Goods and service tax: A game changer of Indian economy
Author(s): Dr. Ravikumr S
Abstract: The Goods and Service Tax (GST) is a revolutionary indirect tax structure introduced by the Government of India post-independence. It is a giant tax structure merging all indirect taxes such as Central GST and State GST into a single pool. The simplified tax structure boosts the economy by way of enhancing business, greater transparency, one tax one market, and diminishes the price of product, removing tax on tax effect, increasing efficiency in administration, and lowering tax burden on average dealer in industry, trade and agriculture. The Merged Central GST and State GST would enhance the export of Indian goods and service, making them more competitive at the international level. It has eradicated the cascading effect of indirect taxes; as a result, the prices of goods and services are gradually decreasing in the market. India has moved towards the concept of One Nation One Tax. Further, one market leads to boosting the Indian economy. The objectives of the study are to study the concept of GST, and to study the impact of GST on Indian economy. The intended study is based on secondary sources of data gathered from various books, articles, journals, websites, and reports.
Pages: 132-135 | Views: 338 | Downloads: 113Download Full Article: Click HereHow to cite this article:
Dr. Ravikumr S. Goods and service tax: A game changer of Indian economy. Int J Multidiscip Trends 2022;4(2):132-135.
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