Goods and Service Tax (GST): Make In India by Making One India
Author(s):
Anurag Singh Parihar, Dr. C.P. Gujar
Keywords:
Indirect Tax, GST, GST Council, Tax Reforms.
Abstract
Indian economy is the witness for accelerating the growth in very short span of time. Tax in form of direct and indirect is the major source of income to the government. Chairman of 13th Finance Commission Dr. Vijay Kelkar, has suggested to have a rational, scientific and modern taxation system in tune with developed nations form the base behind the introduction of Goods and Service Tax (GST) in India. Tax structure is planned and implemented in such a way that it leads to the development of country. A Taxation Structure which facilitates easy of doing business and having no chance for tax evasion brings prosperity to a country’s economy. The Good and services tax (GST) is the principal and extensive indirect tax reform since 1947. Replacement of exiting taxes like value-added tax, excise duty, service tax and sales tax is the main idea of GST. It will be imposed on manufacture sale and consumption of goods and services. GST is expected to effect of the existing tax structure and result in uniting the country economically. The GST based taxation system brings more transparency in taxation system and increases GDP rate from 1% to 2% and reduces tax theft and corruption in country. The paper highlighted the background of the taxation system, the GST concept along with significant working, comparison of Indian GST taxation system rates with other world economies, and also presented in-depth coverage regarding advantages to various sectors of the Indian economy after levising GST and outlined some challenges of GST implementation. This paper has highlighted on the background, objectives of the proposed GST and the impact of GST in different areas of Make in India and Indian Economy. The paper further focused on various benefits and opportunities of GST. Finally, the paper examines and draws out a certain conclusion.
Article Details
Unique Paper ID: 157511

Publication Volume & Issue: Volume 9, Issue 7

Page(s): 431 - 436
Article Preview & Download


Share This Article

Join our RMS



Conference Alert

NCSEM 2024

National Conference on Sustainable Engineering and Management - 2024

Last Date: 15th March 2024

Latest Publication

Call For Paper

Volume 10 Issue 10

Last Date for paper submitting for March Issue is 25 June 2024

About Us

IJIRT.org enables door in research by providing high quality research articles in open access market.

Send us any query related to your research on editor@ijirt.org

Social Media

Google Verified Reviews

Contact Details

Telephone:6351679790
Email: editor@ijirt.org
Website: ijirt.org

Policies

Important Links

Browse Rsearch papers