A STUDY OF THE IMPACT OF GOODS AND SERVICE TAX ON EDUCATIONAL SECTOR

This study aims to understand the present taxation system of our Country and its impact whether positive or negative on the educational sector in India. The Goods and Services Tax (GST)is the biggest tax reform in India since Independence and was implemented by the Government of India on 1st July 2017. Goods and Services Tax is the tax that is levied on all goods and services based on their destination and India adopts a dual GST system by introducing Central GST (CGST) and State GST (SGST). It improves the taxation system of our Country by reducing the multiplicity and cascading effects of taxes and by bringing out transparency and improves compliances in every transaction. GST is the only indirect tax that affects all the sectors and sections of our economy. Education is one of the major sectors of any economy and the future of any country depends on the quality of education provided to the youth. The educational sector has been benefitted from the government as they claim lots of tax exemptions or comes under the category of negative list. In India, there are two types of institutions that provided education viz Public and Private but the government prefers low-cost education to all. So as not to increase the burden of end-user, the GST council tried to provide maximum exemptions or keep away from the GST regime to the educational sector. This study analyses the impact of Goods and Services Tax on the educational Sector based on the secondary data.