GOODS AND SERVICES TAX IN INDIA: STRUCTURE, CHALLENGES AND QUICK RESULTS

Manuranjan Gogoi
Guest Faculty, Department of Economics, Madhabdev College, Lakhimpur, Assam

Abstract
By enabling many hopeful expectation government of India introduced Goods and services Tax (GST) after many decades of independence by subsuming all other indirect taxes which already dropped out from the economy. It is said that introduction of GST in India is the most significant and logical step towards the progress of the country after a successive series of GST all over the world. The concept is new for us though the topic is more controversial and debatable among the politicians and the economists, but how much it will influence the overall economy of the country and how does it worked under GST regime this research article has tried to explain it.

Key words: India, GST, Impacts

1.   Introduction
The Goods and Services Tax (GST) is the most significant improvement towards comprehensive economy and it is the biggest tax reform after 1947. GST is being introduced in India after 13 years’ long journey since it was first discussed in the report of Kelker Task Force on indirect taxes in 2003. GST bill is likely to change the whole scenario of current indirect tax system, after a lot of twist and turns ultimately emerged after a pretty long time to become the biggest tax reform in India after independence. GST will unify all the indirect taxes under an umbrella and will create a smooth national market means to explore one nation one tax.GST was first introduced by France in 1954 and now it is followed by 160 nations (Kawle & Laher, 2017 and Sonia, 2017). Most of the countries followed unified GST while some countries like Brazil, Canada follow a dual GST system where tax is imposed by central and state both. In India, GST is proposed to include CGST (levied by Central government), SGST (levied by state government) and IGST (levied by both center and state) as it has been implemented from 1stjuly 2017.  

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1 comment:

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