Article : Impact Of Goods And Service Taxes On Indian Economy

Title

Impact Of Goods And Service Taxes On Indian Economy

Author

Dr. Asha Sharma

GST is one indirect tax for the whole country. It will make India one uniform platform for business and transaction purpose. Goods and Services Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. GST is the reformation in taxation in India. The GST is all set to integrate State economies and boost overall growth. It would subsume all of the other indirect taxes at the center and the state level such as VAT, service tax, sales tax, entertainment tax, octroi and luxury tax. After implementation of Goods and Services Tax (GSTall these taxes would cease to exist. There would be only one tax, that too at the national level, monitored by the central government.At present, separate tax rates are applied to goods and services. It would helps in harmonization of accounting treatments of manufacturing and service sector. There is expected to create a business friendly environment and  control over price levels to reduce inflation rates by applying GST. It will also improve government's fiscal health as the tax collection system would become more transparent, making tax evasion difficult. the concept of goods and service tax and its impact on Indian economy is found out. It is tried to know the challenges of GST in Indian scenario. It is also tried to measure the impact of Goods and Services Tax (GST) on Indian consumer and economy of India. Social and economical effect has been measured through questionnaire. It is found that there is positive impact of GST on economy in long run and in near future.

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