GST Act 2017

Goods and Services Tax (GST) is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016. The GST is administered & governed by GST Council and its Chairman is Union Finance Minister of India Arun Jaitley.

GST would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments.

[dt_sc_one_third first type =” type1″]

[dt_sc_hr_invisible]

[dt_sc_callout_box type=”type1″ button_text=”⇓” link=”https://idt.taxmann.com/topstories/222330000000010966/copy-of-utgst-act-2017.pdf” target=”_blank”]

UTGST Act, 2017

[/dt_sc_callout_box]

[/dt_sc_one_third]

[dt_sc_one_third type =” type1″]

[dt_sc_hr_invisible]

[dt_sc_callout_box type=”type1″ button_text=”⇓” link=”https://idt.taxmann.com/topstories/222330000000010965/copy-of-igst-act-2017.pdf” target=”_blank”]

IGST Act, 2017

[/dt_sc_callout_box]

[/dt_sc_one_third]

[dt_sc_one_third type =” type1″]

[dt_sc_hr_invisible]

[dt_sc_callout_box type=”type1″ button_text=”⇓” link=”https://idt.taxmann.com/topstories/222330000000010964/copy-of-cgst-act-2017.pdf” target=”_blank”]

CGST Act, 2017

[/dt_sc_callout_box]

[/dt_sc_one_third]

 

Recommended Read:- 

♣ CBEC releases training material on GST

♣  Indian Cost Accounts Service (ICoAS)

[dt_sc_one_third first type =” type1″]

[dt_sc_hr_invisible]

[dt_sc_callout_box type=”type1″ button_text=”⇓” link=”https://idt.taxmann.com/topstories/222330000000010957/copy-of-gst-compensation-to-states-act-2017.pdf” target=”_blank”]

GST (Compensation to States) Act, 2017

[/dt_sc_callout_box]

[/dt_sc_one_third]

[dt_sc_one_third type =” type1″]

[dt_sc_hr_invisible]

[dt_sc_callout_box type=”type1″ button_text=”⇓” link=”http://www.cbec.gov.in/resources//htdocs-cbec/gst/assessment-audit-rules.pdf” target=”_blank”]

Assessment and Audit

[/dt_sc_callout_box]

[/dt_sc_one_third]

[dt_sc_one_third type =” type1″]

[dt_sc_hr_invisible]

[dt_sc_callout_box type=”type1″ button_text=”⇓” link=”http://www.cbec.gov.in/resources//htdocs-cbec/gst/ewaybill-rules.pdf” target=”_blank”]

Electronic Way Bill

[/dt_sc_callout_box]

[/dt_sc_one_third]

 

Introduction of Goods and Services Tax (GST) would be a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent.

As India is a federal republic, GST would be implemented concurrently by the central government and by state governments. A 21-member select committee was formed to look into the proposed GST law.

The reform process in indirect tax regime of India was started in 1986 by Vishwanath Pratap Singh by introduction of Modified Value Added Tax (MODVAT).

Goods and services tax (GST) will subsume various indirect taxes including central excise duty, services tax, additional customs duty, surcharges and state-level value added tax. Other levies which are currently applicable on inter-state transportation of goods are also likely to be done away with in GST regime.