A Study of the Effects and Difficulties of GST on Different Elements of the Indian Economy
Author : Dr. Shreekant Vyas
Abstract :
The Indian economy is proof that growth may be accelerated in a relatively short amount of time. The primary source of revenue for the government is taxation, both direct and indirect. Dr. Vijay Kelkar, chairman of the 13th Finance Commission, has proposed that the foundation for the implementation of the Goods and Service Tax (GST) in India be a reasonable, scientific, and modern taxation structure in line with developed nations. The design and implementation of the tax system is intended to promote national growth. A country's economy will grow when its tax system makes doing business simple and eliminates the possibility of tax evasion. The main and largest indirect tax change since 1947 is the Good and Services Tax (GST). The primary goal of GST is to replace existing taxes including sales tax, excise tax, and value-added tax. On the production, sale, and consumption of products and services, it will be enforced. The introduction of GST is anticipated to have an impact on the country's current tax system and to bring about economic unity. This essay has focused on the history, goals, and effects of the planned GST on several facets of the Indian economy. The benefits and opportunities offered by the GST were also a major emphasis of the report. The article studies and formulates a specific conclusion at the end.
Keywords :
Fiscal federalism, indirect taxation, and tax reform, GST
