ICAI issued Updated GST Acts and Rules Bare Law upto Jan 2024

The Institute of Chartered Accountants of India (ICAI) has issued updated the GST Acts and Rules Bare Law upto January 2024.

To address the challenges of the cascading effect of the earlier Indirect Tax system and to create a unified and simplified tax regime for the seamless movement of goods and services across State borders, Goods and Services Tax (GST) was introduced in India on July 1, 2017. The implementation of GST has been a significant milestone in the Indian tax regime. GST being a comprehensive indirect tax, is levied on the supply of goods and services throughout the country. It has subsumed a plethora of indirect taxes like Central Sales Tax, Central Excise Duty, Service Tax, Value Added Tax (VAT) and others.

The GST and Indirect Taxes Committee of The Institute of Chartered Accountants of India (ICAI) played a pivotal role in supporting the Government during the introduction of the GST regime in India. Additionally, the Committee has been actively involved in addressing post-implementation challenges. Furthermore, it has consistently worked towards fostering GST awareness and knowledge dissemination by regularly releasing new technical publications and updating the existing ones.

Within the legal domain, bare acts play a significant role as basic legal resources. Bare acts, which serve as a key point of reference, are essential for understanding and interpreting the law. Accordingly, the GST and Indirect Taxes Committee released the “GST Act(s) and Rules(s) – Bare Law” in April 2017 and since then has been revising it regularly. Considering the changes introduced in the GST law during the 52nd GST Council Meeting, the Committee has undertaken another revision of this publication. The current revision is the third revision of this publication in the year 2022-23.

The January 2024 edition of this publication is updated with all notifications issued up to December 2023 and the Central GST (Second Amendment) Act, 2023 ensuring that the readers have access to the most recent and relevant information regarding the GST law. The publication comprises of the whole spectrum of GST law viz. the Constitution (101st Amendment) Act, the CGST Act, 2017, the IGST Act, 2017, the UTGST Act, 2017, the GST (Compensation to States) Act, 2017, the CGST Rules, 2017 and the IGST Rules, 2017. Relevant extracts of the Finance Act, 2023 and the recent CGST (Amendment) Act, 2023 and IGST (Amendment) Act, 2023 have also been included in the publication.

To Read More Download PDF Given Below: