CA. Bhavik P. Chudasama
What is Goods & Service Tax (GST)?
It's an Indirect Tax, which is levied by any registered person on Supply of Goods & Services to any person
depending on the Place of Supply of Goods/Services.
What does Indirect Tax Mean?
i) Indirect Tax is a Tax whose burden is shifted on the end-user i.e. Person Selling Goods/Service will collect the GST from the buyer & pay to the Government.
ii) This Chain continues till the time Goods/Service is ultimately consumed & not sold further.
iii) In Indirect Tax Person, selling the Goods/Services acts like an agent of the Government who Collects the Tax on behalf of Government from Buyers & Pays to the Government.
Who is a Registered Person?
Person who is registered under CGST Act is called Registered Person.
What is Goods & Services?
Goods – every kind of movable property other than money & securities but includes actionable claims, growing crops, grass & things attached to or forming part of the land which are agreed to be served before supply or under a contract of supply Services – anything other than goods, money & Securities but includes services relating to conversion of money & services facilitating transaction in securities
What does Place of Supply of Goods/Services Mean?
GST is an Destination based tax, i.e. Goods/Services will be taxed at the place where they are consumed & not at the Origin
What all taxes are subsumed under GST?
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At the Central level |
At the State level |
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Central Excise Duty |
Subsuming of State Value Added Tax/Sales Tax |
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Additional Excise Duty, |
Entertainment Tax (other than the tax levied by the local bodies |
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Service Tax |
Central Sales Tax (levied by the Centre and collected by the States) |
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Additional Customs Duty commonly known as Countervailing Duty |
Octroi and Entry tax |
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Special Additional Duty of Customs |
Purchase Tax |
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Luxury tax |
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Taxes on lottery, betting and gambling |
Disclaimer: The information in this presentation was compiled from various sources believed to be reliable and is for general informational purpose only. It is not an exhaustive treatment of such subject & No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained herein. Presenter/Author does not undertake any legal or other liability for any of the contents of this presentation. The information provided is not, nor is it intended to be an advice on any matter and should not be relied upon as sole basis for any decision which may affect you or your business. The views expressed in this presentation are the personal views of the presenter & the interpretations expressed herein should not be construed as legal or expert advice. The presenter accepts no liability & disclaims all responsibility for any loss whatsoever, due to decisions taken relying on this material & due professional Advise be sought before taking any decision on any of the information contained in it
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