Journal of Commerce and Accounting Research

Nabendu Basak ¹

Affiliations
1 Commerce Santipur College, Santipur, Nadia, West Bengal, IN

Abstract

The present paper is a brief overview of the introduction of goods and services tax (GST), a progressive tax system and its impacts in India. GST is an indirect taxation that merged multiple taxes into a single tax system. It will eliminate cascading effects and generate revenue for both central and state government. Composition of GST as central goods and services tax (CGST), state goods and services tax (SGST), and integrated goods and services tax (IGST) projects scientific and transparent indirect tax system in India. GST is going to reduce tax leakage and prevent corruption in pricing of products. To implement and control such technology based taxation system since independence, IT industry acts as spinal cord. GST emerged as service based consumption oriented tax in India. Concept of GST, formation of GST council, positive and negative impacts on economy especially on Indian business, foreign investment of the GST are addressed in this study. To present the study, descriptive type of research design on the basis of secondary data is applied. This is a modest attempt to forecast the after effect of GST in India.

Keywords

Goods and Services Tax, Cascading Effect, Tax Leakage, Impacts on Economy.

Full Text