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

Gst – a major taxation reform in india

Nagarajan R
Assistant Professor of Commerce Gobi Arts & Science College, Gobichettipalayam – 638 453
Published June 30, 2017
How to Cite
R, N. (2017). Gst – a major taxation reform in india. Journal of Management and Science, 7(2), 294-296. https://doi.org/10.26524/jms.2017.41

Abstract

Tax is an important source of revenue for a Government. A Government can take care
of the welfare of its people by using the money collected through taxes. A tax is a mandatory
financial charge or some other type of levy imposed upon a tax payer by a Government or the
in order to fund various public expenditures.
Taxes consist of direct or indirect taxes. Most countries have a tax system in place to pay
for public/common/agreed national needs and government functions: some levy a flat
percentage rate of taxation on personal annual income, some on a scale based on annual
income amounts, and some countries impose almost no taxation at all, or a very low tax rate
for a certain area of taxation.

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