Indian Goods and Services Tax: A Review of its Introductory Stage and its Possible Contribution Towards Sustainable Economic Development
Keywords:
GST, VAT, Input tax credit (ITC), CGST, SGSTAbstract
The success of any social scheme or program is analysed through its power to transform the lifestyles and welfare state of human beings and their ability to reduce inequality in the society and contribute to country’s growth. Our policy makers have deliberated a sequence of taxation to curb on this problem which we have been facing since independence. GST plan is one of them which have focused on welfare state of people. This paper is an theoretical comprehension of the impact of Goods and Services Tax over Indian Tax system. GST is the only indirect tax that directly affects all sectors and sections of our economy. The concept features and the framework of GST have been discussed in this paper. A couple of countries implemented this tax system followed by France, being the first country to introduce GST. India is a federal democratic and therefore the GST was implemented parallel by the Central and State governments as CGST and SGST respectively.
The present paper focused on explaining the concepts of GST and its evolution in India. Then it discusses the problems faced by the country with respect to its implementation and how did it impact the economy at its initial stage.c
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