The introduction of Goods & Services Tax (GST) is one of the major reforms in Indian indirect tax regime as well a big step in business arena of Indian economy. The reform took more than a decade of intense debate and finally implemented with effect from 1st July 2017, subsuming almost all indirect taxes at the Central and State levels. As the GST journey progressed, Industry faced various challenges, however, appreciably authorities have been quick to address these concerns by issuing a series of notifications, clarifications, press releases and FAQs.
The Government has recently launched `Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019′ aimed at resolving the legacy cases of Central Excise and Service Tax which are subsumed in GST. Further, extension of due date for furnishing Annual Return and Reconciliation Statement, introduction of new GST return system, reduction in rates on various goods and services, extension in due date for filing various returns, etc. are few of the examples.
The Institute of Chartered Accountants of India (ICAI) has always been at forefront with all its resources, expertise and efforts for creating awareness and dissemination knowledge and to make the GST regime in India an immense success. The Institute has also been continuously undertaking various initiatives to support the Government’s endeavors for smooth implementation of GST and submit suggestions to Government, GSTN and other authorities from time to time.
Keeping pace with the ongoing developments in the GST law, ICAI has now come up with 8th revised edition of its exclaimed publication namely “Background Material on GST’. This publication contains clause by clause analysis of the GST Acts/ Rules– as well as Flowcharts, diagrams and MCQ’s & FAQ’s on GST, etc. for better understanding of stakeholders at large.
The above publication can be downloaded free from website of Indirect Taxes Committee www.idtc.icai.org which is available on
In case on any clarifications required, please contact Secretary, Indirect Taxes Committee at firstname.lastname@example.org or 0120-3045954.
Hope this publication will assist you in your professional endeavours.
(Republished with amendments)