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IMG 20220204 174501

Background Material on GST. Volume II. The Institute of Chartered Accountants of India (Set up by an Act of Parliament). New Delhi Foreword Goods and Services Tax (GST) came into effect from 1 st July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India . It is one of the most significant indirect tax reforms since independence of our country. It subsumed many existing indirect taxes levied by the Central and State Governments making the structure of indirect taxes much simpler than before.

10th revised edition of its flagship publication viz., “Background Material on GST”. This publication contains detailed analysis of the GST law and includes various MCQs, FAQs, ... THE UNION TERRITORY GOODS AND SERVICES TAX Act, 2017 967-988 CHAPTER 1: PRELIMINARY 969-973 1. Short title, extent and commencement 969 2. Definitions 970 ...

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Transcription of IMG 20220204 174501

1 Background Material on GST. Volume II. The Institute of Chartered Accountants of India (Set up by an Act of Parliament). New Delhi Foreword Goods and Services Tax (GST) came into effect from 1 st July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India . It is one of the most significant indirect tax reforms since independence of our country. It subsumed many existing indirect taxes levied by the Central and State Governments making the structure of indirect taxes much simpler than before.

2 It is a comprehensive, multi-stage, destination-based tax. The tax rates, rules and regulations are decided by the GST Council which consists of the Union Finance Minister and Finance Ministers of all the State Governments and Union Territories. The Institute of Chartered Accountants of India (ICAI) has always been a forerunner in taking initiatives towards educating and supporting the various stakeholders in implementing GST in the best possible manner. As a partner in nation-building, the ICAI always strives for smooth execution of the rules, regulations and laws as introduced and amended from time to time by the Government.

3 Through its technical expertise and other resources, ICAI tries its best to let the members keep up to date with regular amendments which are specifically found in a new law like GST. I am happy to note that the GST & Indirect Taxes Committee of ICAI has come out with the 10th revised edition of its flagship publication viz., Background Material on GST . This publication contains detailed analysis of the GST law and includes various MCQs, FAQs, flowcharts, diagrams, etc. for easy comprehension. This publication is updated with the amendments made in the GST law till 31 st December 2021.

4 I appreciate and commend the efforts put in by CA Rajendra Kumar P, Chairman, CA Sushil K. Goyal, Vice-Chairman, all members of the GST & Indirect Taxes Committee and all those who have contributed towards bringing out this publication on time for the benefit of the members and other stakeholders at large. I am positive that this publication will help the members and stakeholders at large in proper understanding of the GST law. CA. Nihar N Jambusaria President, ICAI. Date: Place: New Delhi Preface In contrast to the earlier indirect taxes which were collected from the point of origin, Goods and Services Tax (GST) came as a change, as the collection of this tax takes place from the point of consumption.

5 The Centre as well as the States impose this tax on a transaction simultaneously making it a joint effort. The transaction ought to be a supply which can be a sale, transfer, barter, exchange, etc., for GST to be levied thereon. The GST law has undergone numerous amendments since its introduction four and a half years ago on July 1, 2017. Being the largest professional accounting body of India and a partner in nation-building, the Institute of Chartered Accountants of India (ICAI) considers its responsibility to support the Government in implementing the GST law in letter and spirit.

6 The GST and Indirect Taxes Committee of ICAI has been disseminating the knowledge of GST amongst members and other stakeholders as also building the capacities of members in the area of GST through technical publications, GST Newsletter, Certificate Course, Virtual CPE meetings, Webcasts, E - Learnings, etc. The Background Material on GST is one such comprehensive publication which contains detailed and in-depth analysis of the entire GST law. Senior and erudite experts of the profession have contributed towards the development of this publication and have been continually involved in the regular updation of the same.

7 It gives me immense pleasure to share with our readers the 10th revised edition of the Background Material on GST which is one of the most popular publication of our Committee. The subject matter of this publication is based on GST law updated with amendments made vide the Finance Act, 2021 and includes relevant notifications, circulars, orders etc. issued till 31 st December 2021. We are extremely thankful to CA Nihar N Jambusaria, President and CA (Dr.) Debashis Mitra, Vice-President, ICAI for their continued support and encouragement for the initiatives of the Committee.

8 We also extend our special thanks to the team of our experts namely, of CA A Jatin Christopher, CA Bharath Kumar A Bohra, CA Gajendra Maheshwari, CA Ganesh Prabhu B, CA (Dr.) Gaurav Gupta, CA Harini Sridharan, CA P Sankaran, CA R S Balaji , CA Raghavan Ramabadran, CA Saradha H, CA Shaikh Abdul Samad Ahmad, CA Shankara Narayanan, CA. Shubham Khaitan, CA V V Sampath Kumar, CA Viral M Khandhar, CA Virendra Chauhan and CA Vishal G. Poddar for updating the Background Material. We would also like to thank the members of our Committee who have always been part of all our endeavors.

9 Last but not the least, we also appreciate and acknowledge the technical and administrative support provided by the Secretariat of the Committee in revising this publication . We are confident that this publication will help the readers in understanding an d appreciating the finer nuances of the GST law. Though all efforts have been taken in developing and revising this Background Material, the possibilities of inadvertent errors/omissions cannot be ruled out. We request the readers to bring such errors/omissions, if any, to our notice.

10 We will be glad to receive your valuable feedback at We also request you to make use of the various resources available on our website and share your suggestions/inputs on the same. CA Rajendra Kumar P CA Sushil Kumar Goyal Chairman Vice-Chairman GST & Indirect Taxes Committee GST & Indirect Taxes Committee Date: Place: New Delhi Contents VOLUME I. I. THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 1-823. CHAPTER 1: PRELIMINARY 1-86. (Section no. 1 - 2, Rule no. 1 - 2). 1. Short title, extent and commencement 1.


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