July 2022

Legist Newsletter

Issue: July, 2022

For Private Circulation Only


Welcome readers, to this year’s seventh issue of Legist.

This July, in the relevance of the GST Day, we present to you the most ambitious and remarkable indirect tax reform in India’s post-Independence history and how it’s implementation, the government aimed to replace the multi-layered and complex indirect tax structure with a new, transparent, simple, and technology-driven tax regime.

The GST Day was first celebrated on July 1, 2018, to mark the first anniversary of the new tax regime. The taxation system was inducted to break the barriers in inter-state trade and commerce and integrate India into a single, common market. It is in line with the Make in India campaign and aims at achieving the goal of One Nation, One Tax, and One Market. The objective of implementing GST is to enhance the ease of doing business in the country and reduce transaction costs by eliminating the old form of taxes.

By improving efficiency, it can add substantially to growth as well as government finances. Implementing a new tax, encompassing both goods and services, by the Centre and the States in a large and complex federal system, is perhaps unprecedented in modern global tax history.
In our first article, we discuss in detail the evolution and historical background of GST in India in consonance with the Constitutional Framework of Indian Tax System. The second article traces the impact of GST on Indian Economy and how growth was affected by the Pandemic and the factor that will help improve the GDP of the nation.

We hope you find this issue of Legist informative and interesting.

Happy reading!


The Evolution of GST in India


The Impact of GST on the Indian Economy