AN INTRODUCTION TO GST-THE COMPREHENSIVE INDIRECT TAX REFORM OF INDIA
Keywords:
GST, VAT, CENVAT, Empowered Committee, GovernmentAbstract
The Goods and Services Tax (GST) is a value added tax that will replace all indirect taxes levied on goods and services by the Government, both Central and States, once it is implemented. The GST is all set to consolidate all State economies. This will be one of the biggest taxation reforms that will take place in India once the Bill gets officially the green signal to implement. The basic idea is to create a single, cooperative and undivided Indian market to make the economy stronger and powerful. The GST will see a significant breakthrough towards an all-inclusive indirect tax reform in the country. Both SGST and CGST will be levied on the taxable value of a transaction. All goods and services, leaving aside a few, will be brought into the GST and there will be no difference between goods and services. The GST system will combine Central excise duty, additional excise duty, services tax, State VAT entertainment tax etc. under one banner. the Goods and Services Tax (GST) will indeed be a further significant improvement – the next logical step – towards a comprehensive indirect tax reforms in the country.
References
Ernest and young(2016)”ALL ABOUT GST IN INDIA” at http://www.ey.com/IN/en/Services/Tax/EY-goods-and-services-tax-gst
C A PRITAM MAHURE(2016)” GST India at http://www.gstindia.com/gst-concept-status-may-2016
Rumani Saikia Phukan(2015)”What is GST: How will it change India” at http://www.mapsofindia.com/my-india/government/gst-one-step-towards-simplifying-the-muddled-up-tax-system
The Economic Times(2016) ,“Dr Amit Mitra made chairman of GST committee of state finance ministers” at http://economictimes.indiatimes.com/news/economy/policy/dr-amit-mitra-made-chairman-of-gst-committee-of-state-finance-ministers/articleshow/51057557.cms
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