Goods and Services Tax: A New Era

By Nitesh Jindal, Dr Ram Manohar Lohia National Law University, Lucknow.

Goods and Services Tax (GST) is an indirect tax which will bring transparency and effective governance in the country. It is a destination-based tax levied at multiple stages, starting with the manufacturing stage, to the sale of goods stage, whose overall burden has to be borne by the final consumer. GST has paved the way for a common national market by subsuming many indirect taxes, which, previously, were being levied by the Centre and the States, at various stages of production and which in turn had created many complications, such as, overburdening the consumers by various taxes, cascading of taxes, etc. (more…)

Tax Reformation in India: An Analysis

By Syashu Pesswani, University of Petroleum and Energy Studies, Dehradun.

President Pranab Mukherjee, with the press of a button at the midnight of July 1, 2017 in the Parliament’s Central Hall of India, switched to GST, the single biggest reform undertaken by the country in its 70 years of independence. It is basically established to subsume various indirect taxes levied at different levels, with the idea of reducing red-tape, plugging leakages and paving the way for a transparent indirect tax regime. (more…)

Goods and Services Tax: Concept & Analysis

By Ananya Banerjee, WBNUJS, Kolkata.

Indirect Taxes & GST

The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014 (the “Bill”) seeks to amend the Constitution to change the indirect tax structure of the country to facilitate the introduction of Goods and Services Tax (“GST”). Following the footsteps of most of the developed countries, the Centre is trying to implement a centralized structure with respect to goods and services. GST is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes applicable on consumption. (more…)

Goods and Services Tax: Recent Developments

By Piyush Jain, Rajiv Gandhi National University of Law, Punjab.

Goods and Services Tax (GST), which is considered the most significant tax reform since independence, proposes to subsume a majority of the indirect taxes prevailing in India and will change the way business is done. It will bring about a structural change in the current indirect taxation system by propagating an ideal consumption-based indirect tax system. The dual GST proposed to be introduced is expected to expand the tax bases and simplify and harmonize the conception tax systems presently levied at both central and state levels. The Central VAT (CENVAT) levied at present, has a narrow base and multiple rates. It is levied on goods at the production stage, and value added in subsequent stages is not included in the base. (more…)

Constitutional Amendment Bill, 2014: GST

By Poonam Bera, Army Institute of Law, Mohali.

After a prolonged delay, Goods and Service Tax (122nd Constitutional Amendment) Bill, 2014 has introduced in lower house of parliament on 19th December, 2014. It is regarded as one of the biggest tax reforms since 1947 and is targeted to be implemented by April 2016[i]. GST regime is expected to replace a number of indirect taxes levied by the Central and State Governments. It will create a single unified market for goods and services across the country. (more…)