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

Recent impact of gst in india: `

Gomathi N
Head, Department of Commerce (CA), Madurai Sivakasi Nadars Pioneer Meenakshi Women’s College-Poovanthi.
Published June 30, 2017
Keywords
  • Goods and service tax, Indian economy
How to Cite
N, G. (2017). Recent impact of gst in india: `. Journal of Management and Science, 7(2), 288-293. https://doi.org/10.26524/jms.2017.40

Abstract

GST also known as the Goods and Services Tax is defined as the giant indirect tax
structures designed to support and enhance the economic growth of a country. In today‘s
scenario to pay various taxes i.e. direct and indirect taxes, which are felt as burden on us and
due to these taxes the corruption is increasing. So, to overcome from all these taxation system
the Central Government has decided to make one tax system i.e. Goods and Services Tax
(GST). GST is one of the most critical tax reforms in India which has been long awaiting
decision. It is a comprehensive tax system that will subsume all indirect taxes of State and
central Governments and whole economy into seamless nation in national market. It is
expected to remove the burden of existing indirect tax system and play an important role in
growth of India. GST includes all Indirect Taxes which will help in growth of economy and
proves to be more beneficial than the existing tax system. GST will also help to accelerate the
overall Gross Domestic Product (GDP) of the country. The Goods and Services Tax (GST) is
a vast concept that simplifies the giant tax structure by supporting and enhancing the
economic growth of a country. GST is a comprehensive tax levy on manufacturing, sale and
consumption of goods and services at a national level

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