Overview prepared on Goods and Service Tax

Overview on GST PPT

1. OVERVIEW ON GST By:

2. What is GST? Goods & service tax (GST) is a consumption based tax levied on sale, manufacture and consumption of goods & services at a national level GST is levied at the time of supply of goods & services GST will comprise of : Central GST levied by Centre on intra state supply State GST, levied by State on intra state supply Integrated GST, levied by Central Government on inter state supply. GST would apply to all goods & services except Alcohol for human consumption GST on petroleum crude, high speed diesel, motor spirit (petrol) natural gas & aviation turbine fuel would be applicable from date recommended by GST Council. Tobacco & tobacco products would be subject to GST in addition with Central Excise Duty levied by center.

3. Taxes subsumed under GST Central Taxes Subsumed 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 subsumed 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

4. Multi-tired Systems Rate Indicative Items 0% Export, Agriculture 5% Food, restaurants, etc. 12% Processed Foods 18% Services, soaps, refrigerators, smartphones, Small Cars 28% Cars like SUV’s, white goods 28% + Cess Luxury Cars, pan masala, tobacco, aerated water

5. CGST Act, and IGST Act CGST (Central Goods and Service Tax) shall be levied on every INTRA STATE supplies of goods & services at rates not exceeding 20% or as may be notified by central government. Composition scheme can be availed under CGST ACT. IGST (Integrated Goods and Service Tax) shall be levied in every INTER STATE supply of goods & services at rates not exceeding 40% or as may be notified by central government Integrated tax on imported goods shall be levied & collected as per
Customs Tariff Act, 1975. Additional tax will be levied on Inter-state supply of goods, not exceeding 1%, to be collected by Central Government for a period of 2 years and will be assigned to the States from where the Supply originates.