A COMPARATIVE STUDY OF GST & VAT IN THREE CONSECUTIVE TERMS: WITH SPECIAL REFERENCE TO PRE & POST GST IMPLEMENTATION
Journal: International Journal of Management (IJM) (Vol.12, No. 1)Publication Date: 2021-01-31
Authors : Anju Singh;
Page : 1063-1069
Keywords : GST; Vat; Constitution; Government Tax; Post-GST Adoption;
Abstract
In Indian economic history, the GST is the biggest tax reform. As government revenues increase in terms of increased tax compliance and reduced tax evasion, the spillover outcomes of GST are immense, enabling tighter control and encouraging more precise monitoring than the conventional tax system. Increased government tax collections will provide scope for increased public spending in numerous social and physical development programmes, providing additional scope for the generation of jobs. Despite GST's tremendous potential for a higher growth trajectory of the Indian economy, however, numerous companies, sectors and exporters are currently facing enormous problems because of the same. “More than half of the respondents revealed that their post-GST adoption of company revenue has decreased, according to the report. With respect to the overall accountability situation within the GST network, the majority of respondents suggested that the system is less transparent. The process for compensation and the availability of laws and regulations was less straightforward. In the global consumer/indirect tax reforms, VAT/GST was a major breakthrough. GST is a value added tax which applies to the use of goods and services. Different indirect taxes, such as CST, VAT, service tax, etc., were levied prior to GST. All these taxes were clubbed under one GST head, as one nation with unified tax system.” The 122nd Indian Constitution amendment approved GST on 1 July 2017. The main reason for incorporation is expanding the tax base by reducing the tax rate pressure. In India, GST is categorised at two levels:-state (SGST) and federal taxation combination (CGST).
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Last modified: 2021-03-11 21:49:00