Goods and Services Tax (GST): An Economic Overview
Author(s): Sajida Anjum
Publication #: 1904001
Date of Publication: 09.07.2019
Country: India
Pages: 1-7
Published In: Volume 5 Issue 4 July-2019
Abstract
Goods and Services Tax (GST) is an important tax reform in India that has a long journey. Indeed, GST is one of the biggest tax revolutions which put together State and National economies to make trade effortless which will boost overall growth of the country.
GST is a comprehensive tax, which levy on manufacturing, sales and also on the consumption of goods and services. Many taxes such as Central Excise Duty, Service Tax, Central Surcharge and Cess etc levied by Central Government and VAT/ Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax, Luxury Tax, Taxes on lottery etc levied by State Governments have been subsumed under GST. This paper presents an economic overview of GST, which includes four parts. In the first part of the paper, it provides introduction of GST in India through concepts and literature review. In the second part, the paper discusses the present form of GST, which is passed by the Parliament of India through the Constitutional amendment, 101st amendment Act, 2016. The next part tries to analyze advantages and positive aspects of GST on Indian economy. This paper also focuses on the challenges and roadblocks after implementation of GST in India in the fourth part and then some concluding remarks.
Keywords: Goods and Services Tax (GST), Indirect Tax, Indian Economy
Download/View Count: 279
Share this Article