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GST Concepts
People have taken note of the GST or the Goods
Services Tax law. A new law has been proposed
which is set to reform how people do business
and the way goods and services are taxed in
India. Whether it makes goods cheaper for the
common man like you and me, nobody can tell.
But this is going to impact our lives in our jobs,
our businesses and the overall economic
environment. Reason enough for us to learn
something about it!

Who does it apply to?

To every person who supplies goods

and/or services of value exceeding Rs
20 lakh in a financial year. (Limit is Rs
10 lakh for some special
category states). Compulsory
registration for these. And GST must be
paid when turnover exceeds Rs 20 lakh
(Rs 10 lakh for some special
category states).
To any person making inter-state
taxable supply of goods and/or services
Every e-commerce operator
Every person who supplies goods
and/or services, other than branded
services, through e-commerce
operator
Aggregators who supply services under
their own brand name
Casual Taxable Person
Non-Resident Taxable Person
Person required to deduct/collect tax
(TDS/TCS)
Input Service Distributor
Person supplying online information
and database access or retrieval
services from a place outside India to a
person in india, other than a registered
taxable person.
Person required to pay tax under
Reverse Charge
Person supplying the goods on behalf
of other taxable person (eg. Agent)
GST does NOT apply to Agriculturists
GST does not apply to any person
engaged exclusively in the business of
supplying goods and/or services that
are not liable to tax or are wholly
exempt from tax under this Act

GST framework

GST is expected to replace a myriad of indirect

taxes such as VAT, customs duty, Excise, CST,
Service Tax, Entertainment Tax with a single tax
called the Goods and Services Tax.

Broadly there will be 2 forms of GST in

India.
At the intra-state level (when goods
travel within a state) and at the inter-
state level (when goods travel between
states).
At the intra-state level two types of
GST shall be levied CGST (Central
Goods and Services Tax)
and SGST (State Goods and Services
Tax).
At the inter-state level IGST (Or
Integrated Goods and Services Tax)
shall be levied.
Imports shall be considered as inter-
state supply.
Exports shall be zero rated.
Supplies to SEZ will be Zero-rated

Will the new GST allow tax cascading benefits?

Many of us are aware that service tax and VAT

have cascading benefits, which means you can
avail credit of tax paid by you on inputs. For
example in case of service tax – you levy service
tax on services you sell and while depositing this
tax you can take credit of service tax paid by you
on services used as inputs.

This cascading benefit shall also be available in

case of GST.

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IGST payments can be set o! against: IGST,

CGST, SGST on inputs

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CGST payments can be set o! against: IGST and

CGST on inputs

SGST payments can be set o! against: IGST and

SGST on inputs

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Guru Gobind Singh Dr. APJ Abdul Kalam

Indraprastha Technical University
University (MBA) MBA Notes (KMBN,
Notes KMB & RMB Series
Read MBA Syllabus Notes)
wise notes of Read MBA Syllabus
GGSIPU,New Delhi wise notes of
20 Dec 2018 AKTU,LUCKNOW
In "GGSIPU MBA 8 Dec 2018
NOTES" In "AKTU MBA NOTES"

Guru Gobind Singh

Indraprastha
University (BBA) Notes
Read BBA Syllabus
wise notes of
GGSIPU,New Delhi
9 Feb 2019
In "GGSIPU BBA
NOTES"

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