India, is on the cusp of a massive tax reform with movement from
the existing multiplicity of indirect taxes to a Dual Goods and
Services Tax Regime (Dual GST Regime). With introduction of the
122nd Constitution Amendment Bill in the Parliament, there is
renewed optimism that the most important piece of India's tax
reform initiative, is on course and introduction of GST from 01
April 2016 looking pre-eminent.
The much awaited GST Regime announced way back in 2006 had
missed several deadlines in the past, due to lack of political
consensus. The groundwork on GST implementation got a fresh impetus
with the new federal government taking charge in 2014. The new
government laid down a strong intent statement of implementing GST
in the Union Finance Budget in May 2014. The intent statement was
followed up with introduction of the revised Constitutional
Amendment Bill in the Parliament on 19th December 2014 post hectic
parleys with the States to evolve a consensus. In the
