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What is GST ?

• GST stand for Good and Services tax. It is a tax
  on goods and services.
• GST includes state and central level Indirect
  taxes

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STRUCTURE OF TAX IN INDIA

• 1) Direct Tax e.g. Income tax, wealth Tax.
• 2) Indirect Tax Service Tax, Excise duty,
  VAT

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GST - Advantages

• Multiple Taxes in the Supply Chain.
• High Transaction Cost in Favor of Tax Payers.
• Helping Against Corruption.
• As a developing country, India needs Corruption
  less System.
• Enhancement in Efficiency of Manufacture and
  Distribution.

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GST - FEATURES

• Duel GST One is Central GST (CGST) and other is
  State GST(SGST)
• Undeviating Classification
• Undeviating Forms Challans, Returns ( mode
  Electronic )
• Cross Credit between State and Centre not
  allowed.

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GST Perspective Across The World.

• Its been part of tax prospect in Europe for past
  50 years.
• It is becoming fastest most preferred form of
  Income Tax in the pacific region.
• In China, GST applicable to only goods and
  processing services.
• There is separate Business related tax in form of
  VAT.

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TAX EXEMPTIONS

• A) Based on Area It discontinued after the
  period of eligibility.
• B) Based on Product It transferred into the
  refund route.

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GST - System

• On the basis of invoice, credit of GST paid
  claimed.
• GST is claimed when the invoice is received.
• GST is immaterial either payment is made or not.
• The benefit of invoice system is GST has to be
  paid without receiving payment.

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GST About other Countries

• More than 130 countries introduced GST .
• GST has been part of tax Landscape in Europe from
  the past 50 years.
• Countries such as new Zeeland and Singapore Tax
  virtually at a single rate.
• Indonesia has the five positive rates and over
  approximate 30 categories of Exemptions.

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More Knowledge about GST

• We have to pay GST on every single product we buy
  or consume.
• The sellers and service providers takes GST from
  their consumers.
• The success of GST depend upon efficiency, equity
  and Simplicity.
• GST helps nation in growth of economy.

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THANK YOU
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