Gst – what you need to know about it - PowerPoint PPT Presentation

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Gst – what you need to know about it

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India's current indirect tax system is complex and it isn't very easy to navigate. In fact, it is one of the trickiest aspects of running a business in India. To resolve this issue , faced by almost every new or existing businessman, the government has decided to implement a simpler more universally accepted 'Goods & Services Tax' (GST). GST would be one indirect tax meant to create and maintain a unified indirect taxation system across the country. – PowerPoint PPT presentation

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Title: Gst – what you need to know about it


1
GST What you need to know about it
2
List of taxes replaced by GST
  • Service Tax, VAT, CST, Purchase Tax.
  • Entry Tax, Luxury Tax, Entertainment Tax,
    Advertisement Tax.
  • Central Excise Duty, Tax on Lotteries.
  • Special Countervailing Duty.

3
Benefits of GST
  • Better transparency and compliance.
  • An easy-to-understand uniform tax structure.
  • Reduction in tax cascading and leakage.
  • Consumers benefit from competitive pricing on
    goods and services.

4
Different types of GST
5
CGST
  • The central government is responsible for
    collecting Central GST.

6
SGST
  • On intra-state sales, the state government
    collects the state GST.

7
IGST
  • On inter-state sales, the central government
    collects the integrated GST.

8
The implications of GST slab rates
  • 5, 12, 18, and 28 are the four tax slabs.
  • Locally manufactured goods will fall under the
    lower slab.
  • Higher slabs will be applied to luxury and
    negative items.

9
GST influence on daily life
  • Individuals will get better pricing on goods and
    services.
  • Businesses will get rid of complex taxation
    systems.

10
  • Now that you are aware of the term GST, you must
    have realised the long-term benefits of the same.

11
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