- GST was enacted in 2017 to replace the complex tax structure with a unified system
- GST is a destination-based consumption tax paid by individuals in the supply chain
- Governed by CGST Act, SGST Act, IGST Act, and GST Rules
- Follows self-assessment procedure to determine tax liability
- GST department conducts assessments to prevent tax evasion and ensure compliance
Source: mondaq.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "India"
- FM Sitharaman Confirms GST Rate Cut Implementation on September 22, 2025
- Government Reduces GST Across Sectors, Prices to Drop from September 22, Boosting Consumer Demand
- GST Council Proposes Major Tax Reforms: Simplified Rates, Exemptions, and Reductions
- India’s GST Council Recommends Tax Exemptions, Simplified Structure, and Rate Reductions Effective September 22
- Nirmala Sitharaman Explains GST Reforms Using Popcorn Example to Highlight Classification Challenges
