A Comprehensive Analysis of Goods and Services Tax (GST) in India

Authors

  •   Anand Nayyar Assistant Professor, Department of Computer Applications & IT, KCL Institute of Management and Technology, Jalandhar, Punjab
  •   Inderpal Singh Associate Professor& Dean - Research, Department of Management, KCL Institute of Management and Technology, Jalandhar, Punjab

DOI:

https://doi.org/10.17010/ijf/2018/v12i2/121377

Keywords:

Tax

, Indirect Tax, Goods And Services Tax (GST), Taxation Reforms, Indian Taxation System, GST Council

G18

, H20, Z13

Paper Submission Date

, July 17, 2017, Paper sent back for Revision, October 26, Paper Acceptance Date, November 30, 2017.

Abstract

The Goods and Services Tax (GST), implemented on July 1, 2017, is regarded as a major taxation reform till date implemented in India since independence in 1947. GST was planned to be implemented in April 2010, but was postponed due to political issues and conflicting interest of stakeholders. The primary objective behind development of GST is to subsume all sorts of indirect taxes in India like Central Excise Tax, VAT/Sales Tax, Service tax, etc. and implement one taxation system in India. The GST based taxation system brings more transparency in taxation system and increases GDP rate from 1% to 2% and reduces tax theft and corruption in country. The paper highlighted the background of the taxation system, the GST concept along with significant working, comparison of Indian GST taxation system rates with other world economies, and also presented in-depth coverage regarding advantages to various sectors of the Indian economy after levising GST and outlined some challenges of GST implementation.

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Published

2018-02-01

How to Cite

Nayyar, A., & Singh, I. (2018). A Comprehensive Analysis of Goods and Services Tax (GST) in India. Indian Journal of Finance, 12(2), 57–71. https://doi.org/10.17010/ijf/2018/v12i2/121377

Issue

Volume 12, Issue 2, February 2018

Section

Articles
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Europe PMC

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