Goods and Service Tax in India: A Key Tax Reform
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 3
Abstract
The objective to become a leading global economy, great financial restructuring is going on in India. Indian government has taken various measures during the last few years for ease of doing business. Various policies like liberalization, promotion of FDI, demonetization, digitalization of economy. One of the major developments is related with the structural reformation of Indian tax system. India is going to experience the major change in the collection of tax after implementing GST. A comprehensive dual Goods and Service Tax has replaced the complex multiple indirect tax structure from 1st July, 2017. The GST act was passed in the Lok Sabha on 29th March, 2017 and came into effect from 1st July, 2017. GST becomes a reality today. The goods and service tax is a very important transformational structural reform for the economy which will have multiple benefits - the creation of a national market, enhanced ease of doing business, greater productivity and efficiency and improved tax compliance. The paper highlights the concept of GST and the impact of GST on the Indian economy. The paper has been concluded with some suggestion for implementation of GST. The research is an exploratory research and the data collection is done mainly from the secondary data, literature review, research articles, reports, magazines, journals, various contemporary newspaper articles and the authenticated websites. The study found that, GST will widen the tax base, improve tax compliance and will remove unhealthy competition among states.
Authors and Affiliations
Dr. (Smt. ) Rajeshwari M. Shettar
Keywords
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