GST LAWS FORMATION

AND IMPLEMENTATION
FEATURES AND BENIFITS

 A type of value added tax

 Burden to be borne by the final consumer
 Elimination of Multiple Taxes
 Continuous Chain of Tax Credit
HOW GST FUNCTIONS

 GST is always levied of a Supply when there is a

supply it attracts GST
 Not only a supply constitutes GST but also a
consideration must also flow in return of the
supply
 Also the supply must be in the furtherance of
Business
FACTS AND PRACTICES

 Import of furniture by a household

 Transfer Of Goods by a business to
his/her Relatives
 Central Government Supplying goods by
way of Public Distribution System
COMPOSITE LEVY
A BOON TO INVESTORS
 If a supplier is an intra state Supplier and his annual
turnover doesn’t exceed 1 crore then he can apply for a
scheme of composite levy
TAX RATES TYPE OF BUSINESS

! Manufacturers

2.5 Restaurant Services

0.5 Anyone Else

WHY COMPOSITE LEVY IS NOT SO
POPULAR
 It is Just for small scale business holders
 Also a person who has applied for composite levy
cant forward their benefits to the next chain of
suppliers
 So no big business man are ready to come and buy
goods from such producers
APPLY UNDER GST

 A PERSON WHOSE TURNOVER IS UNDER 40 LAKHS

NEED NOT APPLY UNDER GST ACT AND THUS NEED
NOT PAY GST
INSTRUMENTS UNDER GST COLLECTION

 ELECTRONIC CASH LEDGER

 ELECTRONIC LIABILITY LEDGER
 ELECTRONIC CREDIT LEDGER
THANK YOU