Shreya Shukla & Jalaj Govil, Galgotias University
MEANING OF GOODS AND SERVICES TAX.
It's an circular duty which has replaced numerous circular levies in India similar as the excise duty, Handbasket, services duty, etc. GST act was passed by the parliament of India on 29th March 2017 and the same act was came into force on the 1st July 2017. In other words, Goods and Service Tax (GST) is levied on the force of goods and services. Goods and Services Tax Law in India is a comprehensive also a multi-stage, destination- grounded duty that's levied on every value addition. GST is a single domestic circular duty law for the entire country.
JOURNEY OF GST IN INDIA
The GST trip began in the time 2000 when a commission was set up to draft law. It took 17 times from also for the Law to evolve.
Objects Of GST
To achieve the testament of ‘ One Nation, One duty ’ GST has replaced multiple circular levies, which were being under the former duty governance. The advantage of having one single duty means every state follows the same rate for a particular product or service. Common laws can be introduced, similar as-way bills for goods transport and e-invoicing for sale reporting. Tax compliance is also better as taxpayers aren't embrangle down with multiple return forms and deadlines. Overall, it’s a unified system of circular duty compliance.
