International Journal of Advances in Social Sciences

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Impact of GST on Growth and Development of India Economy


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1 S.C.A. Patel Arts College, Sadhli. Ta-Sinor, Dist Vadodara, Gujarat, India
     

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GST means Goods and Service Tax. It is an indirect tax levied on sale of goods and services. The reformists believe that GST is one of the most awaited law which upon introduced will boost the economic growth in the country. This law if passed by the parliament may come into force from April 2016. As everyone is talking about it now, let’s get into the basics of the proposed law in this article.
Present system-This can be better explained through an example. Suppose you buy soap for Rs.50 per piece, it includes Excise Duty, VAT or CST, Customs duty on the imported raw materials, etc. So, currently you will have to pay multiple taxes on the same product. Let’s take another example; the food you buy at hotels will have VAT as well as Service Tax.

Keywords

GST, Goods, Service Tax.
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  • (1) CRISIL Research, CEA-led Committee report.

  • (2) Ahmad, E. and N. Stern (1984), “The theory of tax reform and Indian indirect taxes,” Journal of Public Economics, 25, 259-98.

  • (3) Poddar, Satya and Amaresh Bagchi (2007), “Revenue-neutral rate for GST”, The Economic Times, November 15, 2007.

  • (4) Ahmad, Ehtisham (2008), “Tax Reforms and the Sequencing of Intergovernmental Reforms in China: Preconditions for a Xiaokang Society,” in Lou Jiwei and Wang Shuilin (eds), Fiscal Reforms in China, The World Bank.

  • (5) www.taxguru.in/goods-and-service-tax/goods-service-tax-gst2.html


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  • Impact of GST on Growth and Development of India Economy

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Authors

Sanjay R. Yadav
S.C.A. Patel Arts College, Sadhli. Ta-Sinor, Dist Vadodara, Gujarat, India

Abstract


GST means Goods and Service Tax. It is an indirect tax levied on sale of goods and services. The reformists believe that GST is one of the most awaited law which upon introduced will boost the economic growth in the country. This law if passed by the parliament may come into force from April 2016. As everyone is talking about it now, let’s get into the basics of the proposed law in this article.
Present system-This can be better explained through an example. Suppose you buy soap for Rs.50 per piece, it includes Excise Duty, VAT or CST, Customs duty on the imported raw materials, etc. So, currently you will have to pay multiple taxes on the same product. Let’s take another example; the food you buy at hotels will have VAT as well as Service Tax.

Keywords


GST, Goods, Service Tax.

References