This paper is an analysis of the impact of GST (Goods and Services Tax) on Indian Tax Scenario. The Good and services tax (GST) is the biggest and substantial indirect tax reform since the year 1947. The main idea of GST is to take over existing taxes like value-added tax, excise duty, service tax and sales tax. GST will be levied on manufacturing of sales and consumption of goods and services and is expected to address the tumble effect of the existing tax structure and result in uniting the country economically. Its main objective is to maintain a plebeian between the basic structure and design of the CGST, SGST and SGST between states. GST is a new story of VAT which gives a widespread setoff for input tax credit and contains many indirect taxes from state and national level. The main aim of GST is to create a single, unified market which will benefit in the development of country’s economy. India is a democratic country and therefore the GST will be implemented parallel by the central and state governments respectively. In this article, I have discussed GST and highlighted on the objectives of it. Consequently, I also put a light on the possible challenges, threats, and opportunities that GST brings to strengthen the free market economy. Finally, the paper examines and draws out a conclusion.
| Published in | Journal of Investment and Management (Volume 7, Issue 1) |
| DOI | 10.11648/j.jim.20180701.12 |
| Page(s) | 13-18 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2024. Published by Science Publishing Group |
GST, CGST, SGST, VAT, Input Credit, Free Market Economy
| [1] | Girish Garg “Basic Concepts and Features of Good and Service Tax In India” International Journal of scientific research and management (IJSRM).||Volume||2||Issue||2|| [2014]. |
| [2] | Dr. Jayashree, R Kotnal “Basic concepts and features of goods and service tax in India” International Journal of Academic Research and Development, Volume 2; Issue 6; November [2017]. |
| [3] | Akanksha Khurana1, Aastha Sharma2 “Goods and services tax in India-A positive reform for indirect tax system” “International Journal of Advanced Research, Volume 4, Issue 3 [2016]. |
| [4] | Dr. Sanjiv Agarwal, “Basic concepts of GST (PART-1)” F:\RPAPERS\GST\Basic concepts of GST (PART-1) – GST India-Goods and Services Tax in India. |
| [5] | GST – concept & status – As on 5th April, [2017]. |
| [6] | https://www.coursehero.com/file/24450826/GST-PPT-taxgurupptx/. |
| [7] | F:\RPAPERS\GST\Key Features of GST, Benefits of GST or Main Features of GST.html. |
| [8] | http://gst.customs.gov. |
| [9] | http://www.gstcouncil.gov.in. |
| [10] | https://en.wikipedia.org. |
| [11] | https://www.google.com.sa. |
| [12] | https://www.discountwalas.com/government-launches-gst-training-programme-to-skill-two-lakh-youth. |
APA Style
Hajera Fatima Khan. (2018). Goods and Service Tax in India: Basic Concepts and Features. Journal of Investment and Management, 7(1), 13-18. https://doi.org/10.11648/j.jim.20180701.12
ACS Style
Hajera Fatima Khan. Goods and Service Tax in India: Basic Concepts and Features. J. Invest. Manag. 2018, 7(1), 13-18. doi: 10.11648/j.jim.20180701.12
AMA Style
Hajera Fatima Khan. Goods and Service Tax in India: Basic Concepts and Features. J Invest Manag. 2018;7(1):13-18. doi: 10.11648/j.jim.20180701.12
Share This Article
Twitter
Linked In
Facebook
Copy
Download@article{10.11648/j.jim.20180701.12,
author = {Hajera Fatima Khan},
title = {Goods and Service Tax in India: Basic Concepts and Features},
journal = {Journal of Investment and Management},
volume = {7},
number = {1},
pages = {13-18},
doi = {10.11648/j.jim.20180701.12},
url = {https://doi.org/10.11648/j.jim.20180701.12},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20180701.12},
abstract = {This paper is an analysis of the impact of GST (Goods and Services Tax) on Indian Tax Scenario. The Good and services tax (GST) is the biggest and substantial indirect tax reform since the year 1947. The main idea of GST is to take over existing taxes like value-added tax, excise duty, service tax and sales tax. GST will be levied on manufacturing of sales and consumption of goods and services and is expected to address the tumble effect of the existing tax structure and result in uniting the country economically. Its main objective is to maintain a plebeian between the basic structure and design of the CGST, SGST and SGST between states. GST is a new story of VAT which gives a widespread setoff for input tax credit and contains many indirect taxes from state and national level. The main aim of GST is to create a single, unified market which will benefit in the development of country’s economy. India is a democratic country and therefore the GST will be implemented parallel by the central and state governments respectively. In this article, I have discussed GST and highlighted on the objectives of it. Consequently, I also put a light on the possible challenges, threats, and opportunities that GST brings to strengthen the free market economy. Finally, the paper examines and draws out a conclusion.},
year = {2018}
}
TY - JOUR T1 - Goods and Service Tax in India: Basic Concepts and Features AU - Hajera Fatima Khan Y1 - 2018/03/16 PY - 2018 N1 - https://doi.org/10.11648/j.jim.20180701.12 DO - 10.11648/j.jim.20180701.12 T2 - Journal of Investment and Management JF - Journal of Investment and Management JO - Journal of Investment and Management SP - 13 EP - 18 PB - Science Publishing Group SN - 2328-7721 UR - https://doi.org/10.11648/j.jim.20180701.12 AB - This paper is an analysis of the impact of GST (Goods and Services Tax) on Indian Tax Scenario. The Good and services tax (GST) is the biggest and substantial indirect tax reform since the year 1947. The main idea of GST is to take over existing taxes like value-added tax, excise duty, service tax and sales tax. GST will be levied on manufacturing of sales and consumption of goods and services and is expected to address the tumble effect of the existing tax structure and result in uniting the country economically. Its main objective is to maintain a plebeian between the basic structure and design of the CGST, SGST and SGST between states. GST is a new story of VAT which gives a widespread setoff for input tax credit and contains many indirect taxes from state and national level. The main aim of GST is to create a single, unified market which will benefit in the development of country’s economy. India is a democratic country and therefore the GST will be implemented parallel by the central and state governments respectively. In this article, I have discussed GST and highlighted on the objectives of it. Consequently, I also put a light on the possible challenges, threats, and opportunities that GST brings to strengthen the free market economy. Finally, the paper examines and draws out a conclusion. VL - 7 IS - 1 ER -
Information
Email: