Implementation of Goods and Services Tax (GST) in India is one of the major economic reforms. GST aims to make India a common market with common tax rates and procedures and remove the economic barriers thus, paving the way for an integrated economy at the national level.
The GST roll-out on 1st July 2017 has paved the way for realization of the goal of One Nation – One Tax – One Market. GST is expected to benefit Indian economy overall with most tax compliant businesses getting favourably impacted. It would also foster ‘Make in India’ initiative. GST promotes the concept of common market with common tax rates & procedures and removal of economic barriers thus improving ease of doing business.
The Government of India is taking up various initiatives for smooth implementation of GST and the GST Council is also meeting at regular intervals for taking decisions to resolve the issues being faced by trade & industry. As a partner in nation building, the ICAI also has been providing necessary support to the Government agencies at every stage in addition to the various suggestion on the GST Law submitted for making law simple & transparent.
The Institute of Chartered Accountants of India has also been taking various initiatives for increasing awareness among its members, revenue officers and public at large about GST by making suggestions for enabling GST Implementation, organizing certificate course, virtual certificate course, E-learning on GST, programmes, workshops on GST, releasing monthly E-Newsletter on GST, new publications etc. One of the efforts in this direction is updated edition of Background Material on GST Act & Rules. ICAI have updated the 4 editions of “Background Material on GST Acts and Rules”. This Background Material is comprehensive, containing clause by clause analysis of the GST Law along with FAQ’s, MCQ’s, Flowcharts and Illustrations etc. to make the reading and understanding easier.
(Republished with amendments)