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

Pros and cons of indian gst to society

Kumudha A
Assistant Professor,Department of Commerce Madurai Sivakasi Nadars PioneerMeenakshi Women’s College-Poovanthi
Published June 30, 2017
Keywords
  • Consumers, GST, Government
How to Cite
A, K. (2017). Pros and cons of indian gst to society. Journal of Management and Science, 7(2), 272-276. https://doi.org/10.26524/jms.2017.37

Abstract

GST will narrow economic distance between producers and consumers as it
will be imposed only value addition. The dream of one country, one act and one tax
will be observed. It is expected that, it will help to improve the productivity in the
country as well as will be benefited to the consumers, as maximum rate of GST is
predetermined. It will also help to avoid the multiple taxation, processes, tax evasion
etc. Government proposed Central GST and States GST. CGST will subsume central
excise duty, excess central excise duty, service tax, excess custom duty and special
excess custom duty. SGST will subsume sale tax/ VAT, entertainment tax (other than
local bodies),sale tax which is imposed by Centre Government and collected by states,
purchase tax, luxury tax and lottery tax and more significantly octroi which is a major
source of revenue of the Municipal Corporations. Already there is vertical imbalance
of resources and responsibilities among Governments in India. Therefore, in this
research paper probable pros and cons about upcoming are discussed.

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