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Project Report Goods and Service Tax in India

This document provides an overview of Goods and Services Tax (GST) in India. It discusses what GST is, the taxes it subsumed, its key features like being comprehensive, multi-stage and destination-based. It outlines the journey of GST in India from its announcement in 2006 to its launch on July 1, 2017. It also lists some advantages of GST and components of GST.

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Amit Agiwal
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77 views

Project Report Goods and Service Tax in India

This document provides an overview of Goods and Services Tax (GST) in India. It discusses what GST is, the taxes it subsumed, its key features like being comprehensive, multi-stage and destination-based. It outlines the journey of GST in India from its announcement in 2006 to its launch on July 1, 2017. It also lists some advantages of GST and components of GST.

Uploaded by

Amit Agiwal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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PROJECT REPORT GOODS AND SERVICE TAX IN

INDIA
Table of Contents

S. No Particulars Page No.


1 INTRODUCTION
2 CONCEPT OF GST
3 IMPACT OF GST VARIOUS SECTOR
4 RESEARCH METHODOLOGY
5 CONCEPTUAL DISCUSSION
6 DATA ANALYSIS
7 FINDINGS AND RECOMMENDATIONS
8 CONCLUSIONS AND SUGGESTIONS
9 BIBLOGRAPHY
10 REFRENCES
1. INTRODUCTION

WHAT IS GST
GST stands for GOODS AND SERVICE TAX. GST is comprehensive tax levy
on manufacturer, sale and consumption of goods and services at a nation level.
GST is an Indirect Tax which has replaced many Indirect Taxes in India. The
Goods and Service Tax Act was passed in the Parliament on 29th March 2017.
The Act came into effect on 1st July 2017; Goods & Services Tax Law in India
is a comprehensive, multi-stage, destination-based tax that is levied on
every value addition.
In simple words, Goods and Service Tax (GST) is an indirect tax levied on the
supply of goods and services. This law has replaced many indirect tax laws
that previously existed in India.
GST is one indirect tax for the entire country.
So, before Goods and Service Tax, the pattern of tax levy was as follows:

BUYING RAW SALE TO VAT SALE TO


MATERIAL WHOLESELLER RETAILER

Cost +VAT Excise Duty + VAT


VAT

MANUFACTURER SALE TO
CONSUMER
Comprehensive: There are taxes levied at state and central level which are
subsumed under GST. Hence GST is comprehensive tax.

Taxes subsumed in GST at State Taxes subsumed in GST at Central


level level
VAT (Value Added Tax) Central Excise Duty
Entertainment Tax (other than taxes Additional Excise Duty
levied by local bodies)
Octroi Service Tax
Purchase tax and Entry tax Additional Custom Duty
(Countervailing Duty)
Luxury tax Special additional duty of custom
Taxes on Advertisement, Lottery, Central Sales Tax
Betting and gambling

Multi Stage: There are multiple change-of-hands an item goes through along its
supply chain: from manufacture to final sale to the consumer. GST is levied on
these value additions i.e. the monetary value added at each stage to achieve the
final sale to the end customer.

BUYING RAW SALE TO SALE TO


MATERIAL WHOLESELLER RETAILER

GST GST on Value Addition on every stage

SALE TO
MANUFACTURER
CONSUMER

GST is destination-based tax i.e. taxes are levied at the point of consumption. For
example if goods are sold by Karnataka seller to Gujarat consumer tax revenue will
go to Gujarat.
JOURNEY OF GST IN INDIA

2006 - Announcement of GST for the first time was made by the then Union
Finance Minister, during budget of 2006-07 that it would introduced from 1 April
2010

2009 - First Discussion Paper was released by the Empowered Committee

2016 - On 8th September 2016 president assent received on The Constitution (One
Hundred and First Amendment) Act.

2016 - First meeting of GST council meeting took place in New Delhi on 22 nd and
23rd September 2016

2017 - April 2017 CGST, IGST and UTGST and compensation act was passed by
Parliament

2017 - April 2017 CGST, IGST and UTGST and compensation act was passed by
Parliament

2017 - May 2017 GST council recommends all the rules for GST

2017 - June 2017 All States except J&K passed their SGST ACT. SGST Act passed by
J&K on 8th July 2017. CGST and IGST Ordinances promulgated to extend GST to J&K

GST was launched on 1st July 2017


in entire country except the state of
Jammu and Kashmir.
WHY GST
Problem in current indirect system

ADVANTAGE OF GST
COMPONENT OF GST
TAX LAW BEFORE GST

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