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Indirect Tax Reform in India
1947 To GST and Beyond
- Yashwant Sinha - Former Finance Minister and Minister of External Affairs of India
- Vinay K. Srivastava - Associate Professor, Institute of Technology and Science, Ghaziabad
February 2020 | 312 pages | SAGE Publications Pvt. Ltd
Indirect taxes have played an increasingly important role in the Indian economy. Indirect tax was first introduced in India in 1944 in the form of excise duty on Indian products as a measure of protection for goods imported from the UK. In the course of time, it became a well-established tax to shore up government finances. The need for reform in indirect taxes was felt soon after Independence, and several committees were appointed for this purpose. From there, the process of reforms of indirect taxes in India went through ups and downs till the introduction of the Goods and Services Tax (GST) in 2017. Indirect Tax Reform in India: 1947 to GST and Beyond maps these developments in detail and analyses the political economy behind it. It also deals with the current problems, the conceptual infirmities and the reforms needed urgently to restrict the disruption it has caused in the economy so far. This book outlines the impact of the past measures and the present changes, and suggests the future course of action for a better future.
Preface
Acknowledgements
Introduction: Historical Background of indirect taxes in India
Section A: Indirect Tax Reforms after Independence
Tax Reform Committees over the Decades
Modified Value Added Tax: 1986 to 2000
Central Value Added Tax: 2000 to 2017
Service Tax and Related Issues
State VAT (State Value Added Tax): 2002 to 2017
Setting up of the Empowered Committee of State Finance Ministers and Its Role
Section B: The New Regime of Goods and Services Tax
Background of Goods and Services Tax
The Constitution Amendment Bills
The Constitution Amendment Act and Legislations
Administration of GST
The Structure of the New Tax System
Evaluation of GST after Two and a Half Years
GST Revenue, Settlement of IGST and Compensation to the States
Return Filing in the GST Era
Impact and Experience of the New Tax around the Country
Policy Review and the Way Forward
Appendix A: Indirect Tax Reforms in India: A Chronology
Appendix B: The Constitution (Amendment) Bill of UPA Government and NDA Government
Appendix C: Parliamentary Standing Committee Report on GST
Appendix D: Select Committee Report on GST
Appendix E: VAT, GST and Sales Tax Rates in the World
Bibliography
Index