FAQ AND MCQ ON REVISED MODEL GST LAW

FAQ AND MCQ ON REVISED MODEL GST LAW

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FAQ and MCQ on Revised Model GST Law

Foreword

The robust development in GST like passing of the 101stConstitutional Amendment (GST) Act, Creation of GST Council and its Secretariat, regular nine meetings of GST Council to discuss various issues relating to GST including broad contours of the GST rate structure, threshold exemption and parameters for composition scheme, details for compensation to States on implementation of GST, examination of draft model GST law, draft IGST law and the Compensation Law and administrative mechanism for GST, all reveals that the much-awaited GST implementation is just a step ahead for spurring growth, competitiveness, indirect tax simplification and greater transparency. Appreciating the increasing changes and complexities taking place in the field of GST and its expected implementation from July 2017, the Indirect Taxes Committee of ICAI has come with the publication named “FAQ and MCQ on Revised Model GST Law”. This novel initiative of the Committee provides a comprehensive coverage of GST in question answer format as an easy & lucid way to understand the law. This would be further updated on passing of the Act and Rules in the near future.We heartily appreciate CA. Madhukar N. Hiregange, Chairman, CA. Sushil Kumar Goyal, Vice Chairman and other members of the Indirect Taxes Committee for developing this publication. We are sure that this publication would prove to be very useful in understanding the upcoming law and gaining a zeal for exploring the subject further.

Preface

The budget estimated revenue of Indirect Taxes of ` 9,31,579 crores out of total tax revenue estimated of the Central Government of `19,11,579 crores in the year 2017-18exhibits that indirect taxation is a pivotal source of revenue of Centre. The States are also collecting more than 4 lakhs crores as VAT which is their main source of revenue. The Goods of and Services Tax (GST), a major taxation reform to be levied on supply of goods and/or services is likely to be passed in this Budget Session of the Parliament after release of Revised Model GST Law by Government on November 26th 2016.Therefore, the need of hour is to embrace the knowledge of professionals like Chartered Accountants. Taking these facts into account, the Indirect Taxes Committee of ICAI has developed “FAQ and MCQ on Revised Model GST Law” with an aim to simplify the understanding of Revised Model GST. Section wise question and answer will enable reader to comprehend the Law vigorously and precisely. We would like to express our sincere gratitude and thank to CA M. Devaraja Reddy, President, ICAI and CA. Nilesh Vikamsey, Vice-President, ICAI, for their guidance and encouragement to the initiatives of the Committee. Further, we must also thank Study Group on Indirect Taxes at Andhra Pradesh, Bangalore, Ernakulam, Chennai, Mumbai, Bhubaneswar, Guwahati, Kolkata, Pune, Ahmedabad, Delhi, Surat, Indore, Kanpur, Jaipur, Patna, Telangana and our Secretariat for their contribution in this publication and CA. Kapil Vaish and CA. Bimal Jain for reviewing the same. We encourage reader to make full use of this learning opportunity. Interested members may visit website of the Committee www.idtc.icai.org and join the IDT update facility. We request to share your feedback at idtc@icai.in to enable us to make this publication more value additive and useful.

ABOUT BOOK ….

Book Name: FAQ and MCQ on Revised Model GST Law

Publication: The Institute of Chartered Accountants of India

Authors:  Unknown

Language: English

Pages: 323

Size: 1mb

Format: pdf

Uploaded: Google drive

FAQ AND MCQ ON REVISED MODEL GST LAW

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