Solution Manual for Principles of Corporate Finance 14th Edition by Richard B...
Goods and services tax
1.
2. GST is also known as goods and services
taxes which is implemented on the supply
and selling of the products at the national
level . GST came into effect from 1st
july 2017 implemented by the
government of India.
3. The GST was launched on 1st july,2017 by
the president of India and by the
government of India .
The launch was marked by the historic
midnight session which was attended by
the celebrities from business class and
entertainment industry.
4. The reform of India’s tax regime was started
in 1986 by Vishwanath Pratap Singh
,Finance minister in Rajiv’s Gandhi
government, with the introduction of the
Modified Value Added Tax (MODVAT).
GST was proposed and given go – ahead in
1999 during a meting between the prime
minister Atal Bihari Vajpayee and his
economic advisory panel.
5. GST council is the governing body of GST
having 33 member committee . It is
chaired by the finance minister of India .
It is apex member committee which modifies,
reconcile or procure any law or act of
regulation on the context of goods and
services tax.
6. This network in introduced by Infosys
Technologies and information network to
provide resources maintained by NIC.
GSTN is a non profit organization formes
for creating a sophisticated network
accessible to stakeholders, government and
taxpayers from a single source.