A Study on GST Implementation and its Impact on Indian Industrial Sectors and ExportJournal: International Journal of Management Research and Social Science (Vol.3, No. 2)
Publication Date: 2016-06-10
Authors : S.Thowseaf M. Ayisha Millath;
Page : 27-30
Keywords : GST in India; Features of GST; Benefits of GST; Impact of GST; GST with respect to export.;
GST is a taxation procedure for goods and services transported from one destination to other; it was discussed for years by the Government of India to get implemented and still now a pending case. Taxation and its associated governing laws, in the current scenario, is playing a significant role in the life of business, individual also for the government for the betterment of policies for social good. This paper is designed to provide an overview of the impact of GST when implemented, it features, GST in light of export, suggestion on a strategy to be adopted for implementing GST and it's associated benefits when implemented. The paper is made using exploratory research methodology using secondary data. The study lends information that, GST is beneficial for most of the industrial sector reducing overall cost of commodity to great extent, however GST is not favorable towards agricultural sector, this is due to the fact that, as of now Indian government is not charging any tax on agricultural goods for domestic consumption, wherein, when GST is implemented, tax will be imposed on agricultural products also, this may lead to rising in the price of the agricultural products, which is considered to be basic entity for the survival. Thereon implementing GST paves a path for India‘s industrial and economic development undoubtedly, whereas, it fullest success can be realized, when government liberalizes tax policies towards few commodities such as agricultural products, which are considered to be a basic entity for survival instinct of people. Thereby, GST implementation and liberalization of tax policies on certain commodities will create a beneficial impact on industry, individual and economy of India.
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