REVOLUTION IN INDIAN TAX SYSTEM GOODS AND SERVICE TAX
Keywords:Goods and Service Tax (GST), VAT, Tax reform
The Goods and Service Tax (GST) is expected to change the whole scenario of current in Indian Indirect Tax system. GST will merge all Indirect Taxes under an umbrella and will help in creation of smooth market. GST will help in economic growth of the country. Goods and Service tax will assist in better conformity and revenue resilience. It will reduce tax burden on consumers. There is no doubt that GST is aimed at increasing the taxpayer base by bringing SMEs and the unorganized sector under its purview. This will make the Indian market more competitive than before and create a level playing field between large & small enterprises. It is estimated that GST will help in creation of single, uniform market that will benefit both corporate sector and the Indian economy. Both the State and the Central Government will levy GST on almost all goods and services produced in India or imported into the country.
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