GST

GST:
 It is an indirect tax imposed on the supply of
goods and service.
Advantages:
 GST reduced taxes on certain goods by 2% and
others by 7.5%, such as smart phones and cars.
 GST brings uniformity in the taxation process
and allows centralized registration.
 This gives a chance to small businesses to file
their tax returns every quator via an easy online
mechanism.
Limitations:
 GST scheme has increased the cost of
operation.
 Not being GST-compliant can attract
penalties.
 GST came into effect in the middle of the
financial year.
Types of GST:

 CGST

 SGST

 IGST
Rate of GST in India:
 The GST council has fitted over 1300
goods and 500 services under four tax
slabs of 5%, 12%, 18% and 28% under
GST.
Thank You