GOODS AND SERVICES TAX IN INDIA: A WAY FORWARD
Keywords:
Goods and Service Tax, GST, VATAbstract
India has witnessed substantial reforms in indirect taxes over the past two decades. The Goods and Service Tax (GST) is one of the biggest taxation reforms in India, the decision on which is pending in Parliament since March 2011. The central idea behind this form of taxation is to replace existing levies like value-added tax, excise duty, service tax, and sales tax by levying a comprehensive tax on the manufacture, sale and consumption of goods and services in the country. GST is expected to unite the country economically as it will remove various forms of taxes that are currently levied at different points. This paper presents the background, silent features and the impact of GST in the present tax scenario in India.References
Empowered Committee of Finance Ministers (2009). First Discussion Paper on Goods and Services Tax in India, The Empowered Committee of State Finance Ministers, New Delhi
Goods and Services Tax (GST) - A step forward (2013) available at http://articles.economictimes.indiatimes.com/2013-08-13/news/41374977_1_services-tax-state-gst-goods-and-services
http://www.cbgaindia.org/files/primers_manuals/Primer%20on%20Goods%20and%20Services%20Tax.pdf 4. SAURABH GUPTA, MADHUR GUPTA, How „Impossible‟ GST has become „Inevitable‟ for India? NIVESHAK, Volume 7 Issue 1, January 2014, pp. 26-28 5. Mr. Pranab Mukherjee, Finance Minister of India, Speech at the Union Budget 2010-11, February 26, 2010, available at http://www.thehindu.com/business/Economy/article113901.ece
What is GST (Goods and Services tax)? (2013) available at http://www.moneycontrol.com/smementor/mentorade/budget-2013/what-is-gst-goods-and-services-tax-827592.html
Girish Garg, (2014),“Basic Concepts and Features of Good and Service Tax in India”,
Dr. R. Vasanthagopal (2011), “GST in India: A Big Leap in the Indirect Taxation System”, International Journal of Trade, Economics and Finance, Vol. 2, No. 2, April 2011
Seventy Third Report Of Standing Committee on Finance (2012-2013), available at http://www.prsindia.org/uploads/media/Constitution%20115/GST%20SC%20Report.pdf
CA Rajkumar S Adukia, A Study On Proposed Goods And Services Tax [GST] Framework In India, available at http://taxclubindia.com/simple/rajkumar.pdf
Downloads
Published
Issue
Section
License
Copyright Notice
Submission of an article implies that the work described has not been published previously (except in the form of an abstract or as part of a published lecture or academic thesis), that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, in English or in any other language, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.
Copyrights for articles published in World Scholars journals are retained by the authors, with first publication rights granted to the journal. The journal/publisher is not responsible for subsequent uses of the work. It is the author's responsibility to bring an infringement action if so desired by the author.
