An extensive examination of Indias Goods and Services Tax (GST)

Author: Hemant Manwani, Guest Faculty (COMMERCE) in Government College, Kekri, Ajmer

Published On: 2023-01-17

Goods and Services Tax (GST), enforced on national holiday, 2017, is considered a serious taxation reform until date enforced in Republic of India since independence in 1947.

In other words, Goods is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.

GST was planned to be enforced in Gregorian calendar month 2010, but was postponed due to political problems and conflicting interest of stakeholders. It’s a comprehensive tax system that will subsume all taxations of states and central governments and unified economy into a seamless national market. The first objective behind development of GST is to subsume all styles of indirect taxes in Republic of India like Central excise, VAT/Sales Tax, Service tax, etc. and implement one taxation system in Republic of India. The GST primarily based taxation system brings a lot of transparency in taxation system and will increase value rate from 1 Chronicles to twenty and reduces tax stealing and corruption in country.

The paper highlighted the background of the taxation system, the GST idea in conjunction with important operating, comparison of Indian GST taxation system rates with alternative world economies, and conjointly bestowed in-depth coverage concerning benefits to varied sectors of the Indian economy after levying GST and made public some challenges of GST implementation.

KEYWORDS - Goods and services tax (GST), Meaning of Tax & indirect tax, Taxation reforms, Central taxation system, GST Council.