GST Law & Practice A Section – wise Commentary on GST, 2017
The Goods and Services Tax has been touted to be a harmonized as well as efficient system of indirect taxation, which aims at the legislatures ceding a part of their sovereignty, in order to do away with the several layers of Central, State, and local indirect taxes that applies to a single transaction. The Government of India has replaced seventeen indirect taxes levied on goods and services by the Centre and States, by rolling out the Goods and Services Tax from July 1, 2017. In his address at the Central Hall of Parliament, Prime Minister Narendra Modi described GST as a Good and Simple Tax. Simple may be, but not easy definitely. The GST is, inarguably, a game changing reform for the Indian economy and businesses, but it is also a fundamental overhaul of the indirect tax structure that prevailed before July 1, 2017. As most erudite have echoed, the path to a better future is always going to be tough in the beginning. The GST law has been designed around the same concepts that have been floating around in the trade for the past two decades or so. A wider sweep, and change in taxable event has been made to align it with the unification of the erstwhile concepts. One of the most distinctive features of the book is that the rich jurisprudence laid down by the Courts and the Tribunals as regards the erstwhile law have been preserved, and categorically installed in the relevant section commentary. We hope that this will enable the readers to see the provision in the same light in which it has been interpreted by the Courts as well as Tribunals in the years gone by. It would have been impossible to complete the book without the valuable assistance of our team members Anushka Jain and Kumar Harshvardhan. I would also like to express gratitude to my father Mr. S.C Jain for encouraging me to write the book and my husband Mr. Deepanshu Gupta for his unconditional support. We hope that the maiden edition is useful to the readers, professionals as well as the Bench.
Shweta Jain, LLB