Author: Vasanth Subramanian
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GST Under the Constitution: Object, Event & Legislative Architecture
Understanding GST requires us to revisit a foundational constitutional principle: Every tax must clearly identify(1) the Object of Taxation and(2) the Event of Taxation This distinction was emphasized by the Constitution Bench in the Godfrey Phillips (Luxury Tax) case, and it remains crucial in understanding GST. 1️⃣ Object vs Event of Taxation Under GST Step…
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The GST Vision – “One Nation, One Tax”
Before understanding how GST functions, it is essential to understand how the Constitution distributes taxation powers in India. India follows a quasi-federal structure with a strong Centre, and the power to levy taxes is constitutionally divided between: This distribution is primarily governed by Article 246 of the Constitution read with Schedule VII. Article 246 –…
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GST – Introduction and Constitutional Provisions
Whenever we discuss any law in India—especially tax laws—it is essential to begin at the very foundation: the Constitution of India. No law, including the Goods and Services Act (GST) can exist independently of the Constitution. Every statute, rule, or regulation must trace its authority back to it. This is why constitutional validity is not…
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From Chaos to Compliance: The 5 Key Roles of Accounting
Accounting may seem like it’s all about calculators and caffeine, but it actually plays some pretty vital roles in keeping a business running smoothly (and legally). Here are the key functions of accounting: 1. Keeping Financial Records Tidy (Because Chaos is Not a Strategy) Accounting’s first job is to record all financial transactions in an…
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Accounting with Purpose: Not Just Debits and Credits!
Accounting isn’t just about balancing books and crunching numbers—it’s the behind-the-scenes superhero of the business world, quietly making sense of financial chaos. Let’s walk through the objectives of accounting, one ledger entry at a time—with a few laughs along the way! 1. Keeping the Books in Order (No, Not Your Kindle Library) The first mission…
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Numbers Don’t Lie: How Accounting Keeps Businesses on Track
In the article defining accounting, we saw that the definitions list certain characteristics or attributes of accounting. In this article, let’s discuss each attribute in detail. 1. Identification and Measurement of Financial Transactions and Events Accounting: If It’s Not About Money, It’s Not in the Books! Accounting only tracks transactions and events that have a…
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Financial Accounting – The Language of Business
Introduction to Financial Accounting You may have heard about audited financial statements, profit and loss accounts, balance sheets, etc. Financial accounting is the foundation for these documents. Accounting is a structured process of identifying, recording, classifying, summarising, analyzing, and interpreting financial transactions, then communicating the results to relevant stakeholders. These stakeholders include business owners, creditors,…