The study of conversion of Indirect Taxes into GST in India
Journal Title: International Journal of Management, IT and Engineering - Year 2017, Vol 7, Issue 5
Abstract
Goods and Services Tax is a proposed system of indirect taxation in India merging most of the existing taxes into single system of taxation. It was introduced as the Constitution Act 2016. The chairman of GST Council is union finance minister which is currently Mr. Arun Jaitley.GST would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the central and state governments. The GST is consumption based tax levied on the supply of Goods and Services which means it would be levied and collected at each stage of sale or purchase of goods or services. Taxable goods and services are not distinguished from one another and are taxed at a single rate in a supply chain till the goods or services reach the consumer. Administrative responsibility would generally rest with a single authority to levy tax on goods and services. The introduction of GST would be a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent.
Authors and Affiliations
Prof. Babasaheb R. Jadhav And Prof. Dipali Shimpi
Keywords
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