Goods and Services Tax Impact on the Economy |
Author(s): |
| Dr. G.S.Leela , Wesley Pg College |
Keywords: |
| Goods and Service Tax, Ambiguity, Central Taxes, State Taxes |
Abstract |
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GST stands for Goods and Services Tax. It is a value-added tax that is imposed on goods and services and that is traded for domestic consumption. GST is also called an indirect tax and was brought on 17th July 2017. This type of tax is applicable throughout India, and it is the replacement of VAT. Under GST, goods and services are taxed at the following rates, 0%, 2.5%, 5%, 12%, 18% and 28%. Goods and Services Tax (GST) is India’s most aggressive and noteworthy indirect tax reform. The objective is to collect a single uniform tax across India on all goods and services with the simplified procedure and transparency in the tax structure both for producers and consumers. This paper focuses on ambiguous opinions and the impact on manufacturers, distributors, and retailers and also the problems and prospects in implementing. |
Other Details |
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Paper ID: IJSRDV9I20133 Published in: Volume : 9, Issue : 2 Publication Date: 01/05/2021 Page(s): 299-301 |
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