GST: Impact on Indian Economy
Journal Title: International Journal of engineering Research and Applications - Year 2018, Vol 8, Issue 1
Abstract
GST stands for “Goods and Services Tax” implemented by the Government of India since 1st April, 2017 this year. Its introduction by the Constitution (One hundred and First Amendments) Act, 2016 was considered to be one of the most crucial steps in the field of indirect tax reform structure of India. Therefore, GST was defined as a comprehensive consumption based tax levied upon manufacture, sale and consumption of goods as well as services which helped in transforming the country into one unified common market. Many inexplicit arguments were raised about GST after its implementation. The research paper will throw light on how Goods and Services Tax (GST) would help in reducing the existing complexity of taxes in India as it subsumes Value Added Tax (VAT), Excise Duty, Service Tax and Sales tax. The first part of the paper is the introductory part. Second part of the paper will discuss the effect of GST on Indian economy. Finally the last section will focus on conclusion part of the paper.
Authors and Affiliations
Pallavi Kapila
Keywords
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