GST And It Implication….

Submitted By: Submitted To:Mahesh Garg Management Department BBA- 1st Year

PRESENTATION ON

Prannath Parnami Institute for

Professional Studies

What is GSTGST will be a single tax on the supply of goods and services across the commercial establishments be it manufacturer or trader or service provider.

GST will provide the credit of taxes paid while buying and thus will only add tax on the value added of goods or services. This in turn will bring down the tax burden on the final consumer of goods or services.

BENEFITS OF GST Single tax to replace multiple levies of

Central and States. Uniformity of tax rates and structures. Easy and reduced cost of compliance for

taxpayers. Seamless transfer of input tax credit. Improved competitiveness. Greater transparency in tax

administration.

The list of taxes removed from the system at Central Level are..

• Central Excise Duty • Additional Excise Duty• Service Tax • Additional Custom Duty • Special Additional duty of Customs

The list of taxes removed from the system at State Level are..

• Sales VAT or Sales tax• Entertainment Tax (other than tax levied by local

bodies )• Central Sales tax that is levied by center and

collected by states• Octroi and entry tax• Purchase tax• Luxury tax• Taxes on lottery, betting and gambling.

How it Works….Their will be two types of GST i.e• Center GST which is collected by

Central Government• States GST which is collected by

State Government Both CGST and SGST will be similar

on all the transactions of supply of goods and services.

Practical Way To Understand GST….

How GST impacts…

• As GST will be linked to PAN it help in Transparency.

• The counter credits will be available .

• The filing of the returns with 8 different types of forms.

• The payments can be made through online transfer.

• This will make it very simple way in Business.

For Consumers How GST impacts..

• The prices of several commodities may changed.

• The prices may drop for some and may rise for some of the commodities but with transparency and similar tax structure.

• Differential pricing may go away across India.

VIDEO ON GST TO UNDERSTAND IT FUNNY WAY…

Any Question…Please asked.!!!