Goods And Services Tax Gst In India Pdf
It is a comprehensive multistage destination based tax.
Goods and services tax gst in india pdf. Goods and services tax is an indirect tax used in india on the supply of goods and services. Goods and service tax gst is an indirect tax implemented by the government of india on 1 july 2017. This document is really helpful is getting an overview of what gst is all about various aspects that make the gst law various documents that one can refer for detailed understanding of gst etc. Lesson 1 an overview on goods and services tax gst gst is one of the most demanding reforms in the field of indirect taxation.
Comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Gst is a single tax on the supply of goods and services. The goods and services tax gst was implemented in india on 1 july 2017 after four decades of protracted deliberations amid critical socio economic and political challenges. Multi staged as it is the gst is imposed at every step in the production process but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination based tax it is collected from point of c.
Gst was planned to be. Government has implemented gst with the theme of one nation one tax system and to reduce tax. Gst goods and services tax is the indirect tax reform of india. Gst is expected to bring together state economies and improve overall economic growth of the nation.
In the nutshell it s a tax would be levied only on the value addition with transfer of input tax credit on the subsequent stages of value addition which means that the final burden of tax shall be borne by the final consumer of the goods or services. The goods and services tax is a combination of two words goods services. Gst is one of the biggest indirect tax in the country. Gst has subsumed taxes like central excise law service tax law vat entry tax ontario etc.
Free book on goods services tax in india updated till 4th sep 2018 click here to download free e book on gst in india 4th edition 30 11 2016 click here to download free e book on gst in india 3rd edition 15 06 2016 republished with amendments. Gst is a single tax on the supply of goods and services right from the manufacturer to the consumer. Gst is an indirect tax which has replaced many indirect taxes like excise duty service tax vat cst and many other central and state level taxes. Existing indirect tax structure in india constitution amended to provide concurrent powers to both centre states to levy gst centre to tax sale of goods and states to tax provision of services 4 central excise duty additional duties of excise excise duty levied under medicinal toiletries preparation act.
It is a destination based tax.