GST (Goods and Services Tax) is an indirect tax (sometimes known as a consumption tax) imposed on the supply of goods and services in India.
It is a destination-based, multistage, comprehensive tax: comprehensive since it includes practically all indirect taxes, with the exception of a few state levies.
The GST, as a multi-staged tax, is imposed at each stage of the production process, but it is intended to be refunded to all parties involved in the various stages of production except the final consumer, and as a destination-based tax, it is collected from the point of consumption rather than the point of origin, as previous taxes were.
GST (Goods and Services Tax) is an indirect tax levied on the provision of goods and services in India (sometimes known as a consumption tax).
It’s a multi-stage, destination-based comprehensive tax: comprehensive since it incorporates almost all indirect taxes, with the exception of a few state levies.
The GST is a multi-stage tax that is imposed at each stage of the manufacturing process, but it is intended to be refunded to all parties involved in the various stages of production except the final consumer, and it is collected at the point of consumption rather than the point of origin, as previous taxes were.
The tax took effect on July 1, 2017, when the Indian government implemented the One Hundred and First Amendment to the Indian Constitution.
The GST replaced a number of different taxes imposed by the federal and state governments.
The GST Council, which is made up of the finance ministers of the federal government and all states, sets the tax rates, rules, and regulations.
The GST is designed to change the country’s $2.4 trillion economy by replacing a myriad of indirect taxes with a single tax, but its execution has been criticized.
The GST has had a positive impact on interstate travel time, which has decreased by 20% as a result of the dismantling of interstate checkpoints.
About Faculty – ( CA Brindavan Giri ) CA Inter GST
CA Brindavan Giri is a qualified Chartered Accountant, Company Secretary, and also an alumnus of St. Xavier‰۪s College Kolkata.
He has experience in teaching IPCC Tax and Final Indirect Tax to thousands of students.
His style of teaching is more discussion-based and his classes are directed toward equipping students to handle future litigations in tax.
His classroom discussion drew everyday-life examples with each provision of the Tax Law, the technique of approaching the subject matter, in-depth knowledge of the subject, guidelines for preparation for the examination, and scientific & simplistic presentation of such a difficult subject is immensely popular among students fraternity.