Problems in the Implementation of GST in the Developing Economy of India and an Introduction to India's Economy after Goods and Service Tax

Balram Chopra; Kamlesh Pritwani

Problems in the Implementation of GST in the Developing Economy of India and an Introduction to India's Economy after Goods and Service Tax

Author(s)	Balram Chopra, Kamlesh Pritwani
Country	India
Abstract	Goods and Service Tax (GST) is a far-reaching charge on fabricate, deal and utilization of merchandise and enterprises, that will ingest a large portion of the circuitous expenses exacted by Central and State Government. Right now the GST is received in more than 150 nations. On the off chance that passed, GST Bill would be THE greatest assessment change by the Indian government since origin of the Indian constitution The Central GST Bill, 2017 allows the central government to notify CGST rates, subject to a cap. This implies that the government may change rates subject to a cap of 20%, without requiring the approval of Parliament. Under the Constitution, the power to levy taxes is vested in Parliament and state legislatures. Though the proposal to set the rates through delegated legislation meets this requirement, the question is whether it is appropriate to do so without prior parliamentary scrutiny and approval. The Constitution does allow a tax to be levied or collected only by authority of law. Currently, most laws which levy taxes such as income tax, and service tax specify tax rates in the principal law, and any changes in these rates requires the approval of Parliament. While, laws such as the Central Excise Tariff Act, 1985 allow government to notify a change in tax rates only in case of an emergency, these changes are subject to the tax rate, and certain restrictions and caps specified in the 1985 Act.
Keywords	GST (Goods and Service Tax), Implication of GST, Strikes due to GST, Benefits of GST
Field	Sociology > Economics
Published In	Volume 5, Issue 2, March-April 2023
Published On	2023-04-01
Cite This	Problems in the Implementation of GST in the Developing Economy of India and an Introduction to India's Economy after Goods and Service Tax - Balram Chopra, Kamlesh Pritwani - IJFMR Volume 5, Issue 2, March-April 2023.

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Problems in the Implementation of GST in the Developing Economy of India and an Introduction to India's Economy after Goods and Service Tax

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