The introduction of Goods & Services Tax (GST) in India is one of the most significant indirect tax reforms since Independence. The reform that took more than a decade of mutual co-operation, continuous discussion and intense debate between Central and State Governments about implementation methodology, was finally implemented with effect from 1st July 2017, subsuming almost all indirect taxes at the Central and State levels. As the journey of GST Implementation progressed in India, the authorities have been quick to address the various challenges faced by the Industry and public concerns by issuing a series of notifications, clarifications, press releases and FAQs, to resolve a wide range of concerns.
The implementation of GST regime has brought in various benefits like creation of National market by bringing down fiscal barriers amongst the States and has also mitigated the cascading effect of taxes by allowing seamless credit of input tax across goods and services. GST has also given a major boost to the ‘Make in India’ initiative of the Government by making goods and services produced or provided in India competitive in the national and international markets.
The Institute of Chartered Accountants of India (ICAI) through its GST & Indirect Taxes Committee has been playing a vital role in the implementation of GST in India by providing suggestions to the Government at each stage of development of GST. Further, the Institute has been playing proactive role and is a catalyst in knowledge dissemination and creating awareness through technical publications, newsletters, e-learning and organizing various programmes, certificate courses, webcasts etc. for the enrichment of all stakeholders. I am happy to note that the GST & Indirect Taxes Committee of ICAI has now taken the initiative to issue a series of Handbooks covering various procedural aspects of GST and in that series is bringing out this “Practical FAQ’s under GST” with an objective to provide guidance to the readers on practical issues faced by them. This publication addresses queries in lucid language, which would facilitate the readers to easily comprehend the GST laws, enabling its smooth implementation.
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Goods and Services Tax (GST) was introduced in India from 1st July, 2017. It is one of the major tax reforms since Independence in the area of indirect taxation. It was introduced with the objective to mitigate the cascading effect of taxes by allowing seamless credit across goods and services, facilitate free flow of goods and services across India and boosting tax revenue from better compliance and widening the tax base. A remarkable feature of GST implementation is that all the States in India came together with the Centre to form a unique federal body called GST Council, which is entrusted with the objective of recommending policies and procedural matters in the formation and implementation of GST legislation. The spirit of co-operative federalism took deep roots thereby ensuring that large federal countries like India implement the GST Law.
In order to facilitate understanding of the various compliances under GST, the GST & Indirect Taxes Committee of ICAI has taken an initiative to prepare handbooks on procedural aspects like registration, refund, return, invoice etc. One of the results of such initiative is this Practical FAQ’s under GST. An attempt has been made here to cover practical aspects under GST by addressing the queries received in numerous webcasts organised during the lockdown period covering Concept of Supply, Levy of GST, Nature and Place of Supply, Input Tax Credit, Time and Value of Supply, Reverse Charge Mechanism, Interest, Late Fee and Penalty etc. To make the reading and understanding easier, important examples with calculation have been included in this publication.
We stand by the Government in our role as “Partner in GST Knowledge Dissemination” and have always been supporting the Government with our intellectual resources, expertise and efforts to make GST error-free.