When was the last time in the history of the global economy that a project involving a constitutional revision took six years to debate but was enacted by the Union Parliament and ratified by 16 states in just two months? Where else did the federal Parliament and 31 state legislatures approve five laws (the Central Goods and Services Tax Act, State Goods and Services Tax Acts, Integrated Goods and Services Tax Act, Union Territory Goods and Services Tax, and the Goods and Services Tax (Compensation to the States) Act) in 16 languages, involving 200 pieces of delegated legislation? When was the last time a mandate emerged from 18 meetings over the course of ten months, headed by the Union Finance Minister, with involvement from Ministers representing all states' finance ministries, following lengthy deliberations and compromises? The narrative of the Goods and Services Tax is one of great national ambition, unequalled in the history of the global economy (GST).
2. THE GOODS AND SERVICES TAX
GST is a consumption tax based on the credit invoice approach, in which only the value added at each level of the supply chain is taxed, with credit flowing freely throughout the supply chain. It absorbed a vast number of previously existing consumer taxes in India, which were previously administered independently by the Centre and the States, resulting in a greatly simplified taxing structure. 
3. COUNTRIES WHICH IMPLEMENTED GST/VAT
Figure-1: The number of countries implemented GST
Most GST countries have a unified GST system, meaning a single tax rate applies across the country. GST is a common taxation system. Almost all of these countries tax at a single rate. In all these countries, there have been several positive and critical changes since GST was introduced.
Figure: Standard GST/VAT Rate in different countries
As discussed earlier there were numerous taxes applicable at different levels in the old taxation system of India and some other countries but now after the implementation of GST the tables have turned. With the implementation of GST, now the tax is payable at the final point of consumption which means that the taxable event will be the ‘supply of goods’ and the ‘supply of services’ only if a good or service does not move at all, it is not termed as a supply and hence it is not taxable. Before GST the taxes were levied on various stages like on manufacturing of goods, sale of goods and on rendition of services which from now on will not be relevant under the GST system of Taxation. While discussing GST it would be important to mention that there had been certain central taxes and state level taxes which now are collected with a unique taxation system called GST.
GST is the most efficient first step in our country's comprehensive indirect tax reform. Since independence, the GST has provided more relief to businessmen through a more comprehensive and broader coverage of input tax set-off and service tax set-off, as well as the subsumption of various Central and State taxes in the GST and the phase-out of the CST. The GST would lower the cost of locally manufactured goods and services by combining significant federal and state taxes.
This is projected to improve Indian exports by increasing the competitiveness of Indian goods and services in the worldwide market. GST would lower the cascade effect and lower costs for consumers. The tax burden on consumption and demand would rise, investment would rise, and GDP would rise as a result.
There are a few drawbacks in the analysis that should be mentioned. First, because this is a static model, the GST's influence should be regarded as a long-term effect. Second, the model is inadequate to account for the growing importance of services trade in both local and foreign commerce. In reality, the predicted service tax rate is greater than the existing service tax rate, which may diminish the total effects. Third, the impact on tax collections is not assessed in this note. Despite the fact that the model predicts a reduction in tax collection, there are grounds to assume the GST will be revenue neutral.
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