GST: History and fundamentals
Unit – 1 Overview of GST, Implementation of GST, Liability of the Taxpayer, GST Network GST Council, Levy of GST – Introduction, Composition Scheme, Registration Procedure, Special Persons, Amendments / Cancellation 1. Overview of GST In India, GST came into force on 1st July, 2017 (except J&K) and just one week later from 7th July it became applicable to Jammu & Kashmir as well. Thus, GST has completed three years on 30th June, 2020 and has entered in 4th year since its implementation. GST stands for Goods and Services Tax. It comprises three words: (I) Goods (II) Services (III) Tax Let us first understand the word ‘tax’ In simple terms, a tax is an obligatory payment by the citizens of a country to the government of that country . The government uses tax collections for the betterment of the country and citizens. General features of tax: (i) A tax is involuntary i.e. it is forced upon and citizens can’t refuse to pay tax to the government. (ii) ...