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Commercial's GST Act alongwith Rules

From Commercial Law Publishers
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Publisher :Commercial Law Publishers

ISBN No :978-9356033368

SKU :CLL543

Edition :2024

Pages :974

Format :Paperback

Product Size :24.5 x 16 x 4.5 cm

HSN No :49011010

Country Region :India

Weight :1 kg 120 g

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Goods and Services Tax is India's best step towards indirect tax reform since independence. The UPA Government introduced a discussion paper in 2009, but failed to get the expected result in this respect. Now the NDA Government has taken bold steps regarding the new legislation. The Constitution Amendment Act, 2016 was the first major step. The GST is being introduced not only to get rid of the current patchwork of Indirect taxes that are partial and suffer from infirmities, mainly exemptions and multiple rates, but also to improve tax compliances. The present tax system on goods and services is facing certain difficulties such as:- there is cascading of taxes certain taxes levied by State Governments are not allowed as set off for payment of other taxes being levied by them; the variety of Value Added Tax Laws in the country and dissimilar tax practices divides the country into separate economic spheres; and the creation of tariff and non-tariff barriers such as octroi, entry tax, check posts, etc., hinder the free flow of trade throughout the country. In view of the above difficulties, all existing taxes which are levied by Central . Government and State Governments, respectively need to be subsumed in a single tax called the GST which will be levied on supply of goods or services or both at each stage of supply chain starting from manufacture or import and till the last retail level. Therefore, it has become imperative to have a Central legislation. The Central Government introduced the Central Goods and Services Tax Bill, 2017, Integrated Goods and Services Tax Bill, 2017, Union Territory Goods and Services Tax Bill, 2017 and Goods and Services Tax (Compensation to States) Bill, 2017, in Lok Sabha on 27th March, 2017 After a long discussion in Parliament, Lok Sabha passed these Bills on 29th March, 2017, while Rajya Sabha passed them on 6th April, 2017. The President of India assented them on 12th April, 2017. Now these are known as CGST Act, 2017

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Commercial's GST Act alongwvith Rules By Commercial Law Publishers

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