Introduction to GST – What is GST and Why It Matters?

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  • Across India: 1st July 2017
  • Later, J&K was split into two Union TerritoriesJ&K and Ladakh on 31st Oct 2019

Important Concepts:

  1. Taxable Event = “Supply”
    • Example: Stock Transfer is also considered supply.

Types of GST – Dual Model

  • ITC = Input Tax Credit: Tax already paid can be used to reduce tax liability.
  • Service Tax
  • VAT (Value Added Tax)
  • CST (Central Sales Tax)
  • Entertainment Tax
  • Additional Customs Duty (CVD)
  • Lottery & Betting Tax

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Case Studies

TDS (Tax Deducted at Source)
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