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Indirect Tax Reform in India

Indirect Tax Reform in India
1947 To GST and Beyond

  • Yashwant Sinha - Former Finance Minister and Minister of External Affairs of India
  • Vinay K. Srivastava - Associate Professor, Institute of Technology and Science, Ghaziabad

December 2019 | 312 pages | SAGE India
Indirect taxes have played an increasingly important role in the Indian economy. Indirect tax was first introduced in India in 1944 in the form of excise duty on Indian products as a measure of protection for goods imported from the UK. In the course of time, it became a well-established tax to shore up government finances. The need for reform in indirect taxes was felt soon after Independence, and several committees were appointed for this purpose. From there, the process of reforms of indirect taxes in India went through ups and downs till the introduction of the Goods and Services Tax (GST) in 2017. Indirect Tax Reform in India: 1947 to GST and Beyond maps these developments in detail and analyses the political economy behind it. It also deals with the current problems, the conceptual infirmities and the reforms needed urgently to restrict the disruption it has caused in the economy so far. This book outlines the impact of the past measures and the present changes, and suggests the future course of action for a better future. 
Introduction: Historical Background of indirect taxes in India
Section A: Indirect Tax Reforms after Independence
Tax Reform Committees over the Decades
Modified Value Added Tax: 1986 to 2000
Central Value Added Tax: 2000 to 2017
Service Tax and Related Issues
State VAT (State Value Added Tax): 2002 to 2017
Setting up of the Empowered Committee of State Finance Ministers and Its Role
Section B: The New Regime of Goods and Services Tax
Background of Goods and Services Tax
The Constitution Amendment Bills
The Constitution Amendment Act and Legislations
Administration of GST
The Structure of the New Tax System
Evaluation of GST after Two and a Half Years
GST Revenue, Settlement of IGST and Compensation to the States
Return Filing in the GST Era
Impact and Experience of the New Tax around the Country
Policy Review and the Way Forward
Appendix A: Indirect Tax Reforms in India: A Chronology
Appendix B: The Constitution (Amendment) Bill of UPA Government and NDA Government
Appendix C: Parliamentary Standing Committee Report on GST
Appendix D: Select Committee Report on GST
Appendix E: VAT, GST and Sales Tax Rates in the World

Yashwant Sinha

Yashwant Sinha is a veteran politician of the country and a very senior leader. He has worked as the Finance Minister and Minister of External Affairs of the Government of India. He was also the Chairman of the Parliamentary Standing Committee on Finance, New Delhi, between 2009 and 2014. He has played an integral role in the story of economic reforms of India. It was he who was at the helm when the economy was in the worst crisis, keeping the vigil before the dawn of reforms. Mr Sinha is widely credited for pushing through several major reforms that put the Indian economy on a firm growth trajectory. Among them are lowering of real... More About Author

Vinay K. Srivastava

Vinay K. Srivastava is presently working as an Associate Professor at the Institute of Technology and Science, Ghaziabad. Earlier, he was the Dean in the School of Management at Raffles University, Neemrana, and Dean Academics (Management) at Raj Kumar Goel Institute of Technology (RKGIT), Ghaziabad. He is the Founder Honorary Secretary of Indian Society for Management Development and Research (ISMDR) and Managing Editor of ARASH. He is also the founder Editor of Saaransh and Raffles Business Review. He is the author of Privatisation of Public Enterprises in India (2007) and co-editor of Public Enterprises and Changing Scenario ... More About Author

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