Goods and Service Tax in India: Basic Concepts and Features
Journal of Investment and Management
Volume 7, Issue 1, February 2018, Pages: 13-18
Received: Feb. 2, 2018; Accepted: Feb. 16, 2018; Published: Mar. 16, 2018
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Author
Hajera Fatima Khan, Department of Accounting, College of Business Administration, University of Hail, Hail, Kingdom of Saudi Arabia
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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.
Keywords
GST, CGST, SGST, VAT, Input Credit, Free Market Economy
To cite this article
Hajera Fatima Khan, Goods and Service Tax in India: Basic Concepts and Features, Journal of Investment and Management. Vol. 7, No. 1, 2018, pp. 13-18. doi: 10.11648/j.jim.20180701.12
Copyright
Copyright © 2018 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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