Journal of Commerce and Accounting Research

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A Journey of Goods & Services Tax (GST) in India:An overview


Affiliations
1 Department of Commerce, School of Business & Commerce, Manipal University Jaipur, Rajasthan
2 Department of Applied Arts, Manipal University Jaipur, Rajasthan, India
     

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GST is one of the most vital tax reforms in India which has been long pending. It was supposed to be implemented from April 2010, but due to governmental issues and contradictory interests of various stakeholders, it has been recently implemented. It is a complete tax system that will incorporate all indirect taxes of states and central governments and unified economy into a whole national market. A number of initiatives have been taken by the various machineries at the Centre. The present taxation system is marked as weighty, difficult, and unfavourable. It is anticipated to firm out folds of existing indirect tax system and play a vital role in growth of India. This paper presents an overview of GST concept, explains its features along with its journey in India so far. The paper also focuses on advantages of GST and challenges faced by India in execution in present scenario.

Keywords

Tax, Indirect Tax, Goods and Service Tax (GST), Benefits, State Government, Central Government, India.
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  • A Journey of Goods & Services Tax (GST) in India:An overview

Abstract Views: 333  |  PDF Views: 0

Authors

Teena Shivnani
Department of Commerce, School of Business & Commerce, Manipal University Jaipur, Rajasthan
Mahesh Chandra Babu Jampala
Department of Applied Arts, Manipal University Jaipur, Rajasthan, India

Abstract


GST is one of the most vital tax reforms in India which has been long pending. It was supposed to be implemented from April 2010, but due to governmental issues and contradictory interests of various stakeholders, it has been recently implemented. It is a complete tax system that will incorporate all indirect taxes of states and central governments and unified economy into a whole national market. A number of initiatives have been taken by the various machineries at the Centre. The present taxation system is marked as weighty, difficult, and unfavourable. It is anticipated to firm out folds of existing indirect tax system and play a vital role in growth of India. This paper presents an overview of GST concept, explains its features along with its journey in India so far. The paper also focuses on advantages of GST and challenges faced by India in execution in present scenario.

Keywords


Tax, Indirect Tax, Goods and Service Tax (GST), Benefits, State Government, Central Government, India.

References