GST is a biggest transformation reform in the Indirect Taxation system in India, the likes of which has not been seen in India post-independence. New system has improved the collection of taxes as well as boosted the development of Indian economy by removing the indirect tax barriers between States and integrating the county through a uniform tax rate. Further, by subsuming score of taxes under GST, road to a harmonized system of indirect tax has been paved making India an economic union.
GST has a major impact on all type of businesses whether big or small. As companies and other businesses are prepared to adapt this new indirect tax system, students with a commerce background adept at handling this new tax are in demand. Therefore, at the workplace the knowledge of GST law is essential.
The Institute has been continuously undertaking several initiatives to support the Government as well as all related stakeholders for smooth implementation and spreading awareness on GST. In this direction, with the aim to provide students with a working knowledge of principles and provisions of GST law, ICAI has come up with this publication on “Background Material on GST Law for Commerce Students” which explains GST law in a simple and lucid language.