GST – Long-Awaited Step in India’s Economic Reforms

borders-2099205_1280After 11 long years, the journey to introduce a Goods and Services Tax (GST) in India is now nearly complete. The Dual GST Model will see the Central Government, 31 State Governments and 5 Union Territories levy and collect GST concurrently on a common tax base. The final hurdle was passed on 29 March when the lower house of the Union Parliament, Lok Sabha, approved the follow-up implementation related to the CGST Act, UTGST Act and IGST Act. Additionally, the act relating to compensation by the Centre to the States for possible revenue loss due to GST has also been passed. Continue reading “GST – Long-Awaited Step in India’s Economic Reforms”

GST in India: An Update

In August 2016, the Indian Constitution was amended to empower both the center and the states to levy and collect goods and services tax (GST). The GST Council is a constitutional body created to steer the GST implementation; it is made up of Finance Ministers from the center and the states, and it is chaired by the Union Finance Minister. The GST Council recently announced that GST will be rolled out on 1 July 2017. Continue reading “GST in India: An Update”