Question

it is a nation-wide to seeking to unify several indirect taxes and it based on principle of "one nation,one tax" identify it and explain any two features of it ​

Answer 1

Answer:

It has been slightly over 20 months since the historic moment of July 1, 2017, when a gong in a special midnight joint parliamentary session signalled the launch of the goods and services tax (GST) across the country. Billed as the biggest tax reform since independence, the landmark tax reform, with its first of its kind 'one nation-one tax' approach, aimed at subsuming almost all indirect taxes at the Central and State levels.

But looking back at the tax reform's journey, post some 600 days, the question remains if it has managed to achieve its intended purposes? Not wholly, it seems.Consider this: The GST Council in its 32nd meeting, announced new registration criteria for businesses, doubling the sales threshold for GST registration to Rs 40 lakh, and allowing certain states of northeast and small states to keep threshold at Rs 10 lakhs as against Rs 20 lakhs for other states. While the news has been well received by India Inc, the pertinent fact that some states chose to stay out of the registration criteria for businesses, yet again exposed how the Centre-States' differences can hurt GST's uniform implementation across the country.