Gst rules and regulations in india pdf
File Name: gst rules and regulations in india .zip
By Sathish AR. This presentation, released by CBIC, provides a snapshot of:. This narrative talks about the efforts made by the government to implement GST in India.
GST Laws Manual
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GST Laws Manual
It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes. However, petroleum products , alcoholic drinks , and electricity are not taxed under GST and instead are taxed separately by the individual state governments , as per the previous tax system. The tax came into effect from 1 July through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments. The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states. The GST is meant to replace a slew of indirect taxes with a federated tax and is therefore expected to reshape the country's 2.
Main features of GST Law. ❑ Administration and IT Existing Indirect Tax Structure in India. Constitution related to GST including laws, rules and rates etc. 6.
Goods & Services Tax
The Acts were approved by the Parliament after they were introduced as the part of the Money Bill. GST is considered to be the biggest tax reform in India since independence. In the GST regime, exports will be zero-rated in entirety. This is unlike the present system where refund of some of the taxes does not take place due to fragmented nature of indirect taxes between the Centre and the States.