An Economic Pros and Cons of Goods and Service Tax (GST) In India
| International Journal of Economics and Management Studies |
| © 2017 by SSRG - IJEMS Journal |
| Volume 4 Issue 5 |
| Year of Publication : 2017 |
| Authors : K. Rajesh |
10.14445/23939125/IJEMS-V4I5P107
How to Cite?
K. Rajesh, "An Economic Pros and Cons of Goods and Service Tax (GST) In India," SSRG International Journal of Economics and Management Studies, vol. 4, no. 5, pp. 29-32, 2017. Crossref, https://doi.org/10.14445/23939125/IJEMS-V4I5P107
Abstract:
World over in almost 150 countries there is GST or VAT, which means tax on goods and services. Under the GST scheme, no distinction is made between goods and services for levying of tax. This means that goods and services attract the same rate of tax. GST is a multi-tier tax where ultimate burden of tax fall on the consumer of goods/services. It is called as value added tax because at every stage, tax is being paid on the value addition. Under the GST scheme, a person who was liable to pay tax on output, whether for provision of service or sale of goods, is entitled to get input tax credit (ITC) on the tax paid on its inputs. The major reasons for implementation of VAT are to have control over the taxation under single ambit and have single tax base throughout the country and major revision required in the present VAT are uniform tax base in all States Single registration and identification for assessing both under Central and State GST to have a upgraded and expanded IT structure to reconcile and cross check GST with declared income returns, fostering greater levels of tax compliance.
Keywords:
GST scheme, a person who was liable to pay tax on output, whether for provision of service or sale of goods, is entitled to get input tax credit (ITC) on the tax paid on its inputs.
References:
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