GST Query
This is perhaps the single largest tax reform in India ever since the economic reforms of 1991 and we need to compliment ourselves for having succeeded in building a consensus on this topic of national importance. What makes our achievement even more special is the fact that a country like the US, despite trying for decades, has not been able to put in place a GST. The expected passage of the 122nd Constitutional Amendment Bill for ushering in the Goods and Services Tax (GST) Bill. The progress of the Bill through the LokSabha and RajyaSabha has probably been the most closely followed legislative function in the history of independent India. Thus, it definitely took us a while to reach that stage where the GST is more or less ready now to be rolled out, but the effort put in and the time taken are definitely well worth. A shift from a production-based indirect taxation to a system of taxation which happens at the point of consumption has been the central concept of GST which has been...