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Goods and Service Tax in India: Basic Concepts and Features

Received: 2 February 2018     Accepted: 16 February 2018     Published: 16 March 2018
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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.

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), 2018. Published by Science Publishing Group

Keywords

GST, CGST, SGST, VAT, Input Credit, Free Market Economy

References
[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.
Cite This Article
  • 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

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    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

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    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

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  • @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}
    }
    

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    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.
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Author Information
  • Department of Accounting, College of Business Administration, University of Hail, Hail, Kingdom of Saudi Arabia

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