1. SETTING THE CONTEXTGST was introduced as a landmark reform with much fanfare on 1st July, 2017. As it completes five years, it is
time to take stock of what has transpired over this period and
what are the key learnings moving forward. Therefore, the Editorial Board thought it fit to dedicate this special issue to GST. However, a dual indirect tax regime like GST cannot be examined through a single lens. It has
many stakeholders, each of them having different (and at times, conflicting) perspectives or motivations. For example, a single policy decision like granting exemption could trigger mixed reactions. The consumer would typically be delighted with the exemption, but the supplier may find the corresponding input tax credit denial burdensome. He may also be anxious about the contingent risk of denial of exemption by an overzealous tax officer. At the Government level, there may be concerns of revenue loss due to the grant of the exemption as well as the risk of misuse by persons for whom the exemption is not intended. When we bring in the social dynamic of anti-profiteering provisions into the equation, the situation may become even more murkier.
This annual special issue is dedicated to understanding the complex interplay of the differing and at times conflicting perspectives of multiple stakeholders. While subsequent articles deal with the specific stakeholder perspective, this article presents an
