CONCEPTUAL ANALYSIS OF GOODS & SERVICES TAX – A BIGGEST REFORM IN INDIA (WITH SPECIAL REFERENCE TO AFFECT ON COMMON MAN)
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Abstract
On July 1st GST (Goods & Services tax) has been rolled on into Indian market which is the biggest reform ever in India, after a thorough exercise & 17 yrs of consensus building lead to both excitement and inhibitions among the manufacturers, services providers and common man. The study concentrates on understanding the GST in chronological order of what it is, what’s the procedure, how it is beneficial, is it advantages to the tax payers etc., The objectives of the study includes understanding Goods & services Tax to best of one’s knowledge, the impact of Goods & Services tax on individuals, comparing GST with the previous tax structure to know the best one etc., It was found that compare to direct and indirect tax mechanism where tax liability is passed on to consumers ultimately in the later one, can be avoided under GST and because of different slab system for different goods such as 5%, 12%, 18%, 28% and exempt and additional cesses, it will impact differently, depending on the lifestyle patterns but whereas the household expense is set to be more or less the same for everyone.References
Websites
www.GST.com
www.Discountwalas.com
www.trck.displaymailbox.com
www.economictimes.com
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