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Understanding India's Goods and Services Tax Act of 2017

India's Goods and Services Tax (GST) system is underpinned by the Integrated Goods and Services Tax (IGST) Act and the Central Goods and Services Tax (CGST) Act, both enacted in April 2017. These acts form the fundamental legal structure of GST across the nation. All businesses must comprehend these laws and their broader implications. Further information on related GST rules is also accessible.

📖 1 min read read🏷️ GST Act

Understanding India's Goods and Services Tax Act of 2017

The Goods and Services Tax (GST) framework in India is founded upon two key parliamentary enactments: the Integrated Goods and Services Tax (IGST) Act and the Central Goods and Services Tax (CGST) Act. Both these crucial legislative pieces were approved in April 2017. Together, they constitute the legal foundation that brought GST into existence across India. Businesses operating in the country must understand these GST laws and their implications.

Information regarding GST Rules is also available here.

Frequently Asked Questions

What is the primary objective of the GST Act in India?
The primary objective of the GST Act in India is to establish a unified indirect tax system, simplifying taxation and ensuring a smoother flow of goods and services across states.
Which two main legislative acts form the basis of GST in India?
The Goods and Services Tax in India is primarily based on the Integrated Goods and Services Tax (IGST) Act and the Central Goods and Services Tax (CGST) Act.
When were the Central and Integrated GST Acts passed?
Both the Central Goods and Services Tax (CGST) Act and the Integrated Goods and Services Tax (IGST) Act were formally passed in April 2017.
Why is it crucial for businesses to comprehend the GST law?
It is crucial for businesses to comprehend the GST law to ensure compliance, correctly manage their tax obligations, and understand the implications for their operations in India.
Where can businesses find details about specific GST rules?
Businesses can find details about specific GST rules and their applications through official government resources and other credible tax information platforms.

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