Volume : 6, Issue : 11, November - 2017

Goods and Services Tax (India)

Ms. D. Suganya, Mr. M. Shanker Prabu

Abstract :

<p>&nbsp;<span style="font-family: &quot;Times New Roman&quot;, serif; font-size: 12pt; text-align: justify;">The reform process of India‘s indirect tax regime was started in 1986 by Vishwanath Pratap Singh, Finance Minister in Rajiv Gandhi&rsquo;s government, with the introduction of the Modified Value Added Tax (MODVAT). Subsequently, Manmohan Singh, the then Finance Minister under P V Narasimha Rao, initiated early discussions on a Value Added Tax at the state level. A single common &quot;Goods and Services Tax (GST)&quot; was proposed and given a go-ahead in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel, which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan. Vajpayee set up a committee headed by the then finance minister of West Bengal, Asim Dasgupta to design a GST model. GST is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India.</span></p> <p class="MsoNormal" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;&#10;margin-left:0in;text-align:justify;line-height:150%"><span style="font-size:&#10;12.0pt;line-height:150%;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><o:p></o:p></span></p>