Introduction Taxation is one of the most important instruments of governance. It not only finances developmental and welfare expenditure but also reflects the economic philosophy of the State. In India, taxation is broadly divided into direct taxes and indirect taxes. While indirect taxes have undergone major reforms with the introduction of the Goods and Services…
Introduction Taxation has always been a cornerstone of governance, as it provides the necessary revenue for the state to carry out developmental, administrative, and welfare activities. India, being a federal country with a unique distribution of powers between the Union and the States, has a complex taxation structure. Until 2017, India had a web of…
Introduction The Goods and Services Tax (GST) is one of the most significant tax reforms in India’s history, implemented on July 1, 2017. It replaced a complex system of multiple indirect taxes imposed by both the central and state governments, aiming to create a unified taxation structure. By eliminating tax cascading, simplifying compliance, and broadening…