15Oct 2016

GST: A BOON OR BANE.

  • Department of Commerce, PGDAV College, University of Delhi.
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India is by no means the first country to experiment with a unified tax regime.160 countries already have some form of GST or a value added tax. What makes GST in India special is thatthe Union and state governments will jointly administer India’s dual GST. This means it will be a set of many different taxes – a GST for each of the 29 states and two union territories (SGST), a Central GST (CGST), and an Integrated GST (IGST; which will be a combination of CGST and SGST on inter-state supplies of goods and services).The Finance Minister, Sh.Arun Jaitley, has laid down the threshold date for implementation of GST to be 1st April 2017. However, whether the people of India are prepared for the final implementation of the new taxation regime or not, still remains to be seen. An analysis from the world economies indicate a number of upheavals, the advantages being accompanied by a number of disadvantages too. This paper is a conceptual understanding of the possible gains and hindrances that shall procure to India on the final roll out of the GST Act.


[Akanksha Jain. (2016); GST: A BOON OR BANE. Int. J. of Adv. Res. 4 (Oct). 324-326] (ISSN 2320-5407). www.journalijar.com


AKANKSHA JAIN


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Article DOI: 10.21474/IJAR01/1793      
DOI URL: http://dx.doi.org/10.21474/IJAR01/1793