GST or its equivalent Value Added Tax (VAT), has been implemented in over 160 countries across the globe, and continues to be the most popular form of consumption tax. Whilst the detailed tax provisions vary according to the laws framed in each country, the broad principles of GST/VAT, such as taxable event, place of supply, time of supply, input tax credit etc. are similar in most countries.
Most of the international best practices with respect to GST/VAT have been captured in the International GST/VAT Guidelines published by the Organization of Economic Co-operation and Development (OECD). OECD is a forum where governments can compare various social, economic and political policy experiences, seek answers to common problems, identify good practices and work to co-ordinate domestic and international guidelines.
This book is an exhaustive analysis and commentary on the GST structure implemented in India, based on the provisions of the Constitution (One Hundred and First Amendment) Act 2016, Central GST Act, 2017, Integrated Act, 2017, States’ GST Acts, 2017, Union Territory GST Act, 2017, GST (Compensation to the States) Act, 2017 and Rules made thereunder, rates, exemptions etc. respectively (cumulatively referred as GST Laws).
Our GST does not work in isolation – it must align with international best practices and the way in which GST/ VAT works in other countries. This framework and comparison is useful in giving points of principle and direction as India’s GST system matures.
It provides a comparative analysis of the Indian GST framework and the international best practices and principles of taxationdiscussed extensively in the OECD’s International GST/VAT Guidelines (‘OECD Guidelines’).
The book also contains a special write-up on the role of information technology in GST implementation, which highlights the key areas upon which corporates and other industrial entities should focus, for making their internal systems GST compliant.
Exhaustive commentary on the GST structure implemented in India
Comparative analysis of the Indian GST framework with the international best practices (European Union, Canada, New Zealand, Australia, Malaysia & China)
Elucidation on principles of taxation discussed in OECD’s International GST/ VAT Guidelines
Analysis of the provisions of CGST Act, 2017 and IGST Act, 2017 with corresponding CGST Rules, Anti-profiteering provisions and GST Compensation Cess Act
Detailed analysis of the transitional provisions
Highlighting role of technology in GST implementation