The document discusses the Goods and Services Tax (GST) implemented in India. GST is an indirect tax levied on the supply of goods and services that has replaced many previous indirect tax laws. The GST Act was passed in 2017 and came into effect on July 1, 2017, revolutionizing India's taxation system. The document outlines the components of GST including CGST, SGST, and IGST. It also lists advantages such as removing the cascading effect of taxes, increasing the threshold for registration, and establishing a composition scheme for small businesses. Potential disadvantages include the need to change business software, increased compliance costs, and disruption to businesses from policy changes mid-year.
2. INTRODUCTION
• GST is an indirect tax levied on the supply of goods and
services. GST Law has replaced many indirect tax laws that
previously existed in India
• The Goods and Services Tax has revolutionized the Indian
taxation system. The GST Act was passed in the Lok Sabha
on 29th March, 2017, and came into effect from 1st July,
2017.
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