GST Concept & Status as on 01-01-2018 and Power Point Presentation by CBEC
The introduction of Goods and Services Tax on 1 st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which was estimated to be around 25%-30%. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a positive impact on economic growth.
A Goods and Services Tax Council (GSTC) was constituted comprising the Union Finance Minister, the Minister of State (Revenue) and the State Finance Ministers to recommend on the GST rate, exemption and thresholds, taxes to be subsumed and other features.Twenty four meetings of the GSTC Council have been held so far.
GST is applicable on “supply” of goods or services as against the present concept of tax on manufacture of goods or on sale of goods or on provision of services. (ii) GST would be based on the principle of destination based consumption taxation as against the present principle of origin-based taxation.
The CBEC has uploaded the updated version of GST Concept & Status as on 01-01-2018. The updated version inter alia consists of salient features and benefits of GST.
Download updated version of GST Concept & Status as on 01-01-2018 Click Here >>