{"id":687,"date":"2017-06-22T11:18:55","date_gmt":"2017-06-22T05:48:55","guid":{"rendered":"http:\/\/financialfunda.com\/?p=687"},"modified":"2024-07-14T13:22:14","modified_gmt":"2024-07-14T07:52:14","slug":"making-of-gst-law-in-india","status":"publish","type":"post","link":"https:\/\/cacube.in\/?p=687","title":{"rendered":"Making of GST Law in India"},"content":{"rendered":"

Making of GST Law in india<\/u><\/strong><\/h1>\n

As we all are aware that Government has decided to implement GST w.e.f 1st July 2017. I received many email asking questions about GST. I request the reader to ask their questions under “Ask free Questions” tab.<\/p>\n

What is GST?<\/h3>\n

GST stands for Goods and Service Tax. As we know there are various types of indirect taxes like Customs, Excise duty, Sales tax\/VAT\/CST, Octroi\/Entry tax, Service Tax etc. Some of these taxes like Sales tax\/VAT\/CST and Entry tax etc. are the part of revenue for State Government while others like Excise duty and Service tax etc. are the part of revenue for Central Government. With the intention of easiness of process in indirect tax regime, bringing in revolutionary changes in indirect tax system and for giving a push to industrial development in India Central Government has decided to merge various indirect taxes into one i.e. GST.<\/p>\n

Constitutional Validity<\/h3>\n

But some of above indirect taxes fall under State list of Schedule VII of Constitution where only state Government have power to levy taxes and some fall under Union list of Schedule VII of Constitution. Hence amendment in constitution was required for assigning concurrent powers to Centre and state to Levy GST. For this purpose Parliament of India passed Constitution (101st Amendment) Act, 2016 on 08.09.2016. After this Amendment-<\/p>\n