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

Goods and service tax is taking india by the storm

PRAKASH S
Asst.Prof.of Economics Saradha Gangadharan College Puducherry-605004
MURALIDHARAN J
Asst.Prof.of Commerce Saradha Gangadharan College Puducherry-605004
Published June 30, 2017
Keywords
  • GST,Rate,Tax etc.
How to Cite
S, P., & J, M. (2017). Goods and service tax is taking india by the storm. Journal of Management and Science, 7(2), 324-329. https://doi.org/10.26524/jms.2017.47

Abstract

France was the first country to implement GST to reduce tax- evasion. European
countries have one rate of GST as they do not have poor families, unlike in India, where
families cannot be burdened with the same tax as the rich. All credits will be online and some
penalties are like criminal activity. So it is threatening for the small businessman who is now
free from Taxes. GST will be levied only at the final destination of consumption based on
VAT principle and not at various points (from manufacturing to retail outlets). .Presently, a
tax is levied on when a finished product moves out from a factory, which is paid by the
manufacturer, and it is again levied at the retail outlet when sold.

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