With the roll-out of GST on 1st July, 2017, Indian economy is likely to witness a faster economic growth as GST has enabled seamless credit, elimination of cascading effect of taxes, removal of multiple indirect taxes, curtailed physical barriers etc. GST being a ‘One Nation – One Market – One Tax’, will benefit all stakeholders i.e. Government, Businessmen and consumers inter-alia by not only increasing the tax revenue but also reducing the cost of goods and services.
For smooth transition to GST, Government has provided relaxations like exemptions from penal provisions for wrong entries in first two months of its roll out, facility to file returns for July and August, 2017 in the month of September, 2017 etc. Further, setting up of two call centers for catering to queries of taxpayers and stakeholders in GST, Sector-wise FAQ issued by CBEC from time to time etc., are some of the initiatives taken by Government helping the trade and industry for smooth transition to GST.
Since our profession figures prominently and commands great credibility, it is imperative for our members to recognize and understand the intricacies, benefits etc. of this major tax reform and cope with rapidly changing environment. Therefore, the Indirect Taxes Committee of ICAI has come out with revised publication titled “FAQ’s and MCQ’s on GST”. This novel initiative of the Committee provides a comprehensive coverage of GST in easy to understand question answer format and written in lucid language which would facilitate the reader to easily comprehend the emerging law.