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21 views6 pages

Fa Final Assignment

Uploaded by

asthadas.200527
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The Evolution and Impact of Goods

and Services Tax (GST)

ASSIGNMENT

NAME :ASTHA DAS(24/844), DIVYA(24/850) , GARIMA


PURI(24/853), AANANYA SHRIVASTAVA (24/821).

SUBMITTED TO: MAMTA BHUSHAN MAM:

1. INTRODUCTION TO GST

DEFINITION OF GST: EXPLAIN WHAT GST IS, ITS OBJECTIVES, AND


HOW IT INTEGRATES MULTIPLE INDIRECT TAXES INTO A SINGLE
TAX STRUCTURE.

TYPES OF GST:

CGST (CENTRAL GST): LEVIED BY THE CENTRAL GOVERNMENT.

SGST (STATE GST): LEVIED BY THE STATE GOVERNMENT.


IGST (INTEGRATED GST): LEVIED ON INTER-STATE TRANSACTIONS.

BACKGROUND AND HISTORY: DISCUSS THE EVOLUTION OF GST,


BOTH GLOBALLY AND IN INDIA (IF THIS IS SPECIFIC TO INDIA),
BEFORE ITS IMPLEMENTATION.

2. GST STRUCTURE AND FRAMEWORK

GST COUNCIL: ROLE AND FUNCTIONS, INCLUDING HOW IT DECIDES


THE TAX RATES.

GST REGISTRATION: WHO NEEDS TO REGISTER, THE PROCESS, AND


THE THRESHOLD LIMITS FOR REGISTRATION.

GST TAX SLABS: OVERVIEW OF THE VARIOUS TAX RATES IN INDIA


(E.G., 5%, 12%, 18%, 28%).

GST RETURNS: TYPES OF RETURNS, DEADLINES, AND THE FILING


PROCESS.

3. GST IMPLEMENTATION AND IMPACT

IMPLEMENTATION CHALLENGES: DISCUSS THE INITIAL


CHALLENGES FACED BY BUSINESSES AND THE GOVERNMENT
DURING GST IMPLEMENTATION.

IMPACT ON BUSINESSES:

SMALL VS. LARGE BUSINESSES: HOW GST AFFECTS DIFFERENT


SIZES OF BUSINESSES.
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TAX COMPLIANCE AND SIMPLIFICATION: HOW GST SIMPLIFIES THE
TAX STRUCTURE, BUT ALSO INTRODUCES NEW COMPLIANCE
REQUIREMENTS.

TECHNOLOGY AND SOFTWARE USE: THE ROLE OF SOFTWARE FOR


FILING GST RETURNS, INVOICING, ETC.

IMPACT ON PRICES: ANALYSIS OF HOW GST HAS AFFECTED THE


PRICING OF GOODS AND SERVICES ACROSS SECTORS.

4. GST ADVANTAGES

REDUCTION IN TAX CASCADING: HOW GST ELIMINATES THE 'TAX


ON TAX' PHENOMENON.

INCREASED TAX COMPLIANCE: THE IMPACT OF GST ON


FORMALIZING THE ECONOMY AND INCREASING THE TAX BASE.

BOOST TO INTER-STATE TRADE: THE BENEFITS OF A UNIFIED TAX


SYSTEM ACROSS STATES.

EASE OF DOING BUSINESS: HOW GST HAS IMPROVED THE EASE OF


BUSINESS BY REDUCING COMPLEXITIES IN TAXATION.

5. GST CHALLENGES

TECHNICAL AND OPERATIONAL CHALLENGES: ISSUES LIKE


GLITCHES IN THE GSTN (GST NETWORK), SYSTEM DOWNTIME, AND
OTHER TECHNICAL PROBLEMS.

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COMPLIANCE COSTS: HIGH COMPLIANCE COSTS FOR BUSINESSES,
ESPECIALLY SMALL BUSINESSES, DUE TO MANDATORY
DOCUMENTATION AND DIGITAL FILINGS.

ISSUES WITH TAX RATES: THE COMPLEXITY AND VARIETY OF TAX


RATES, AND THE PROBLEMS WITH RATE CLASSIFICATION FOR
CERTAIN GOODS AND SERVICES.

