Published Paper Details:

The GST implemented on July 1, 2017, is regarded as a major taxation reform till date implemented in India since independence in 1947. It is a comprehensive tax system that will subsume all indirect taxes of states and central governments. GST is a single tax on the supply of goods and services, right from manufacturer to the consumer. It was designed to bring indirect taxation under one umbrella. More importantly, it is going to eliminate the cascading effect of tax that was evident earlier. The GST system follows a dual structure, comprising Central GST (CGST) and State GST (SGST), levied concurrently by the Central and State governments, respectively. Additionally, an Integrated GST (IGST) is levied on interstate supplies and imports, which is collected by the Central Government but apportioned to the destination state. In terms of revenue distribution, the GST Council plays a crucial role. The Council makes decisions on various aspects of GST, including tax rates, exemptions, and revenue sharing between the Central and State Governments. Except for one decision, all decisions of the Council were taken by consensus.GST has transformed financial relations of central and state governments, ensuring greater coordination and efficiency in the Indian tax system.