Surya Somanchi, Jindal Global Law School
ABSTRACT
India has witnessed a rapid increase in business and commerce in the last decade. The nation’s exports and imports business are skyrocketing as the demand for Indian products is high all over the world. The proponents of business and commerce had to be governed by an overarching taxation law that requires the nation’s citizens to adhere to the procedural rules and penalties if necessary. The nation had witnessed a gradual change of taxation system which can be divided into the terms “PRE AND POST GST” era. However, the advent of GST in India had been nascent, the new taxation ceiling wishes to bring all the pre-GST era existing taxes under one roof, eliminating the need for various taxes such as excise, customs, VAT etc. The short note determines to analyze the gradual transformation of the taxation laws in India, while simultaneously using the VAT based tax policy (pre-GST) to create a juxtaposition between these two tax regimes. In doing so, the author wishes to shine light upon the advantages and disadvantages of the both the regimes. In conclusion, the short note gives us an insight into the shortcomings of the GST era that require the citizens to adhere and adapt to a set of new rules, compliance mechanisms and procedural aspects. The short note helps us ponder over the imperative question, whether the new GST era is a bane or boon to the society?
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