Introduction The night of 1st July 2017 proved to be a revolutionary night for the Indian Tax system, with the roll out of the long-awaited Model GST laws. It is estimated to positively enhance India’s attraction as an investment destination. The Real estate sector is one amongst the many sectors that have experienced massive changes this year. The 2016 demonetization coupled with the recent introduction of the Real Estate Regulatory Act (RERA) and GST, have had a massive aff

Indian Constitutional scheme of federal provincial relations makes a demarcation of taxing powers of the federal and provincial governments. As per original the Indian Scheme of federal-fiscal relations, direct taxes are mainly levied by the Union whereas Indirect taxes were levied by the Union and the States separately and accordingly, in consequence of legislative competence, States had enacted their indirect tax laws. But this constitutional scheme pertaining to Indirect t

India’s GST law is effective in full force. It is path-breaking, or atleast touted to be, in the sense that it helps businesses to do away with the need of paying different taxes on different ‘taxable’ under different indirect tax laws and allows them to pay Goods and Services Tax (‘GST’) on the taxable event called ‘supply’. Under the GST law, the term ‘supply’ is defined to include all forms of supply of goods or services or both such as sale, transfer, barter, exchange, li

Introduction With the roll of Goods and Service Tax (GST) from July, 2017 after a waitlist of 17 years [i], the revolutionary tax system has subsumed various indirect taxes to form one tax that will be levied on value addition to goods and services. It is expected to defunct cascading effects of indirect taxes and regulate unorganized sectors. While it has put goods and services under the umbrella of uniform tax rates, this ‘one nation one tax’ system has miles to go before i