The Institute of Chartered Accountants of India ( ICAI ) has released the 13th edition of its flagship publication, ‘Background Material on Goods and Services Tax ( GST ), Vol. I & II’.
The updated edition incorporates all relevant Notifications and Circulars up to January 20, 2025, offering a comprehensive understanding of the GST regime and the latest developments introduced within the arena, making it a crucial resource for professionals, tax administrators, and stakeholders involved in indirect taxation.
First introduced in 2016, the Background Material on GST is a comprehensive guide, updated with the latest CBIC notifications, GST Acts, rules, and judicial rulings.
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Compiled by the GST & Indirect Taxes Committee, it incorporates expert insights, stakeholder feedback, and GST Council recommendations to address compliance challenges. Relevant information sourced from government portals like CBIC and GSTN is paired together with up-to-date knowledge to provide a one-stop solution for professionals.
The publication is Authored and revised by the GST & Indirect Taxes Committee of ICAI, the publication has continually evolved to reflect legislative amendments, judicial pronouncements, and practical insights.
Divided into multiple chapters pertaining to the various aspects of GST law, such as Levy and Collection of Tax, Input Tax Credit, Registration, Returns, and Refunds and even includes provisions pertaining to the still impending GST Appellate Tribunal ( GSTAT ). The GSTAT, once in force, shall be a key adjudicatory body in indirect taxation, streamlining dispute resolution while reducing the burden on jurisdictional High Courts which presently serve as the second appellate authority.
Penning the foreword, ICAI President, CA. Ranjeet Kumar Agarwal emphasized that the latest edition blends theoretical knowledge with practical guidance, helping members and stakeholders navigate the complexities of GST with clarity.
Additionally, the preface by CA. Sushil Kumar Goyal, Chairman of the GST & Indirect Taxes Committee, and CA. Rajendra Kumar P, Vice-Chairman acknowledges the contributions of committee members and faculty while reiterating that the Background Material not only educates Chartered Accountants but also supports government officials and businesses in adhering to GST norms.
Click the Blue Button Below to Access the ‘Background Material on GST Vol. I & II’
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