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      Goods and Services Tax
      Legislative Development
            The proposal to introduce a national level Goods and Services Tax (GST) was first mooted
      in 2006-07. The Goods and services Tax Council was constituted in 2016. GST was
      implemented in the country in July, 2017. Subsuming of various central indirect taxes and levies
      such as central excise duty, additional excise duties, excise duty levied under the medicinal and
      toilet preparations (excise duties) Act, 1955, Service Tax, Additional Customs Duty commonly
      known as countervailing duty, special additional duty of customs, and central surcharges and
      cesses so far as they relate to the supply of goods and services. Coverage of all goods and
      services, except alcoholic liquor for human consumption, for the levy of goods and services tax.
      In case of petroleum and petroleum products, it has been provided that these goods shall not be
      subject to the levy till a date notified on the recommendation of the GST Council. Compensation
      to the states for loss of revenue arising on account of implementation of the Goods and Services
      Tax for a period which may extend to five years.
      Indian Stamp Act
            The Indian Stamp Act, 1899 is a fiscal statute laying down the law relating to tax levied in
      the form of stamps on instruments recording transactions. Briefly, the scheme relating to stamp
      duties, provided for in the Constitution is as follows: (i) Under Article 246, stamp duties on
      documents specified in Entry 91 of the Union List in Schedule VII of the Constitution (viz., bills
      of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance,
      transfer of shares, debentures, proxies and receipts) are levied by the Union but under Article
      268, each State, in which they are levied, collects and retains the proceeds (except in the case of
      Union Territories in which case the proceeds form part of the Consolidated Fund of India). At
      present duty is levied on all these documents except cheques. (ii) Stamp duties on documents
      other than those mentioned above are levied and collected by the states by virtue of the Entry 63
      in the State List in the 7th Schedule of the Constitution. (iii) Provisions other than those relating
      to rates of duty fall within the legislative power of both the Union and the states under Entry 44
      of the Concurrent List in the Schedule-VII. (iv) The rates of stamp duty in respect of Debenture
      and Promissory Notes have been rationalized by the central government in September, 2008.
      Central Board of Direct Taxes
      Direct Taxes
            The Central Board of Direct Taxes (CBDT), created by the Central Boards of Revenue Act
      1963, is the apex body entrusted with the responsibility of administering direct tax laws in India.
      It is the cadre controlling authority for the Income Tax Department (ITD). With modern
      information technology as a key driver, the CBDT has implemented a comprehensive
      computerization programme in the Income Tax Department. The programme is aimed to
      establish a taxpayer friendly regime, increase the tax-base, improve supervision and generate
      more revenue for the Government. The endeavour is to promote voluntary compliance by
      taxpayers and create a non-intrusive and non-adversarial tax administration.