- GST was enacted in 2017 to replace the complex tax structure with a unified system
- GST is a destination-based consumption tax paid by individuals in the supply chain
- Governed by CGST Act, SGST Act, IGST Act, and GST Rules
- Follows self-assessment procedure to determine tax liability
- GST department conducts assessments to prevent tax evasion and ensure compliance
Source: mondaq.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
