REVOLUTION IN INDIAN TAX SYSTEM GOODS AND SERVICE TAX

Authors

  • Dr.(CA) Subrahmanya Bhat Chartered Accountant and Associate Professor in Commerce, VVM’S Shree Damodar College of Commerce and Economics, Margao- Goa
  • Shilpa D Korde Assistant Professor in Commerce, Rosary College of Commerce and Arts Navelim –Goa.

Keywords:

Goods and Service Tax (GST), VAT, Tax reform

Abstract

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.

References

I. Govind S., 2011, Goods and Services Tax: Will the Proposed Indirect Tax Reform change Business and Tax Dynamics in India? NUJS Law Review, Vol. 4, Pg. 625-638.

II. Halakhandi S., 2007, Goods and Service Tax – An introductory study, The Chartered Accountant, Pg. 1595-1601.

III. Garg G., 2014 Basic Concepts and Features of Good and Service Tax in India, International Journal of Scientific Research and Management Vol. 2, (Issue 2), Pg.-542-549.

IV. Pinki, Kamna S. and Verma R., 2014, Goods and Service Tax – Panacea for Indirect Tax System in India, Tactful Management Research Journal, Vol. 2, Issue 10, Pg. 1-7

V. Sandeepan Banerjee, Mona Banerjee,Kishore Kumar Das, A Critical Review of Literature on Goods and Service Tax in India, Imperial Journal of Interdisciplinary Research (IJIR), Vol-2, Issue-11, 2016.

VI. Website: Commercial Tax Department Goa.

Additional Files

Published

15-05-2017

How to Cite

Dr.(CA) Subrahmanya Bhat, & Shilpa D Korde. (2017). REVOLUTION IN INDIAN TAX SYSTEM GOODS AND SERVICE TAX. International Education and Research Journal (IERJ), 3(5). Retrieved from https://ierj.in/journal/index.php/ierj/article/view/975