Vasudevan M P

Referencer for Gst Acts 2020 Vasudevan M P

Goods and Services Tax (GST) is a comprehensive value-added indirect tax levy on manufacture, sale and consumption of goods as well as services. France was the first country to introduce this system in 1954. Today, it has spread to over 140 countries across the world. GST came into effect in India on the 1st July, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India. It subsumed many indirect taxes being levied and collected by the Central and State governments. Multiple Central and State laws which existed thereto also were replaced by -(i)the Central Goods and Services Tax Act, 2017 making provisions for levy and collection of tax on intra-State supply of goods and services by the Central Government;(ii)the Integrated Goods and Services Tax Act, 2017 making provisions for levy and collection of tax on inter-State supply of goods and services by the Central Government;(iii)the Goods and Services Tax (Compensation to States) Act, 2017 providing compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax in pursuance of the provisions of the Constitution (One Hundred and First Amendment) Act, 2016, (iv)the Union Territory Goods and Services Tax Act, 2017 making provisions for levy and collection of tax on intra-State supply of goods and services by the Union territories; and (v)the State Goods and Services Tax Acts, 2017 making provisions for levy and collection of tax on intra-State supply of goods and services by each and every State Government under the Union. GST Acts are just two years old. However, modifications and amendments were needed since the implementation has brought up certain difficulties and challenges. Thus, we saw amendment Acts altering each of these Acts in this short span of time. These have again been amended by the Finance (No. 2) Act, 2019 and the Finance Act, 2020. This compilation of bare Acts is an attempt to provide updated Acts in your hand. Implementation of GST has also witnessed a spate of cases and writ petitions being filed before various Courts. I have included the references of some of them at the end of each chapter for your easy reference.