GOODS AND SERVICES TAX (GST)

GOODS AND SERVICES TAX (GST) 

 The definition of Goods and Service Tax has been defined as "goods and service tax" means any tax on supply of goods, or services for both except taxes on the supply of the alcoholic liquor for human consumptio. And "goods" include all material commodities and articles, and "services" means anything other than goods. 

 The GST was launched at midnight on 1July 2017 by the President of India, and the Government of India.

 GST is a multi-tier text where ultimate burden of tax falls on the consumer of goods/services. It is called as value added tax because at every stage, tax is being paid on the value addition. Under the GST scheme a person who was liable to pay tax is entitled to get input tax credit (ITC) on the tax paid on its inputs, which is being paid to the government. 

Goods and Services tax Council

 The goods and services tax Council (GSTC) is a constitutional body and it is mandatory on the part of the Goods and Services Text Council to make recommendations on various matters of Goods and Service Tax (GST). Therefore the Goods and Services Tax Council plays a pivot role under GST,  which brings uniformity in the law and also a co-operative federalism.