26Jul 2017

GOODS AND SERVICES TAX: THE NEW ECONOMIC REFORM, CHALLENGES AND OPPORTUNITIES IN IMPLICATION AND THE WAY AHEAD.

  • Assistant Professor Amity University Lucknow Campus, Lucknow.
  • Research Scholar Dr. APJ Abdul Kalam Technical University, Lucknow & Assistant Prof. Rameshwaram Institute of Technology and Management, Lucknow.
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India is a federal country where Indirect Tax is levied by Federal and State Government. Value AddedTax is levied by State Governments Starting with understanding tax. Tax is a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions. There are 2 taxation system in India i.e. directand indirect tax. Amidst economic crisis across the globe, India has posed as a beacon of hope with ambitious growth targets, supported by slew of strategic missions like ?Make in India?, ?Digital India?, etc. now the time has come from 1, July 2017 Goods and Services Tax (GST) is going to apply in throughout the nation. GST is expected to provide the much needed stimulant for economic growth in India by transforming the existing basis of indirect taxation towards free flow of goods and services within the economy and also eliminating the cascading effect of tax on tax. GST is a reform in theindirect tax system. Indirect taxes are levied onmanufacturing of goods provision of serviceand consumption. The indirect tax is domain of Central Government. There willbe a standard rate of GST across various goodsand services, which could broadly be in linewith international rates. World over, GST hasbeen implemented in over 150 countries.Goods and Service tax bill is officially knownas the constitution (one hundred and twentysecond amendment) bill, 2014. The GSTimplementation in India is Dual in nature, i.e.it would consist of two components: onelevied by Centre (CGST) and another leviedby States and Union Territories (SGST). GSTwas first introduced by France in 1954. Mostof the countries followed unified GST whilesome countries like Brazil, Canada follow adual GST system. The present research paper is an attempt to study the concept of Goods and Service tax over the current taxation system in India also we find recent changes and tax slabs under it and we also came to know that what pros and cons are available with this tax system and their impact on Indian economy.


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[Arvind Kumar Singh and Karan Veer Singh. (2017); GOODS AND SERVICES TAX: THE NEW ECONOMIC REFORM, CHALLENGES AND OPPORTUNITIES IN IMPLICATION AND THE WAY AHEAD. Int. J. of Adv. Res. 5 (Jul). 1851-1858] (ISSN 2320-5407). www.journalijar.com


Dr. Arvind Kumar Singh
Amity University Uttar Pradesh, Lucknow

DOI:


Article DOI: 10.21474/IJAR01/4910      
DOI URL: http://dx.doi.org/10.21474/IJAR01/4910