GST Implementation and Transition

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GST Impact Analysis

GST shall impact everyone in the economy. GST is expected to bring uniformity in taxation and reduce its cascading effect leading to cheaper goods and services. Currently, excise and value-added tax (VAT) cannot be offset, so they cascade. In addition, VAT credits cannot be carried across states. Both these characteristics would change under the GST [...]

By | 2016-09-27T10:09:49+00:00 September 27th, 2016|GST Implementation and Transition|2 Comments

Why was the Constitution of India amended in the context of GST?

Currently, the fiscal powers between the Centre and the States are clearly demarcated in the Constitution with almost no overlap between the respective domains. The Centre has the powers to levy tax on the manufacture of goods (except alcoholic liquor for human consumption, opium, narcotics etc.) while the States have the powers to levy tax [...]

History of GST

Origin of GST system of taxation (also known as VAT as the basis principle of this system is to provide a framework of taxing only value addition across the chain from production to consumption by allowing credit of tax paid on purchases) can be traced to two sources. The first suggests that German businessman Dr [...]

By | 2016-09-27T10:18:57+00:00 September 15th, 2016|GST Implementation and Transition|0 Comments