This Act is an important enactment on tax laws prevailing in the country as it requires stipulate and meticulous calculations on the tax levied on each financial period that proves to be both beneficial to states and also every taxable individual along with the assurance of growth of financial growth and economic stability of the country.
The Union Territory Goods and Services Tax Act 2017 enumerate the taxes to be imposed on goods and services Intra State or within the states or union territories. The act came into force on 12th April 2017 with 9 chapters and 26 sections detailing the mode of imposing and collecting tax levied on supply of goods and services on the mentioned places in the act in accordance with the provisions of the Act.
Through the enactment of Integrated Goods and Services Act 2017 the Central Government is empowered with the power to levy tax on interstate supply of goods and services or on any other matter connected to such supplies between States.