Goods and Services Tax — Policy Reforms

Entry	Year	Description	Impact
101st Constitutional Amendment Act	2016	This landmark amendment paved the way for the introduction of Goods and Services Tax (GST) in India. It fundamentally altered the constitutional provisions related to taxation, granting concurrent powers to both the Parliament and State Legislatures to make laws with respect to GST. It introduced new Articles 246A, 269A, and 279A.	It created the legal and constitutional framework for GST, enabling the subsumption of various central and state indirect taxes. It established the GST Council as a unique federal body for consensus-based decision-making on tax matters, thereby institutionalizing cooperative federalism in fiscal policy. It also provided for compensation to states for revenue losses for five years.