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

Goods and services tax - a boon for india

SATHISH M
Assistant Professor Department Commerce (CA) Kongu Arts and Science College (Autonomous), Erode -638107.
Published June 30, 2017
How to Cite
M, S. (2017). Goods and services tax - a boon for india. Journal of Management and Science, 7(2), 277-279. https://doi.org/10.26524/jms.2017.38

Abstract

Goods and Services Tax (GST) is an indirect tax which was introduced in
India on 1 July 2017 and was applicable throughout India which replaced multiple cascading
taxes levied by the central and state governments. The Goods and Services Tax was launched
at midnight on 30 June 2017 by the Prime Minister of India, Narendra Modi. The launch was
marked by a historic midnight (30 June – 1 July) session of both the houses of parliament
convened at the Central Hall of the Parliament. The session was attended by high-profile
guests from the business and the entertainment industry including Ratan Tata. The Goods and
Service Taxation (GST) policy of India is a step to normalize the taxes applied on various
goods and services. This would curb off the cascading effect of the taxes, and in turn bring
out a better place for the customers and suppliers. It is expected to have a tax only on the
value addition and no business costs for the procurement of inputs, raw material or input
services. It is a boon in the long run… there may be some problems like unequal price rise
and fall of different commodities, short term loss to the local bodies etc but in a long run it's
going to make our economy more robust transparent and efficient. In this paper we made an
attempt to bring out the windfall of the new indirect tax just introduced in India.

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