E-filing of gst and its objective, implications of gst and economy.

It is a presentation of e filing that is filing of gst and objectives of gst. So you can describe how gst and its implications helps our economy.

1. PRESENTATIONPRESENTATION
OF E-FILINGOF E-FILING

2. GST stands for Goods and Services Tax. It is an
indirect tax system implemented in many countries,
including India. GST replaces multiple indirect taxes
levied by the central and state governments,
simplifying the taxation process. The GST system is
designed to eliminate the cascading effect of
taxes, also known as tax-on-tax, by allowing
businesses to claim input tax credits on the taxes
paid at earlier stages of the supply chain. This
ensures that the tax is levied only on the value
added at each stage of production and distribution.
INTRODUCTION

3. It was envisaged that GST would subsume a number of indirect
taxes presently being levied by Central and State Governments
into a single tax, thereby reducing the cascading of taxes and
providing a common national market for Goods and Services. GST
was also expected to simplify the tax regime and result in
better tax compliance and a non-intrusive E tax system due to
a robust IT Infrastructure. Due to the seamless transfer of
input tax credit from one stage to another in the chain of value
addition, GST was to have an in-built mechanism in its design
that would incentivise tax compliance by trader.
OBJECTIVES OF GST

4. REDUCE TAX CASCADING - A system of seamless
tax credits throughout the value-chain, and
across boundaries of States, would ensure that
there is minimal cascading of taxes. This would
reduce the hidden costs of doing business.
USHERING IN A COMMON MARKET - GST creates a
common national market by eliminating barriers
to inter-state trade, enabling a seamless flow
of goods and services across state borders

5. SIMPLIFIED TAX REGIME - GST aims to simplify the
complex indirect tax structure by replacing multiple
taxes with a single tax, reducing compliance costs,
and making tax administration more efficient.
SELF REGULATING AND NON-INTRUSIVE E-TAX - GST
envisages all transactions and processes to be done
only through electronic mode, to achieve non-
intrusive administration. This will minimise tax
payers physical interactions with the tax officials.
GST provides for the facility of auto-populated
monthly returns and annual return

6. Unifying multiple central and
state taxes
Simplified Tax structure
IT enabled compliance
MEANS TO ACHIEVE

7. Subsuming of 37 central and state
taxes
Eliminating multiplicity of tax rates
Simplified forms and procedures
System verified seamless flow of ITC
(GSTR 1, 2 & 3)
Single IT based Interface for Tax Payer
MECHANISM ENVISAGED

8. Only a few goods/sectors outside GST. ITC eligible
across chain
Same rates across states. Multiple rates on same
category for a few products
Key monthly returns (GSTR 2 & 3 kept on hold)
Self Assessed Summary Return (GSTR 3B) with no
matching
System still evolving. Processing of refunds still
manual
IMPLEMENTATION STATUS

9. Thank YouThank You