IMPACT ON THE INFORMAL SECTOR: THE EFFECT OF GST ON


UNREGISTERED OR SMALL BUSINESSES THAT MAY NOT HAVE BEEN
ABLE TO FULLY INTEGRATE INTO THE SYSTEM.

6. GST AND THE INDIAN ECONOMY (IF APPLICABLE)

ECONOMIC GROWTH AND DEVELOPMENT: HOW GST HAS IMPACTED


INDIA'S GDP GROWTH AND ITS CONTRIBUTIONS TO THE CENTRAL
AND STATE REVENUES.

EXPORT AND IMPORT IMPACT: HOW GST AFFECTS INTERNATIONAL


TRADE, EXPORTS, AND IMPORTS, ESPECIALLY THROUGH THE IGST
MECHANISM.

FIGHTING TAX EVASION: THE ROLE OF GST IN COMBATING TAX


EVASION AND IMPROVING REVENUE COLLECTION.

SECTOR-SPECIFIC IMPACT: A DEEPER DIVE INTO SPECIFIC SECTORS


LIKE MANUFACTURING, SERVICES, AND RETAIL.

7. GST COMPARISONS WITH OTHER COUNTRIES

4
GLOBAL GST MODELS: BRIEF COMPARISON OF INDIA'S GST SYSTEM
WITH OTHER COUNTRIES (E.G., AUSTRALIA, CANADA, UK).

LESSONS FROM OTHER COUNTRIES: WHAT INDIA CAN LEARN FROM


THE EXPERIENCES OF OTHER COUNTRIES IN GST
IMPLEMENTATION.

8. RECENT DEVELOPMENTS IN GST

AMENDMENTS AND REFORMS: ANY SIGNIFICANT AMENDMENTS TO


THE GST LAWS, SUCH AS CHANGES IN TAX RATES, NEW
EXEMPTIONS, OR SIMPLIFICATION MEASURES.

GST IN POST-COVID-19 SCENARIO: HOW GST HAS ADAPTED IN THE


POST-PANDEMIC WORLD (E.G., CHANGES IN FILING DEADLINES,
NEW TAX INCENTIVES).

9. CONCLUSION

GST HAS BEEN A TRANSFORMATIVE STEP FOR INDIA’S TAX SYSTEM,


SIMPLIFYING THE INDIRECT TAX STRUCTURE BY REPLACING
MULTIPLE STATE AND CENTRAL TAXES WITH A UNIFIED,
NATIONWIDE TAX. IT HAS STREAMLINED THE TAXATION PROCESS,
REDUCED TAX CASCADING, AND IMPROVED COMPLIANCE. THE
SYSTEM HAS BROUGHT GREATER TRANSPARENCY, PROMOTED EASE
OF DOING BUSINESS, AND ENHANCED REVENUE COLLECTION FOR
THE GOVERNMENT.

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HOWEVER, THE IMPLEMENTATION HAS FACED CHALLENGES,
INCLUDING COMPLEXITIES IN COMPLIANCE, INITIAL DISRUPTIONS
IN THE BUSINESS SECTOR, AND CONCERNS OVER TAX RATES IN
CERTAIN SECTORS. DESPITE THESE CHALLENGES, GST IS
CONSIDERED A SIGNIFICANT REFORM IN THE INDIAN TAX SYSTEM
AND CONTINUES TO EVOLVE, WITH ONGOING IMPROVEMENTS TO
ENSURE SMOOTHER FUNCTIONING AND BROADER ECONOMIC
BENEFITS.

OVERALL, GST HAS LAID THE FOUNDATION FOR A MORE EFFICIENT,


TRANSPARENT, AND INTEGRATED TAX SYSTEM IN INDIA, WITH
LONG-TERM POSITIVE IMPACTS ON THE ECONOMY AND BUSINESS
ENVIRONMENT.

10. REFERENCES AND BIBLIOGRAPHY

GOVERNMENT OF INDIA, MINISTRY OF FINANCE

BOOKS AND ARTICLES : “GST LAW AND PRACTICE” BY GST


PROFESSIONALS AND CONSULTANTS

THANK YOU

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