ICAI issued updated Background Materials (Vol I and II) on GST – Jan 2024 12th Edition

The Institute of Chartered Accountants of India (ICAI) has issued updated Background Material on GST (January 2024 Edition) Volume-I and Volume-II by the GST & Indirect Taxes Committee, revising the publication “Background Material on GST” and releasing its 12th edition for the benefit of members, students, and all other users.

This updated information seeks to provide detailed insights and assistance on the provisions found throughout the GST law.

The Goods and Services Tax (GST), the most essential pillar of today’s indirect tax system, has had a significant impact in the six and a half years since its introduction. The increasing GST revenue and expanding taxpayer base are significant signs of the efficiency of GST, a new indirect tax system.

It has provided several benefits, including the formation of a national market by lowering financial barriers between states and mitigating the cascading effect of taxes by permitting seamless credit of input tax across goods and services.

Through a proactive approach, the GST and Indirect Taxes Committee has been actively supporting members and other stakeholders by enhancing GST awareness and fostering skill enhancement.

The Background Material on GST is a comprehensive publication that aims to elaborate the nuances of GST law through analysis, charts, tabular presentations, FAQs, MCQs, etc. at appropriate places.

The applicable provisions are provided in clear language throughout the publication. It has been updated with the Finance Act of 2023 and the adjustments made by various notifications released up to February 1, 2024.

In addition, the amendments proposed in the Finance Bill, 2024, have been adopted where applicable.

For Official Background Materials Download PDF Given Below: