tailieunhanh - GST in India – a significant tax amendment

The Goods and Services Tax also known as the GST is defined as the giant indirect tax structures designed to support and enhance the economic growth of a country. The proposed GST is likely to change the whole scenario of current indirect tax system. | GST in India a significant tax amendment International Journal of Management IJM Volume 8 Issue 3 May June 2017 62 Article ID IJM_08_03_005 Available online at http ijm JType IJM amp VType 8 amp IType 3 Journal Impact Factor 2016 Calculated by GISI ISSN Print 0976-6502 and ISSN Online 0976-6510 IAEME Publication GST IN INDIA A SIGNIFICANT TAX AMENDMENT Gurveen Kaur Satyawati College University of Delhi Delhi India ABSTRACT The Goods and Services Tax also known as the GST is defined as the giant indirect tax structures designed to support and enhance the economic growth of a country. The proposed GST is likely to change the whole scenario of current indirect tax system. It is considered as biggest tax reform since 1947. More than 150 countries have implemented GST so far. Currently in India complicated indirect tax system is followed with imbrications of taxes imposed by union and states separately. GST will unify all the indirect taxes under an umbrella and will create a smooth national market. The idea of GST in India was mooted by Vajpayee government in 2000 and the constitutional amendment for the same was passed by the Lok sabha on 6th May 2015. Experts say that GST will help the economy to grow in more efficient manner by improving the tax collection as it will disrupt all the tax barriers between states and integrate country via single tax rate. However there is a huge hue and cry against its implementation. It would be interesting to understand why this proposed GST regime may hamper the growth and development of the country. GST is one of the most crucial tax reforms in India which has been long pending. It was supposed to be implemented from April 2010 but due to political issues and conflicting interests of various stakeholders it is still pending. However Goods and Services Tax is likely to be rolled out on July 1 2017. Key words Direct tax Indirect tax GST in India advantages of GST disadvantages