ICAI released Background Material (Vol-I and Vol-II) on GST – Jan 2025 13th Edition

The Institute of Chartered Accountants of India (ICAI) has issued updated Background Material on GST (January 2025 Edition) Volume-I and Volume-II by the GST and Indirect Taxes Committee, revising the publication “Background Material on GST” and releasing its 13th 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 7 years since its introduction. The journey of GST, from conceptualization to implementation, represents a significant milestone in fostering economic integration, reducing barriers to inter-State trade and enhancing transparency in tax administration. It has not only simplified the complex tax structure but also created a more integrated, transparent and efficient tax system that facilitates ease of doing business and promotes economic growth.

Recently, the Government accelerated the efforts to operationalize the Principal Bench with key appointments and established State-level tribunals to address regional disputes. These tribunals are designed to streamline dispute resolution and reduce the burden on higher courts. For Chartered Accountants, the establishment of GSTAT will open new avenues to represent clients effectively in appellate proceedings, leveraging their expertise in GST law and practice.

Since the implementation of GST Law, the GST & Indirect Taxes Committee of ICAI has taken various initiatives to train and educate Chartered Accountants, Government Officials and other stakeholders. The Committee regularly conducts Certificate Courses on GST, webinars, seminars, national conferences, workshops etc. and capacity building programmes for Government Officials.

The ‘Background Material on GST’ is designed as a comprehensive resource to provide an in-depth understanding of GST provisions, supplemented with examples and judicial precedents to aid in advisory and compliance functions. The strength of this publication lies in its structured approach to unraveling complex legal and procedural concepts. This 13th edition of the Background Material has been updated to include amendments made by the relevant Notifications and Circulars issued up to 20th January, 2025, ensuring that readers have access to the current and updated provisions of GST law.

Download Background Material on GST – Vol-I

Download Background Material on GST – Vol-II