Abstract
GST is a single national uniform tax levied across India on all goods and services. In GST, all Indirect taxes such as excise duty, value-added tax (VAT), etc. will be subsumed under a single regime. Introduction of the Goods and Services Tax (GST) expected as a significant step towards a comprehensive indirect tax reform in the country, which would lead India for its economic growth. The implementation of GST will lead to the reduction in the product prices throughout the business cycle. The country’s taxation system has improved with the help of GST and the government should take more efforts to training and educating public. Necessary modules should be integrated in the education sector related to GST. The Proposed study is designed to know the impact on GST on Indian Economy with the Help of Its individual effect on different sectors. The Study is Exploratory in nature and Secondary Data has been used for the study. The data is collected from different Journals, Periodicals, Newspapers and Internet.
Highlights
Goods and Services tax (GST) is a value added tax implemented in India on 1st July 2017
Goods and Services Tax (GST) is considered to be as the greatest reform in the aspect of indirect taxation since 1947.The GST is aimed at creating a single unified market that will benefit both corporate sector and economy
This study is focused on studying the effects of GST on different sectors of the Indian economy which was found to be positive as well as negative depending upon the nature of industry
Summary
Goods and Services tax (GST) is a value added tax implemented in India on 1st July 2017. GST is only the indirect tax that directly affects all sections of our economy. GST in India is implemented in the fields of manufacture, sale and consumption of goods and services. GST is considered to be as the greatest reform in the aspect of indirect taxation since 1947.The GST is aimed at creating a single unified market that will benefit both corporate sector and economy. Few sectors received the immediate benefit from the implementation of Goods and Services Tax (GST). This study is focused on studying the effects of GST on different sectors of the Indian economy which was found to be positive as well as negative depending upon the nature of industry. The study aims to know the advantages and disadvantages of GST in Indian Scenario
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