1. What is GST in India?GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.In other words,Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.Before the Goods and Services Tax could be introduced, the structure of indirect tax levy in India was as follows:
The Government of India (GoI) introduced the GST Council to modify, regulate and reconcile the goods and services tax in India. The Council replace all the existing multiple taxation process and introduce new taxation methods to ease the taxation process for the taxpayers. The Council shall also monitor all the taxation process to provide support to the respective departments and to avoid the fraudulent process. In this article, we look into the GST Council and understand one of the key councils that regulate all aspects of GST in India.
