PRESENTATION ON
GST AND SMALL BUSINESS
PRESENTED BY:- TANISHA GUPTA
MBA- 1
1811585
GST - Introduction
• GST stands for Goods and Services Tax.
• GST is an indirect tax levied in India on the supply of goods and services.
• GST has replaced many indirect taxes imposed earlier.
• GST is “one tax” for entire country.
• The Goods and Services Tax Act was passed in the parliament on 29th
March, 2017 and came into effect on 1st July, 2017.
FACTS ABOUT GST
QUESTIONS ANSWERS
FIRST COUNTRY TO IMPLEMENT GST FRANCE
INDIA’S GST MODEL BASED ON
CANADIAN MODEL
FIRST INDIAN STATE TO IMPLEMENT GST
ASSAM
BRAND AMBASSADOR OF GST
AMITABH BACHCHAN
No Tax Goods
sanitary napkins, deities made of stone, marbles or wood, Rakhis without any precious metals like gold, silver, raw material used in
brooms, Saal leaves and fortified milk, fruits, vegetables, bread, salt, bindi, curd, sindoor, natural honey, bangles, handloom, besan, flour,
eggs, stamps, printed books, judicial papers, and newspapers.
GST Tax Slab of 5%
skimmed milk powder, fish fillet, frozen vegetables, coffee, coal, fertilizers, tea, spices, pizza bread, kerosene, ayurvedic medicines,
agarbatti, sliced dry mango, insulin, cashew nuts, unbranded namkeen, lifeboats etc.
GST Tax Slab of 12%
frozen meat products, butter, cheese, ghee, pickles, sausage, fruit juices, namkeen,tooth powder, medicine, umbrella, instant food mix,
cell phones, sewing machine, man-made yarn, -Handbags including pouches and purses; jewellery box, Wooden frames for painting etc.
GST Tax Slab of 18%
flavoured refined sugar, cornflakes, pasta, pastries and cakes, detergents, washing and cleaning preparations, safety glass, mirror,
glassware, sheets, pumps, compressors, fans, light fitting, chocolate, preserved vegetables, tractors, ice cream, sauces, soups, mineral
water, deodorants, suitcase, brief case, vanity case, oil powder, chewing gum, hair shampoo etc.
GST Tax Slab of 28%
sunscreen, pan masala, dishwasher, weighing machine, paint, cement, vacuum cleaner. Other items include automobiles, hair clippers,
motorcycles
Items out of scope of GST
ALCOHOL FOR HUMAN PETROLEUM
CONSUMPTION PRODUCTS
ELECTRICITY
TYPES OF GST
CENTRAL GST - CGST
STATE GST - SGST
INTEGRATED GST - IGST
UNION TERRITORY GST - UGST
What is Small Business?
• According to new definition for MSME approved by government in 2018,
• Micro enterprises are those business with revenue upto ₹5 crore.
• Small enterprises are those business with revenue from ₹5 crores to ₹75
crores.
• Medium enterprises constitutes business with revenue from ₹75 crores to
₹250 crores.
Impact of GST on Small businesses
POSITIVE NEGATIVE
IMPACT IMPACT
POSITIVE IMPACT
• REMOVAL OF MULTIPLE TAXATION
• EASE OF STARTING BUSINESS
• MARKET EXPANSION
• REDUCTION OF TAX BURDEN ON NEW BUSINESS
• ELIMINATION OF DISTINCTION BETWEEN GOODS AND
SERVICES
• IMPROVED LOGISTICS AND FASTER DELIVERY OF SERVICES
NEGATIVE IMPACT
• MULTIPLE REGISTERATIONS FOR PAN – INDIA BUSINESSES
• INCREASE IN WORK LOAD
• TECHNOLOGY CHALLENGE
• COST OF TAX COMPLIANCE INCREASED
• REGISTERATION FOR E-COMMERCE SUPPLIERS MANDATORY
CONCLUSION
• Introduction of GST was a historical step for transforming India into a common
national market with a simplified tax regime. GST was implemented w.e.f 1st July ,
2017 and was welcomed by corporates and industry.
• GST has reduced the multiplicity of taxes and thus created a simpler tax regime to
promote ease of doing business.
• The total number of companies registered during July 2017 to February 2018 (post
GST) is 68,299 as compared to 63,106 in the same period of previous year.
THE END!!
