Goods and Services Tax

Unit1
Evolution, Meaning and Features of
GST
 MEANING

• It is the indirect tax on the supply of goods

and services right from the manufacturer to
the consumer.
• Evolution of GST.
• Features of GST.
 Features of GST
• IT IS BASED ON INPUT TAX METHOD
• IT IS COMPREHENSIVE LEVY AND COLLECTION
ON BOTH GOODS AND SERVICES AT THE SAME
RATE.
• MINIMUM NUMBER OF FLOOR RATES.
• NO SCOPE FOR OTHER TAX.
• ZERO RATES OF EXPORTS AND INTER STATE
SALES.
• TAXING OF CAPITAL GOODS AND INPUTS.
 EVOLUTION

• TAX STRUCTURE BEFORE AND AFTER