BACKGROUND MATERIAL ON GST BY ICAI

BACKGROUND MATERIAL ON GST BY ICAI

ICAI has published the Background Material on Goods and Service Tax by ICAI popularly known as GST. Finance Minister while announcing the Finance Budget 2015-16 has proposed to implement GST latest by 1st April 2016.
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Goods and Service Tax is globally known as VAT. It has already been introduced and implemented by more than one hundred countries. Malaysia is the latest joined country in above mentioned countries.
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India currently has a double system of taxation of goods and services, which is quite different from dual GST. Taxes on goods are described as “VAT” at both Central and State level. It has adopted value added tax principle with input tax credit mechanism for taxation of goods and services, respectively, with limited cross-levy set-off.
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Goods and service tax is a comprehensive tax which will abolish most of the indirect taxes on its fully implementation which is proposed as on 01-04-2016.
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ICAI has earlier issued this publication in October 2014 and now it is updated with latest improvements and updates for its members and stake holders.
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This updated book includes the latest 122 nd Constitution Amendment (GST) Bill, 2014. It is inclusive of all notification from starting to till date. It includes in depth working on each and every topic of Goods and Service Tax.
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The present tax structure can best be described by the following chart:
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You can download Background Material on GST by ICAI from the link given below

It is requested to each student of Final year to please read this book in full to be one step ahead from rest of the members and get a better chance to get good job in future. Best of Luck.
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If you face any problem in downloading the above mentioned material you can discuss your problem in the comment box given below.