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 Multi-staged tax is knowing , at each stage of the production process,
But it is also, knowing to be refundable to all parties, involve in the various stages of production except the final consumer.
As a destination-based tax, as well as it is collect from the point of consumption rather than the point of origin, as previous taxes were.
Also the 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.
Also, GST is a multi-stage tax that is wilful at each stage of the manufacturing process. it is intend to be refundable to all parties involve.
in the various stages of production except the final consumer, and
It is collect 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.
GST Council, which is made up of the finance ministers of the federal government and as well as all states, sets the tax rates, rules, and regulations.
GST is design to change the country’s $2.4 trillion economies by replace a myriad of indirect taxes with a single tax. its also 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 – Best Faculty For CA Inter (CMA Tharun Raj)
CMA Tharun Raj is an associate member (ACMA) of The Institute of Cost Accountants of India and has completed Bachelors’s degree in commerce from Sri Venkateshwara University, Tirupathi.
He is currently in service as Senior Manager- Finance & Audit Madras Stock Exchange Ltd.
His passion for teaching has brought him a long way by catering to the needs of students of various professional examinations including CA, CMA & CS.
His areas of interest are Indirect Taxation (IDT), Financial Management (FM), and Cost and Management Accounting (CMA).
His attitude towards the subject of Indirect taxes (IDT) makes the concept very simple and he smoothly drives the difficult concepts straight to the minds of students.
Students mark him as a passionate professional who exuberate confidence in every word uttered and written, considering the motivation he gives to students to crack the exams.
He has trained numerous students of CA, CMA & CS, both offline & online, which has made them successful in their professional careers. Tiresome subjects like taxes and finance will turn interesting on his delivery.
He is more involved in adding creativity to the contents by using presentations; cartoons etc., and explaining each concept with a live example which makes students more attached to the class as well as to the subjects.