Tracking the Latest Development and Updates In the Goods and Service Tax Act
The Goods and Service Tax Act is new in the indirect tax regime in the country, and everyone has been going crazy about it. And why not? This is after all one of the most controversial laws that have come in the history of taxation laws in India. Being put up at the proposal before the parliament back in 2000, this Act took seventeen long years to finally find its place in the law and become applicable. This was, of course, attributable to the continuous developments the Act was going through, and it is still not free from them. Being new, many things come into the picture after the applicability. So, there is always a need for continuous revisions and changes. And with that need, it is essential on your part to stay updated with the latest GST news. And you can do that easily by regularly visiting the GST website and performing some GST search on website and in general.
With all that said, before you get on to anything else, you first need to know what precisely the GST Act is and what developments has it brought with itself.
What is the GST Act?
With all the hype that the Act had created long before it even became applicable, every person in the country knew that this Act was something big and vast. And the Act did not fail any of the expectations. The Act is indeed vast taking four different indirect tax laws into its fold. With that, the Act repealed all the old indirect tax laws, namely the Service Tax Act, Central Sales Tax Act, Value Added Tax Act, and Excise Act, in a single blow with its introduction.
The Goods and Service Tax Act, 2017 is a taxation law for the governance of the complete indirect tax regime in the country. It will look up at the transactions involving provision and supply of goods and services and levy the appropriate tax on them. The Act has come as a single, unitary law in place of the diverse tax regime existing in the country and has made things a lot easier for the taxpayers. With its introduction, GST has completely done away with problems such as the cascading effect and double taxation that was posed due to the multiplicity of taxes. Moreover, it has also helped with combating corruption to a great extent, with stricter compliance and better monitoring. Also, the new developments such as the GST online portal and the GST website have made things very comfortable and convenient for the people, and they can keep up with the compliances and other requirements through this portal and website.
With all of these changes, GST has still not given a full stop or even a break in its development. The Act has been continuously making changes, and those changes are changing the requirements that need to be fulfilled by the taxpayers. So, you must keep tracking the latest GST news and development through authentic sources so that you stay updated and remain in compliance with the Act at every instance. And you even need not do much to trach these changes and developments. Everything is available on the GST website.
This is the major development that GST has come up with. In the former tax regimes, there was no specific website as such where the people could lookout for the information they need from time to time. All the circulars and announcements came over the official gazette, and the people closely required to follow the notification in the Gazette to make sure that they do not miss out on any important news. This was pretty hectic and cumbersome because, for every information, people had to make an extensive search on different sources, and even after that, they could not actually be sure for the authenticity of the information they had found. The GST Act introduced a GST website as a solution to all these problems.
The GST website is a full-fledged platform for the GST Act, where you can find everything you need about the GST Act, from what is GST Act to how it is governed to all the new developments and latest news and a lot more. Basically, you can make any kind of GST search on the website, and you will have the most correct and authenticated information about the Act before your eyes. The website also contains the complete GST law, and you can gain extensive knowledge and understanding about the law from there. Also, you can search for the taxpayers and look out at the e-way bill systems introduced by the Act.
Moreover, the website is also an online portal where you can log in and make compliances with the requirements of registrations, GST payment, and return filing by going to the service tab of the website. This online portal also serves as a complete maintenance kit for your GST documents, and you can easily keep track of all your GST documents over this portal without the need to manage any kind of paperwork.
All these steps by the Act have majorly contributed to the vital mission of Digital India that was introduced in the country.
GST is a crucial Act that must be known to all of us because each one of us is a taxpayer at some stage or the other. But the Act is new, and it will keep making changes until everything becomes so perfect that there are hardly any loopholes. So what is needed is to keep up with the latest GST news and make sure that you are updated about all the developments taking place in the Act. And you can easily do this by closely following the GST website and making a GST search on website. Keeping track of the latest developments and changes in GST can necessarily help you keep up with continuous compliances under the Act, and good knowledge about anything is always beneficial.
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