GOODS AND SERVICE TAX
Journal Title: International Journal of Management, IT and Engineering - Year 2017, Vol 7, Issue 9
Abstract
GST is not a new phenomenon. France was the first country to implement GST in 1954 and then many countries followed and implemented this unified taxation system. In the year 2000, the GST bill was flagged in India when the then Prime Minister Atal Bihari Vajpayee brought forward the issue with indirect taxes. India follows a taxation system which is divided into two: Direct taxes and Indirect taxes. Direct taxes are the taxes where the liability cannot be passed on to someone else (Income tax). On the other hand, indirect taxes are those in which the liability can be passed to someone else (so a shopkeeper can pass on the liability of paying VAT to its customers). Thus indirect taxes are borne by the consumers as the burden of taxes shifts from one customer to another and ultimately it is borne by the final consumer who consumes the good and services.
Authors and Affiliations
ILA Yadav
Keywords
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