Archives

GST Council

The GST bill seeks to set up a GST Council. The GST Council aims to develop a harmonized national market of goods and services. According the GST Bill, the President must constitute a GST Council within sixty days of this Act coming into force. The composition of the GST Council includes: The Union Finance Minister […]

GST and Revenue Neutral Rate

Because GST removes the problem of tax on tax and cascading effect of various taxes; and because GST is a value added tax, it is expected that tax collection would fall when it comes into effect. This implies that government tax revenue will come down when India moves to the GST regime. If the government […]

Impact of Goods and Services Tax on Multiple Taxes

GST will come into effect by enactment of constitution 122nd amendment bill. This bill is the current and slightly modified version of Constitution 115th amendment bill, which was proposed by the UPA Government in 2011 but failed to get it passed. The 122nd amendment bill was cleared in Lok Sabha on May 6, 2015 but […]

Goods and Services Tax

Goods and Services Tax is a comprehensive indirect tax which is to be levied on the manufacture, sale and consumption of goods and services in India. This is so far the biggest tax reform in the country. GST eliminates the cascading effect of taxes because it is taxed at every point of business and the […]