be finalized
 Migration of existing tax payers
 Change Management

20. STATE CODE PAN
ENTIT
Y
CODE
BLANK
(KEPT
FOR
FUTUR
E USE)
CHECK
DIGIT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
STRUCTURE OF REGISTRATION
NUMBER (GSTIN)

21. The following material is available
on
www.
cbec.gov.in
 Presentation on GST
 •GST – Concept & Status
 •FAQs on GST in English and ten regional languages
 •Model GST Law
 •Draft Rules & Formats
 •Constitutional Amendment Act

22. GST
TYPES OF GST AND COMPARISON WITH VAT
SHIBILA KRISHNA

23. TYPES OF GST
CGST
SGST
IGST

24. CGST (CENTRAL GOODS &
SERVICE TAX) IT IS A TYPE OF GST
 CGST FALLS UNDER CENTRAL GOODS & SERVICE TAX ACT 2016
 IT INCLUDES EXCISE DUTY, SERVICE TAX, CST
 CGST CHARGED ON THE MOVEMENT OF GOODS AND SERVICE
 WHICH CAN BE AMENDED TIME BY A SEPARATE BODY
 CGST TAX LEVIED BY CENTRAL GOVT

25. SGST (STATE GOODS & SERVICE
TAX IT IS AN ANOTHER TYPE OF GST
 SGST FALLS UNDER STATE GOODS AND SERVICE ACT 2016
 IT INCLUDES STATE SALES TAX, VAT, LUXURY TAX,
ENTERTAINMENT TAX ETC..
 SGST LEVIED BY STATE GOVT

26. IGST (INTEGRATED GOODS &
SERVICE TAX) IT IS AN ANOTHER TYPE OF GST
 IGST FALLS UNDER INTEGRATED GOODS & SERVICE TAX ACT
2016
 IGST CHARGED ON WHEN INTERSTATE TRANSACTION OF
GOODS & SERVICE

27. COMPARISON BETWEEN GST & VAT
HEADS VAT GST
TURN OVER LIMIT STATE SPECIFIED LIMIT 40 20 LAKH
REGISTRATION TIN BASED PAN BASED REGISTRATION
DECLARATION FORM C & H FORM NO DECLARATION
RATE OF TAX 5.5% AND 14.5% 5%, 12%, 18%, 28%
FILLING OF RETURNS MONTHLY OR QUARTERLY 20TH OF EACH MONTH
MODE OF PAYMENT NO SPECIFIC MODE Exceeds 10,000 E-PAYMENT
LESS THAN IS OPTIONAL
RATING OF BUSINESS NO RATING TIMLY FILLING OF RETURNS
AND PAYMENT

28. GST
ADVANTAGE & LIMITATION
BIBIN JOSE

29. ADVANTAGES TO VARIOUS
SECTORS
 GOVERNMENT
 SOCIETY
 CONSUMER

30. ADVANTAGES
Can get more tax
amount.
Prevent fraudulent
activities in taxation.
Increase economical
growth.
Improve the relation
with foreign countries.
More complicated for
implementation.
Increasing import.
GOVERNMENT
LIMITATIONS

31. SOCIETY
ADVANTAGES
Economical development
Improving life style
Employment opportunity
Availability of large variety
of product.
LIMITATIONS
Increasing capitalization
Lack of awareness

32. CONSUMER
ADVANTAGES
Decreasing the price of
consumer products.
High quality product
More options of products
are available
LIMITATIONS
Direct tax payment
Lack of knowledge

33. GST
IMPACT OF GST
MRUDHULA SAJEEVAN

34. AREAS OF IMPACT
SOCIAL HEALTH INDUSTRIAL

35. SOCIAL SECTOR
 Change in Price.
 Lack of Knowledge and Awareness.

36. HEALTH SECTOR
 As many as 108 Maveli medial shops were closed down.
 The GST in respect of Ayurvedic Medicine like Arishta, Oils,
has gone up from 7 %to 12%.

37. INDUSTRIAL SECTOR
 No model bills have been provided even the structure of bill is not clear.
 In the GST system small scale industries have 28% of Tax.
 There has been steep increase in the price of the Real Estate Sector.
 Tax is imposed on Junk Food.
 Gold Tax has been reduced to 3% from 5%.
 18% tax for phone bills.
 If bill rate is more than 1000 then tax increase to 30%.

38. EXCEPTIONAL CASES OF
GST
 Petroleum
 Tobacco
 Alcohol

40. 5TH B.com
CMCAS nadavayal