FAQ’s and MCQ’s on GST (January, 2018)
Indian economy has been witnessing the spurring growth with the paradigm shift from consumer based tax to destination based tax from July 1,2017. Seamless credit, elimination of cascading effect of taxes, removal of multiple indirect taxes, curtailed physical barriers etc. are some of the prominent features of GST felicitating ‘One Nation – One Market – One Tax’. Hence, it 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.
GST, a single biggest tax reform in the history of India is a destination based tax pervasively impacting ever sphere of business like supply chain, IT system, accounting, cash flow, credits, product pricing, compliances, legal contact etc. Hassle free implementation of GST calls for endeavors from both the Government and our Countrymen.
Since, our profession 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 written in lucid language which would facilitate the reader to easily comprehend the emerging law.
ICAI for smooth implementation of GST has always been supporting the Government with its intellectual resources, expertise and efforts. Being a partner in GST Knowledge Dissemination, the Indirect Taxes Committee of ICAI through its various publications on GST, Certificate Course (Virtual and face to face), Workshop, Seminars and Standardized PPTs, e-learning, webcast, suggestions provided at the nascent and every stage law etc. has always endeavored to a part of this major tax reform which can benefit the society. One more step towards this initiative taken by Indirect Taxes Committee of ICAI is revision of its publication named “FAQ’s and MCQ’s on GST’. This publication will facilitate our members and stakeholders to understand the GST Laws in a very easy manner in question answer mode.