A Summer Internship Program

on
Implementation of GST ( Goods and
services tax )

Submitted by – Guided by -
Dhruv sethi Dr Deepika Singh Tomar
 Introduction

 GST(Goods and services tax )

 Components of GST
 VAT (Value Added Tax)
 Registration in GST
 Advantages and Disadvantages of GST
 What is GST ?
• Goods and service tax (GST) is a comprehensive tax levy on
manufacture, sale and consumption of goods and service at a
national level.

• GST is a tax on goods and services with value addition at each

stage.

• GST will include many state and central level indirect taxes.

• It overcomes drawback present tax system

The goods and services tax structure -:
 VAT (VALUE ADDED TAX)

• Implemented in April-1/2005.
• It is replacement to complex Sales Tax
• It overcomes a Cascading Effect of Tax
• It applied on " Value Added Portion" in sales price

PROBLEMS WITH VAT

• It is not uniform in nature
• VAT is different for different states
• Different rates of taxation for different good
 REGISTRATION IN GST
Documents and information required
The following are the information required for GST
registration:

• Provisional Id and password

• Back account number
• IFSC code
• E-mail address
• Mobile number
GST REGISTRATION PROCEDURE

• Visit on GST Registration Portal www.gst.gov.in

• Click on services>Registration>New Registration

• Select the following option, start with I am a “Taxpayer” also

select the state and district for which registration is required.

•Then after a TRN (Temporary Reference Number) is generated,

based upon which we can create the log in and proceed
RETURN FILLING UNDER GST

• A taxpayer is required to file a return

document with the tax administrative
authority. This helps the tax authority to track
on the tax liability of the taxpayer.
 GST – ADVANTAGES

• Overall reduction in Prices for Consumers

• Reduction in Multiplicity of Taxes, Cascading and
Double Taxation
• Uniform Rate of Tax and Common National Market
• Broader Tax Base and decrease in “Black” transactions
• Free Flow of Goods and Services – No Checkpoints 6
• Non-Intrusive Electronic Tax Compliance System
 Disadvantages Of GST

• Change in Business Software

• Increase in Operating Costs
• Policy Change During the Middle of the Year
• Online Procedure
• Higher Tax Burden for Manufacturing SMEs
• No Clarity on Tax Holidays
 Conclusion

– Tax structure – The divergence from perfect GST structure should be kept minimum.

• Arrangement of the Gov. and the Corp – Proper time should be given to the CTD
and the Industry to adapt for GST.

• Computerization – In the world of digitalization everything is getting computerized

so to enhance efficiency and Transparency

• Monitoring Inter-state Transaction - There is a smooth flow of information in

real time.
GST is also known as “ONE NATION
ONETAX”

THANK YOU