PREPARED BY:

ANKUSH GUPTA
BATCH:M1
101803384
SUBMITTED TO:
MISS. SUKHPREET
• Basic overview of GST
• Classification of GST
• Existing tax structure
• New GST tax structure
• Taxes involved in GST
• GST rate slabs
• GST setoff chain
• GST registration and refund
• GST return
• Challenges
• Advantages
 GST is a combined form of value added tax on
good and services
 GST is basically goods and service taxes
 It is collected at each stage of sales and
purchase in supply chain
 It is destination based consumption tax
 This tax is levied on both goods and services
(except the exempted goods and services)
 Earlier tax
structure

Entry tax/
Sales
Excise duty Service tax Customs duty Entertainment
tax/VAT/CST
tax

Provision of Import and

Manufacturing Sales Entry of goods and
services Export
entertainment
things like films, tv
shows etc.
 • State goods and
• Central goods service tax
and service tax • Applicable on
CGST • Applicable on suppliers dealing
suppliers dealing SGST within the state
within the state • Taxes possessed
will be shared to • Integrated goods
state authority and service tax
body • Applicable on
suppliers dealing
with interstate
business and
IGST import
transaction
• Taxes collected
 Union territory goods and are shared to
central and state
service tax authority
 Applicable on supplies that
UTGST take place in any of the five
union territories
 Tax is collected by U.T
govt.
Intra state taxable Inter state taxable Import from Outside
supply supply INDIA

CST will be
Excise and service
replaced by
tax will be known Custom duty
Integrated GST
as CGST
(IGST)

Local VAT and Approx. sum total In place of SAD,

other taxes will be of CGST and IGST will be
known as IGST SGST charged
 Central Levies State Levies

Excise Duties including the VAT/ Sales tax

additional excise duties
Cesses in the nature of excise
duty /customs duty
Additional duties of customs
(ie CVD and ACD)
CST to be abolished
Service tax
Entry tax , octroi tax
Entertainment tax (unless levied
by the local bodies)
Subsumation
Luxury tax
of taxes
Taxes on lottery, betting and
gambling

Cesses and surcharges levied Cesses and surcharges levied by

by Union ie education cess etc States, related to supply of goods
and services

Central GST
State GST
 GST rate
slabs

Exempted 5% GST 12% GST 18% GST 28% GST

(no GST) rate slab rate slab rate slab rate slab

7% items 43%
including 14% 17% 9% items including motor cycle,
items
alcohol, petrol items items refrigerators, AC’s etc.
including
etc. including including hair oil,
tea, sugar, computer tooth
spices, and paste and Without With cess
coal etc. processed soaps etc. cess
food
•Luxury cars
•Tobacco
•Aerated drinks
•Pan Masala
 • Input credit of goods+services
Manufacturer • After taking setoff of input credit, pay the output liability on value addition

• Input credit of goods+services from manufacturer

Wholesaler • After taking setoff of input credit, pay the output liability on value addition

• Input credit of goods+services from wholesaler

Retailer • After taking setoff of input credit, pay the output liability on value addition

• Ultimate output liability recovered from consumer

Consumer
REGISTRATION:
• Exemption limit to those who have an annual aggregate turnover of less
than 9 lacs of outward supplies
• PAN card is mandatory to obtain registration
• Person dealing exclusively in exempted goods and services not liable to
obtain registration
• In case of multiple place of business, records to be maintained at each
place relevant to business

REFUND:
• Refund application can be filled within 2 years of relevant date
• In case of multi state operations, application to be filed in respective states
S. No. Return For To be filed by
1 GSTR 1 Outward supply made by taxpayer 10th of next month
2 GSTR 2 Inward supplies received by 15th of next month
taxpayers
3 GSTR 3 Monthly return 20th of next month
4 GSTR 4 Quarterly return 18th of month next to
quarter
5 GSTR 5 Periodic return Last day of registration
6 GSTR 6 Return for input service distributer 15th of next month
7 GSTR 7 Return for tax deducted at source 10th of next month
8 GSTR 8 Annual return By 31st December of
next FY
9 ITC ledger of taxpayers Continuous
10 Cash ledger of taxpayers Continuous
11 Tax ledgers of taxpayers Continuous
 ₹89,885.00 ₹103,459.00 ₹94,016.00 ₹95,610.00 ₹96,483.00 ₹93,960.00 ₹94,662.00 ₹100,710.00

Average(20 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

17-18)
GST collection(in crores) 89885 103459 94016 95610 96483 93960 94662 100710

GST collection(in crores)

CHALLENGES TO ENFORCEMENT AGENCIES:
Coordination
Taxation of
between states
services by
and central
state
departments

Role of
Training
custom
needs
authorities

Robust GSTN
Managing risk
Key challenges and online
of GST fraud
compliances
CHALLENGES TO TAX PAYERS:
• Billing patterns are changed
• New registration
• Change in rate of taxes
• Increase in pricing of some goods
• Higher tax rates
• Records to be maintained monthly
• ITR’s to be filled monthly
• Documentation of movement of goods
 Improved All the taxes
revenue are combined
collections in single tax

Creation of a
Efficient use common
of resources national
market

Estimated to
Benefits of increase
Fewer taxes
GST GDP by 0.9
to 1.2%