GST: An Analysis Of The Collection And Contribution Of GST In FY 2022-23

Abstract

Tax revenue is the major source of revenue for the Indian Government. The entire tax system is segregated into direct and indirect taxes. Both have their popularity in the country’s economy. Indirect tax is also called GST. GST stands for 'Goods and Service Tax'. About 175 countries have implemented GST and France was the first country to introduce the concept of GST in 1854 in the world. In India on 1st July 2017 the new concept of indirect tax i.e. GST was implemented. It is a single-livery indirect tax enforced in place of various types of indirect taxes that were imposed by central and state governments before GST such as VAT, excise duty, service tax, luxury tax, purchase tax, etc. Under GST the identical rate of tax applies to particular goods and services throughout the nation that is why it is also called ‘ One Nation, One Tax”. The responsible government either central or state imposes the GST on the supply of goods and services that take place in the country as well as outside the country (import and export). The main aims of the government behind the implementation of the GST were to bring the livery tax system, forbid the progression of black money, and simplify the Indian tax system. Goods and Service Tax has been making its contribution to the Indian economy every year since 2017. The present study sheds light on the collection of GST in FY 2022-23 and evaluates the contributions made by different constituents of businesses to GST. And also discussed the different components and objectives of Goods and Service Tax.