📘 Assignment on GST (Goods and Services Tax)
Course: B.Com V Semester
Subject: Taxation
Topic: Goods and Services Tax (GST)
Submitted by: [Your Name]
Roll No: [Your Roll Number]
Submitted to: [Professor's Name]
Date: [Submission Date]
📄 Page 1: Title Page
(Include the details above and format neatly on a single page.)
📄 Page 2: Index
S. No. Content Page No.
1. Introduction 3
2. Meaning and Definition of GST 4
3. Objectives of GST 4
4. Features of GST 5
5. Structure of GST in India 5
6. Types of GST 6
7. GST Rates and Slabs 6
8. Registration under GST 7
9. Advantages and Disadvantages 8
10. Challenges in GST Implementation 9
11. Conclusion 10
12. Bibliography 10
📄 Page 3: Introduction
Goods and Services Tax (GST) is a comprehensive indirect tax that was introduced in India
on 1st July 2017. It replaced a number of indirect taxes that were previously levied by the
central and state governments. The introduction of GST has been a landmark reform in the
Indian taxation system aimed at creating a unified market and eliminating the cascading
effect of taxes.
GST is governed by the GST Council, which is headed by the Union Finance Minister. It is
designed to be a destination-based tax, meaning the tax is collected at the point of
consumption, not origin.
📄 Page 4: Meaning and Definition of GST
Meaning:
GST is a value-added tax levied on most goods and services sold for domestic consumption.
It is paid by consumers, but it is remitted to the government by the businesses selling the
goods and services.
Definition:
According to Article 366(12A) of the Indian Constitution, “Goods and Services Tax means
any tax on supply of goods, or services or both except taxes on the supply of alcoholic
liquor for human consumption.”
Objectives of GST
1. To eliminate the cascading effect of taxes.
2. To create a unified national market.
3. To improve the competitiveness of Indian goods and services.
4. To increase the tax base and revenue through better compliance.
5. To simplify the indirect tax structure.
📄 Page 5: Features of GST
1. One Nation, One Tax.
2. Comprehensive in nature.
3. Consumption-based tax.
4. Input tax credit available.
5. Digital and technology-driven compliance.
6. Destination-based taxation.
7. Dual structure: CGST and SGST.
Structure of GST in India
India follows a dual GST model, which includes:
1. CGST – Central Goods and Services Tax
2. SGST – State Goods and Services Tax
3. IGST – Integrated Goods and Services Tax
4. UTGST – Union Territory Goods and Services Tax
This structure helps divide the tax revenue between the Centre and the States.
📄 Page 6: Types of GST
1. Central GST (CGST): Levied by the Central Government on intra-state supplies.
2. State GST (SGST): Levied by the State Government on intra-state supplies.
3. Integrated GST (IGST): Levied by the Central Government on inter-state supplies
and imports.
4. Union Territory GST (UTGST): Levied in Union Territories without a legislature.
GST Rates and Slabs
GST in India is levied in multiple slabs:
Slab Rate Types of Goods/Services
0% Essential goods (milk, vegetables)
5% Common-use items (edible oils, sugar)
12% Processed foods, computers
18% Soaps, toothpaste, financial services
28% Luxury items (cars, tobacco, ACs)
📄 Page 7: Registration under GST
Businesses whose turnover exceeds the threshold limit are required to register under GST.
Registration is mandatory for:
Inter-state suppliers
E-commerce operators
Casual taxable persons
Non-resident taxable persons
Agents of a supplier
Steps for Registration:
1. Visit the GST portal.
2. Fill in the application form (Part A & B).
3. Submit the required documents (PAN, Aadhaar, address proof).
4. Verification and GSTIN issuance.
📄 Page 8: Advantages and Disadvantages
Advantages:
Eliminates cascading tax effect.
Promotes transparency and ease of doing business.
Reduces tax evasion.
Enhances government revenue.
Encourages interstate trade.
Disadvantages:
Initial technical and operational challenges.
High compliance costs for small businesses.
Multiple return filings.
Issues with IT infrastructure (GSTN portal).
Confusion due to frequent rule changes.
📄 Page 9: Challenges in GST Implementation
1. Technical issues with GSTN portal.
2. Lack of awareness among small businesses.
3. Frequent rate and rule changes.
4. Difficulty in transitioning from old tax regime.
5. Refund delays, especially for exporters.
6. Complex return filing process.
Despite these challenges, over time, GST has evolved to become more stable and business-
friendly.
📄 Page 10: Conclusion and Bibliography
Conclusion:
GST is a revolutionary step in the Indian tax system that aims to bring transparency,
efficiency, and ease of compliance. Although there were initial hurdles, the system is
gradually stabilizing. GST is expected to foster economic growth and make Indian products
globally competitive.
Bibliography:
1. ICAI Study Material on Indirect Tax
2. GST India Portal – https://www.gst.gov.in
3. Ministry of Finance Reports
4. Business Standard & Economic Times Articles
5. Taxmann’s GST Manual
