Vol. 7 No. 2 (2017): Vol 7, Iss 2, Year 2017

An overview on goods & service tax

Kalpana M
Lecturer in commerce Dravidian University
Published June 30, 2017
How to Cite
M, K. (2017). An overview on goods & service tax. Journal of Management and Science, 7(2), 263-271. https://doi.org/10.26524/jms.2017.36


Tax on sale or purchase of goods within a State as per Entry List II of Seventh
Schedule of the Constitution is a State subject, and accordingly, VAT was been introduced by
the concerned States, in place of turnover taxes. The introduction of VAT ensured that credit
of taxes paid on the inputs were available to a tax payer while discharging his output tax
liability. This helped in minimizing cascading of taxes at the State level and in increasing
compliance because of the in-built mechanism of transfer of input tax credit. VAT led to a
simplification of taxes at the State level


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