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
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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
