PRESENTATION ON

GST AND SMALL BUSINESS

PRESENTED BY:- TANISHA GUPTA
MBA- 1
1811585
 GST - Introduction
• GST stands for Goods and Services Tax.
• GST is an indirect tax levied in India on the supply of goods and services.
• GST has replaced many indirect taxes imposed earlier.
• GST is “one tax” for entire country.
• The Goods and Services Tax Act was passed in the parliament on 29th
March, 2017 and came into effect on 1st July, 2017.
 FACTS ABOUT GST

QUESTIONS ANSWERS
FIRST COUNTRY TO IMPLEMENT GST FRANCE

INDIA’S GST MODEL BASED ON

CANADIAN MODEL

FIRST INDIAN STATE TO IMPLEMENT GST

ASSAM

BRAND AMBASSADOR OF GST

AMITABH BACHCHAN
No Tax Goods
sanitary napkins, deities made of stone, marbles or wood, Rakhis without any precious metals like gold, silver, raw material used in
brooms, Saal leaves and fortified milk, fruits, vegetables, bread, salt, bindi, curd, sindoor, natural honey, bangles, handloom, besan, flour,
eggs, stamps, printed books, judicial papers, and newspapers.

GST Tax Slab of 5%

skimmed milk powder, fish fillet, frozen vegetables, coffee, coal, fertilizers, tea, spices, pizza bread, kerosene, ayurvedic medicines,
agarbatti, sliced dry mango, insulin, cashew nuts, unbranded namkeen, lifeboats etc.

GST Tax Slab of 12%

frozen meat products, butter, cheese, ghee, pickles, sausage, fruit juices, namkeen,tooth powder, medicine, umbrella, instant food mix,
cell phones, sewing machine, man-made yarn, -Handbags including pouches and purses; jewellery box, Wooden frames for painting etc.

GST Tax Slab of 18%

flavoured refined sugar, cornflakes, pasta, pastries and cakes, detergents, washing and cleaning preparations, safety glass, mirror,
glassware, sheets, pumps, compressors, fans, light fitting, chocolate, preserved vegetables, tractors, ice cream, sauces, soups, mineral
water, deodorants, suitcase, brief case, vanity case, oil powder, chewing gum, hair shampoo etc.

GST Tax Slab of 28%

sunscreen, pan masala, dishwasher, weighing machine, paint, cement, vacuum cleaner. Other items include automobiles, hair clippers,
motorcycles
 Items out of scope of GST

ALCOHOL FOR HUMAN PETROLEUM

CONSUMPTION PRODUCTS

ELECTRICITY
 TYPES OF GST

CENTRAL GST - CGST

STATE GST - SGST

INTEGRATED GST - IGST

UNION TERRITORY GST - UGST

 What is Small Business?
• According to new definition for MSME approved by government in 2018,
• Micro enterprises are those business with revenue upto ₹5 crore.
• Small enterprises are those business with revenue from ₹5 crores to ₹75
crores.
• Medium enterprises constitutes business with revenue from ₹75 crores to
₹250 crores.
Impact of GST on Small businesses

POSITIVE NEGATIVE
IMPACT IMPACT
 POSITIVE IMPACT

• REMOVAL OF MULTIPLE TAXATION

• EASE OF STARTING BUSINESS
• MARKET EXPANSION
• REDUCTION OF TAX BURDEN ON NEW BUSINESS
• ELIMINATION OF DISTINCTION BETWEEN GOODS AND
SERVICES
• IMPROVED LOGISTICS AND FASTER DELIVERY OF SERVICES
 NEGATIVE IMPACT
• MULTIPLE REGISTERATIONS FOR PAN – INDIA BUSINESSES
• INCREASE IN WORK LOAD
• TECHNOLOGY CHALLENGE
• COST OF TAX COMPLIANCE INCREASED
• REGISTERATION FOR E-COMMERCE SUPPLIERS MANDATORY
 CONCLUSION
• Introduction of GST was a historical step for transforming India into a common
national market with a simplified tax regime. GST was implemented w.e.f 1st July ,
2017 and was welcomed by corporates and industry.
• GST has reduced the multiplicity of taxes and thus created a simpler tax regime to
promote ease of doing business.
• The total number of companies registered during July 2017 to February 2018 (post
GST) is 68,299 as compared to 63,106 in the same period of previous year.
THE END!!