The Impact of Goods and Services Tax (GST) Implementation on the Indian Banking Sector: A Comprehensive Analysis

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Nirupama Subramanian

The Impact of Goods and Services Tax (GST) Implementation on the Indian Banking Sector: A Comprehensive Analysis

Authors: Nirupama Subramanian

Unique Paper ID: 171821
Volume: 11
Issue: 8
PageNo: 1146-1150

Keywords: GST Taxation Banking Sector India GST Implementation Tax System.

Abstract:
This study examines the effect of Goods and Services Tax (GST) on the Indian banking sector including the challenges and opportunities arising due to its implementation. This research serves the study shift in operational dynamics of the banking sector forced by GST, to bring into perspective an analysis based on tax compliance, customer experience, and the changes brought in regulatory aspects. Findings show simplified tax structures; enhanced transparency; and input tax credits to be an important benefit. The drawbacks include the complexities of operations, state-wise registrations, increase in compliance costs, and banking service’s tax rates. Some insights are presented in connection with a landmark case “Commissioner of GST and Central Excise vs. M/s Citibank N.A.” which illustrate the practical issues confronting the sector in light of GST provisions. Findings also indicate that GST could only reduce the cascading effect of taxes, particularly in interbank dealings, but have brought higher complexity in inter-branch transactions and increased the cost of banking services. The original contributions of the study on GST have arisen from the realities and implications that GST would present toward the endeavour at repositioning the banking sector. The findings hold relevance for the policymaking community, banks and financial institutions, as well as the various regulatory bodies in providing most pertinent insights into the changing economic landscape of taxation.

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Cite This Article

ISSN: 2349-6002
Volume: 11
Issue: 8
PageNo: 1146-1150

The Impact of Goods and Services Tax (GST) Implementation on the Indian Banking Sector: A Comprehensive Analysis

Available:https://ijirt.org/article?manuscript=171821

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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