Under the earlier Indirect Tax regime, various taxable events were present for different levies depending upon the nature of tax. The four major constituents of earlier Indirect Tax structure and taxable events thereof can be summarized as under: For Excise Duty- the taxable event was Manufacture / Deemed Manufacture, which can be seen under Entry … Continue reading PREVIOUS TAXATION STRUCTURE VS GST STRUCTURE IN INDIA

The previous indirect tax regime created various complexities, which forced the Government to overhaul the earlier indirect tax system and introduce a new tax system throughout India with an aim to curb the cascading effect of other indirect taxes. There were various shortcomings under the previous regime, for instance, cascading effect, multiple statutes, multiplicity of … Continue reading RATIONALE BEHIND THE IMPLEMENTATION OF GST

The idea of moving towards the GST was first mooted by the then Union Finance Minister (Mr. P. Chidambaram) in his Budget for 2006-07. It was to be introduced from April 01, 2010. February 2006: Mr. P. Chidambaram, the then Finance Minister, stated that the government's medium-to-long-term objective was to adopt a unified GST structure … Continue reading ORIGIN OF GST LAW IN INDIA

Introduction of GST required amendments in the Constitution so as to concurrently empower the Centre and the States to levy and collect the GST. Necessary clauses were introduced and amended vide 101st Constitutional Amendment Act. Article 366(12A) of the Constitution defines GST to mean any tax on supply of goods or services or both except … Continue reading WHAT IS GST?

Meenakshi Gupta, AssociateAyush Patria, Intern ABSTRACT The Government of India declared a nationwide lockdown on March 24, 2020, to prevent COVID-19 from spreading to the rest of the population. The Ministry of Home Affairs issued certain directions that ensured the closure of the majority of government and private offices, as well as other commercial establishments, … Continue reading PROBING OF INSOLVENCY LAW IN THE PURVIEW OF CORPORATE INSOLVENCY RESOLUTION PROCESS AMID THE COVID-19 PANDEMIC