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Concept of Goods & Services Tax ? or Introduction To Goods & Services Tax ? or Explain Goods & Services Tax Act 2017 ?

GST is an indirect tax introduced in India in 2017 that replaced existing indirect taxes. [1] It aims to simplify taxation rules, broaden the tax base, eliminate cascading of taxes, and make India a common market. [2] GST is levied on the supply of goods and services, and the tax paid at earlier stages can be set off against the tax due at later stages (input tax credit). [3] The final burden of the tax is borne by the end consumer.

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368 views2 pages

Concept of Goods & Services Tax ? or Introduction To Goods & Services Tax ? or Explain Goods & Services Tax Act 2017 ?

GST is an indirect tax introduced in India in 2017 that replaced existing indirect taxes. [1] It aims to simplify taxation rules, broaden the tax base, eliminate cascading of taxes, and make India a common market. [2] GST is levied on the supply of goods and services, and the tax paid at earlier stages can be set off against the tax due at later stages (input tax credit). [3] The final burden of the tax is borne by the end consumer.

Uploaded by

Ranjan Baradur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Concept of goods & services tax …?

Or

Introduction to goods & services tax…?

Or

Explain goods & services tax Act 2017…?

 Introduction
 Meaning & definition

 Introduction:

Concept of good & service tax : G.S.T was 1st mooted by the then union finance minister (p.chidmbarum) in his
budget for 2006-07. It has been discussed in since 2000. G.S.T is expected to provide the benefits of simplification of
tax regime, broadening of tax base, elimination of tax cascades, enhancing export competitiveness, ensuring greater
regional equity and improvement of transparency .

GST has subsumed(clubbed) most of the indirect taxes to create one rate & integrate the country into a single
market and make India or Indian products competitive in the domestic and international markets.

Studies based on international experience show that GST will have a boosting impact on economic growth.

 Meaning & definition:

Meaning : GST means :-1) A comprehensive, destination based indirect tax levy on supply and consumption of goods

And services;

2) on value addition on each stage ;

3) credit of tax paid on earlier stage will be available on next stage as input tax credit subject

To fulfillment of certain condition

4) Input tax credit can be adjusted against output tax by registration taxable person

5) burden of tax to be borne by the final consumer.

Definition of GST :- As per the amended Article 366(12A) of the constitution of India Goods&Services tax mean Any
tax supply of goods or services or both except taxes on the supply of alcoholic liquor for human consumption.

Definition of goods:- As per section 2(52) of central goods& service Act(CGST) goods mean every kind of moveable
property other than money and securities but inclusive actionable claims growing crops, grass, and things attached
to or forming part of the land which are agreed to be served before supply or under the contract of supply.
Definition of services :- As per 2(102) of the GST Act services means any thing other than goods money and
securities but inclusive activities relating to the use of money or its currency or denomination to other farm ,
currency or denomination for which a separate consideration is charged.

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