Goods and Services Tax, i.e., GST will integrate almost all indirect taxes on supply of goods and services, currently being levied separately by Centre and the States, GST will reduce the price of the goods and services, and by having uniform tax rate across the States will help India getting a Common Economic Market. Although announced in 2006, this joint venture of Centre and the States has got delayed for many reasons explained in this book. Besides recording the events on the road to GST and its travails and tribulations, this book has explained lucidly all the technical issues relating to GST. This 2nd Edition, updated till the third week of July, 2016, has analysed all GST related documents including the draft ‘Model GST Law’ released in June, 2016 and the Business Process Documents on Registration, Payment, Returns and Refunds. It has also analysed the expected impact of GST on the economy and different Industrial and Services sectors. The transitional issues have been flagged, and suggestions have been made in the book regarding preparatory steps to be taken by Taxpayers, Taxmen and other Stakeholders. This book is a product of the author’s rich experience and deep study of GST, Now that GST seems ready to be implemented soon, a reading of this book will help the taxpayers and faxmen in getting ready to usherln GST.
Chapter 1 — GST is Inevitable, But are we ready? — The arduous journey begins
Chapter 2 — Technical issues relating to the structure and form of GST in international perspective
Chapter 3 — Structure and form of GST in India — As outlined by certain critical documents
Chapter 4 — GST treatment of inter-State movement of goods and services — IGST in India
Chapter 5 — Search for a comprehensive conceptual frame- work for GST legislation
Chapter 6 — Travails & Tribulations continue — As evident from further developments
Chapter 7 — Robust information technology infrastructure is a sine qua non for successful implementation of GST.
Chapter 8 — For ushering in GST, we need constitutional amendments
Chapter 9 — Efforts for constitution amendments continue
Chapter 10 — Reports and consultation documents — Model GST Laws, report on RNR, four business process documents etc.
Chapter 11 — Draft Model GST Law — As released in Mid-June, 2016
Chapter 12 — Expected impact of GST in various sectors
Chapter 13 — GST Miscellaneous issues — Preparing for GST, Transitional issues, Audit, Dispute resolution and issues between Centre and States
Chapter 14 — Malayasian Experience and International Best Practices
Chapter 15 — End of the Travails & Tribulations in sight —And implementation challenges ahead
Appendix-I — A White Paper on State-level Value Added Tax (VAT)
Appendix-II — First Discussion Paper (FDP) on GST in India
Appendix-Ill — Frequently Asked Questions & Answers on GST
Appendix-IV — The 115th Constitutional Amendment Bill in relation to introduction of GST
Appendix-V — GST — Salient Features & Statutes in India
Appendix-VI — The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014
Appendix-VII — Model GST Law — Goods and Services Tax Act, 2016