GOODS AND SERVICE TAX BY CA SUDHIR HALAKHANDI

GST BY CA SUDHIR HALAKHANDI GST UPDATE -1 Vat was introduced in all over country in 2006 and GST is the logical conclusion of the successful introduction and imposition of Value added Tax in India. In its standard format GST is a single tax replacing all the indirect taxes and collected by a single authority but in our country the system of Governance is Federal and both centre and states have the power to collect indirect taxes in one form or another. Hence a formula is developed to introduce a compromised GST with the consent of the States hence we can call it Indian format of GST. First it was referred in 2006 in the Budget speech of the FM that GST will be introduced in India from 1st. April 2010 but later for one or other reasons it was postponed from year to year and it is evident from this delay that it is not easy for the lawmakers to introduce GST in our country and now since 2016 is declared as GST introduction year, let us see what is Indian format of the GST and further what is the basic characteristics of India GST , the problems associated with it and further what is the possibility that the 2016 deadline will be met. We are not sure whether Success of GST will boost the Indian economy or not but certainly a failure of GST will make a very big dent in the Indian Economy. So lawmakers should be cautious about this fact because once GST is imposed it will be very difficult to take it back. Please follow me on Goods and Service Tax by CA Sudhir Halakhandi on FB. – CA SUDHIR HALAKHANDI sudhirhalakhandi@gmail.com 09828067256