GST in India- a Comprehensive Tax Reform
| International Journal of Economics and Management Studies |
| © 2018 by SSRG - IJEMS Journal |
| Volume 5 Issue 2 |
| Year of Publication : 2018 |
| Authors : Aruna Kapoor |
10.14445/23939125/IJEMS-V5I2P104
How to Cite?
Aruna Kapoor, "GST in India- a Comprehensive Tax Reform," SSRG International Journal of Economics and Management Studies, vol. 5, no. 2, pp. 23-32, 2018. Crossref, https://doi.org/10.14445/23939125/IJEMS-V5I2P104
Abstract:
This paper presents an overview of concept of GST and explains its benefits along with its impact on the people/consumer in India. GST can be considered as one of the biggest taxation reforms in India. Earlier, the companies and businesses were paying a lot of indirect taxes such as VAT, service tax, sales tax, entertainment tax, octroi and luxury tax. But after the implementation of GST, taxes are levied at the final point of consumption and not at the manufacturing stage, which has eliminated the cascading effect of tax. The seamless ‘tax-credits system’ has reduced the hidden costs of doing the business. Overall, due to these benefits, it helps in reducing and maintaining the uniformity in the price of goods and services throughout the nation, which is in turn, is beneficial for the end users/consumers. Also, as GST works on the advanced IT platform so, it is even more simpler and easier to administer it as compared to all the other previous indirect taxes of the Centre and State. GST would give India a world-class tax system and improve the tax collection system. It will help in ending the distortions of differential treatments of manufacturing and service sector. It is expected to create a business and consumer-friendly environment. It will also improve the government's fiscal health as tax collection system would become more transparent, making the tax evasion even more difficult, which is in turn, is really good for the growth of India’s economy in long-term.
Keywords:
Goods and Service Tax (GST), India, Indirect tax, Excise duty, VAT, Tax.
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