Volume : VI, Issue : XI, November - 2017

Goods and Services Tax (India)

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

Abstract :

 The reform process of India‘s indirect tax regime was started in 1986 by Vishwanath Pratap Singh, Finance Minister in Rajiv Gandhi’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 "Goods and Services Tax (GST)" 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.

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Article: Download PDF    DOI : https://www.doi.org/10.36106/gjra  

Cite This Article:

Ms.D.Suganya, Mr.M.Shanker Prabu, Goods and Services Tax (India), GLOBAL JOURNAL FOR RESEARCH ANALYSIS : VOLUME-6, ISSUE-11, NOVEMBER-2017

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