India's No.1 PU & Degree With Integrated IAS & IPS(UPSC/PSC) Training College.
Understand the main features of GST implementation, including concurrent taxation, input tax credit, compensation to states, GST Council, and destination-based taxation. Essential for GS Paper 3, this topic covers India’s biggest indirect tax reform and its economic impact.
Read MoreTwo-Rate GST Structure to Begin from September 22 Why in the News ? The GST Council, in its 56th meeting, approved a two-rate GST structure of 5% and 18%, along with a special 40% slab for sin and luxury goods. This significant policy reform, effective from September 22, 2025, aims to simplify taxation and reduce …
Read MoreWhy in the news? The Supreme Court clarifies that coconut oil, regardless of packaging, should be classified as an edible oil and taxed at the lower GST rate of 5%. Background and Tax Classification of Coconut Oil: Issue: The debate over whether coconut oil should be classified as an edible oil or a hair care …
Read MoreGENERAL SCENARIO OF INDIAN TAXATION Origin of Tax: The term “tax” comes from “taxation,” indicating an estimation process. Historical Presence: Direct taxation has been a part of India’s financial system since ancient times. Purpose of Taxation: Taxes are collected by the government to fund projects that boost the economy and improve citizens’ standard of living. …
Read More
