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    Unit 01 - Introduction To GST

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    Sathya sai
    This document discusses goods and services tax (GST) in India, comparing direct and indirect taxes, and outlining the benefits and framework of GST. It notes that GST will eliminate cascading effects, burden final consumers less, and be destination-based. Benefits include fewer taxes, no double taxation, easier compliance, and a boost to e-commerce, GDP, investment and less developed states. Direct taxes are paid by individuals on income, while indirect taxes are paid indirectly via goods and services prices, shifting the burden. The framework of GST in India involves the 2016 Constitutional Amendment Act.

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    Unit 01 - Introduction To GST

    Uploaded by

    Sathya sai
    19 views31 pages
    This document discusses goods and services tax (GST) in India, comparing direct and indirect taxes, and outlining the benefits and framework of GST. It notes that GST will eliminate cascading effects, burden final consumers less, and be destination-based. Benefits include fewer taxes, no double taxation, easier compliance, and a boost to e-commerce, GDP, investment and less developed states. Direct taxes are paid by individuals on income, while indirect taxes are paid indirectly via goods and services prices, shifting the burden. The framework of GST in India involves the 2016 Constitutional Amendment Act.

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    Unit 01 - Introduction to GST

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    This document discusses goods and services tax (GST) in India, comparing direct and indirect taxes, and outlining the benefits and framework of GST. It notes that GST will eliminate cascading effects, burden final consumers less, and be destination-based. Benefits include fewer taxes, no double taxation, easier compliance, and a boost to e-commerce, GDP, investment and less developed states. Direct taxes are paid by individuals on income, while indirect taxes are paid indirectly via goods and services prices, shifting the burden. The framework of GST in India involves the 2016 Constitutional Amendment Act.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    19 views31 pages

    Unit 01 - Introduction To GST

    Uploaded by

    Sathya sai
    This document discusses goods and services tax (GST) in India, comparing direct and indirect taxes, and outlining the benefits and framework of GST. It notes that GST will eliminate cascading effects, burden final consumers less, and be destination-based. Benefits include fewer taxes, no double taxation, easier compliance, and a boost to e-commerce, GDP, investment and less developed states. Direct taxes are paid by individuals on income, while indirect taxes are paid indirectly via goods and services prices, shifting the burden. The framework of GST in India involves the 2016 Constitutional Amendment Act.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 31

    Elimination of cascading effect

    Burden of final consumer


    Destination based tax
    Benefits of GST / Need
    • Fewer tax • Online procedures
    • No double taxation- two time • E commerce sector a boost
    same product • Increase in GDP
    • No cascading effect – tax on tax • Lifting up less developed states
    • Reduction of corruption • Manufacturing of goods
    • No bifurcation of goods and became cheaper
    services • Boost investment
    • Easy compliance – file easy
    Direct tax Indirect tax
    • Income tax, property tax, corn • Custom duty, Excise duty, Service
    Example tax, Inheritance tax, Gift Tax, tax, Sales tax, VAT
    Wealth tax
    Payer • Payable by the person to whom • Paid by the person indirectly,
    it is levied on income charged on goods and services
    Tax burden
    • No shift of tax burden • Shift of tax burden
    Evasion • Tax evasion Is possible • Hardly possibly – taxis included
    in the price of the goods
    Inflation • Reduces inflation • Increases inflation
    Levy • Levied on person • Levied on the consumer
    Type • Progressive • Regressive
    • Political and administrative considerations
    – Delhi and Chandigarh.

    • Cultural distinctiveness – Puducherry,


    Dadra and Nagar Haveli, and Daman and Diu.

    • Strategic Importance – Andaman and


    Nicobar Islands and Lakshadweep.

    • Special treatment and care of the backward


    and tribal people – Mizoram, Manipur,
    Tripura, and Arunachal Pradesh which later
    became states.
    Difference between Direct and Indirect tax
    Feature of Indirect Tax
    • Revenue to the Government
    • Shifting of burden
    • Tax on goods and services
    • No direct pinch !
    • Increases Inflation – added price on Price
    • Wide tax base
    • Promotes social welfare
    • Regressive in nature
    • Convenient to pay
    • No tax evasion
    • https://www.youtube.com/watch?v=gPUGr4C-E8I
    Framework of GST in India
    101 Constitutional Amendment Act:2016- GST

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