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GST Revised FAQs as on 31.03.2017

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Cabinet Secretary reviews preparedness for smooth roll-out of GST with effect from 1st July, 2017; Asks Secretaries of different Departments and CMDs of CPSUs to take full responsibility of their respective stake-holders and ensure the successful implementation of the GST.

The Cabinet Secretary Shri P.K.Sinha today took a detailed review of the preparedness for the roll-out of Goods and Services Tax (GST) from 1st July 2017. In a Review Meeting attended by the Secretaries of 30 Ministries/Departments of the Central Government connected with GST, and video conferencing with CMDs/CEOs of about 167 Central Public Sector Undertakings (CPSUs) under their administrative control, the Cabinet Secretary asked all those involved to take full responsibility of their respective stake-holders, and ensure the successful implementation of the GST.  The Cabinet Secretary Shri Sinha expressed his satisfaction over the preparedness of different Ministries and CPSUs for the roll-out of GST w.e.f. 1st July 2017. However, he asked them that they should leave no stone unturned for its effective and smooth implementation by educating and involving all the stakeholders concerned.  The focus of the today’s Review Meeting was on the progress made by the different Minist...
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Various frequently asked questions relating to GST:

Question 1.What is GST? How does it work? Answer : GST is one indirect tax for the whole nation, which will make India one unified common market.   GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.   Question 2. What are the benefits of GST?   Answer :The benefits of GST can be summarized as under: For business and industry o    Easy compliance : A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online, which would make comp...
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