The introduction of CENVAT removed to a great extent cascading burden by expanding the coverage of credit for all inputs, including capital goods. CENVAT scheme later also allowed a credit of services and the basket of inputs, capital goods, and input services could be used for payment of both central excise duty and service tax....
The salient features of GST are as under: (i) GST is applicable on ‘supply’ of goods or services as against the present concept on the manufacture of goods or on sale of goods or on provision of services. (ii) GST is based on the principle of destination-based consumption taxation as against the present principle of...
In the discussion that preceded the amendment in the Constitution for GST, there were a number of thorny issues that required resolution and agreement between the Central Government and State Governments. Implementing a tax reform as vast as GST in a diverse country like India required the reconciliation of the interests of various States with...
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