Touted as India’s most radical tax reform since liberalism in 1991, the Indian GST regime intends to subsume almost all the previous central and state indirect taxes into it, thereby relieving the households and investors of the complicated tax regime.
Traditionally an E-Way Bill is considered as a document issued by a carrier giving details relating to a shipment of consignment of goods, also the names of consignor and consignee, the points of origin and destination and in some cases the route. With igitalization the Electronic Way Bills have come into vogue.
As we are aware of our evolution of Indian Indirect Tax starting from Excise Duty, Customs Duty, Sales Tax, VAT, Service Tax wherein, an industry/ organization were having different specialized professions/ people being allocated with different Indirect Tax compliances
In this essay, I have tried to explain the role of GST council in relation to the state autonomy. This essay deals with the four major elements of the topic. Firstly, the historic perspective in respect to the Constitution of India, secondly a basic brief about GST and why such tax regime is needed.
After long years of battle GST has finally been introduced on July 1st, 2017. GST bill is focused to remove tax barriers between states and creates a single market i.e. One nation One Tax. In the pre-gst regime, multiple indirect taxes were levied by centre as well as state governments.
The government of any country collects its revenue from taxes; hence for the development of the economy of the state, a well structured taxation system is necessary. If we look at the World Bank report on the ease of paying taxes, India was ranked 172 among 190 countries.
Prior to the introduction of Insolvency and Bankruptcy Code, 2016, India did not have a robust insolvency law to deal with the state of indebtedness of a business enterprises, winding up being the only insolvency procedure available.
Intergovernmental financial relationship is a vital, or one may say, even a critical matter since it touches the very heart of modern federalism. With growing economies and rapid development in technology, various disputes can arise.
Condition of Manufacturing for 100% EOU Units- The business has started to look at the market in a global sense for some years now and cross-border trade has become a routine business today. In such a scenario exporters of goods whether manufactured or traded, play a huge role in improving the economic status of this country owing to Foreign – Exchange Inflow which is a key factor in determining the strength of the Indian Currency.
Goods imported into India are cleared for home consumption by payment of custom duty under Section 12 of the Customs Act, 1962 on the value determined under Section 14 of the Act.
