Abstract
Value-added taxation is a multidimensional theoretical, fiscal and legal structure. It also serves as a tool for the practical transformation of political, legal and socio-economic relations. The objective of the research is to study new concepts of value-added taxation formed in the two largest BRICS economies (the People’s Republic of China and the Republic of India). The assumption is that not only “European” model of the legal regulation of VAT can be successful, but alternatively “Chinese” and “Indian models.” The author examines and evaluates changes in the legal structure of value added tax in general, and its elements focusing on the current stage of legal regulation of national systems of VAT (GST) in China and India. In addition, the political, legal, social and economic effects of the legal mechanism of VAT (GST) in China and India from 2017 to 2020 are demonstrated.
Highlights
The novelty of our approach is based on data collection, collation and comprehensive analysis for developing a concept of legal regulation of value-added taxation, which would allow proceeding with the reconfiguration of Value-Added Tax (VAT) legal mechanisms, thereby contributing to achievement of the national development objectives of the Russian Federation.we have a unique opportunity to study two value-added taxation models simultaneously implemented in two of the world’s leading economies – India and China
In the Russian Federation, fiscal and legal regulation of taxation is still being developed, they are based on legal model, legislative norms and judicial practices of the European Union
This approach focuses on the shift of power in the global economy from traditionally dominant countries, such as the OECD and the G7, to developing economies, accompanied by global processes influencing the legal regulation of taxation
Summary
The novelty of our approach is based on data collection, collation and comprehensive analysis for developing a concept of legal regulation of value-added taxation, which would allow proceeding with the reconfiguration of VAT legal mechanisms, thereby contributing to achievement of the national development objectives of the Russian Federation. A fundamentally new approach is described in the book ‘BRICS and the Emergence of International Tax Coordination’ by a group of tax experts, including Yariv Brauner (USA) and Pasquale Pistone (Netherlands) This approach focuses on the shift of power in the global economy from traditionally dominant countries, such as the OECD and the G7, to developing economies (led by the BRICS countries), accompanied by global processes influencing the legal regulation of taxation.. The legal and regulatory reforms of value-added taxation were thoroughly planned, the implementation stage began almost simultaneously in the People’s Republic of China and the Republic of India in 2017 Both nations with their centuriesold histories have developed in comparable territorial and climatic conditions, and both have built effective social and legal institutions, that are at nearly the same stage of socio-economic development. The Central Goods and Services Tax Act (CGST Act), with 21 chapters and 174 sections, is the most comprehensive legislative act in the field of VAT
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