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

Goods and service tax (gst) in indian economy- an overview

Subin Thomas
Assistant Professor, Girideepam Business School, Kottayam, Kerala
Athira Kishan R
Assistant Professor, Girideepam Business School, Kottayam, Kerala
Published June 30, 2017
Keywords
  • GST, Cascading Effect, Indian Economy, Tax system
How to Cite
Thomas, S., & R, A. K. (2017). Goods and service tax (gst) in indian economy- an overview. Journal of Management and Science, 7(2), 373-375. https://doi.org/10.26524/jms.2017.57

Abstract

The Indian economic system is well structured and insulated to withstand the ups
and downs in the economic cycle. This helped the Indian economy to survive during the
recent economic crisis around the world. Even the globally accepted economic giants were
also affected adversely during the crisis. The recently implemented Goods and Service Tax-
GST system is expected to be another milestone in the Indian economy. The border idea
behind GST is ‗One nation One tax system‘. The fundamental intention behind GST is to
avoid compound taxation system and to administer uniformity in the scattered tax system of
the country. The implementation of GST will reduce the tax burden of manufacturers in
different sectors which in turn will enhance the units of production. This process will
improve the total exports and the benefits of the same will be reflected in total GNP. The
avoidance of cascading effect in taxation will reduce the tax burden in different players in
supply chain and a portion of the benefit is expected to be enjoyed by the end customer. This
paper intends to reveal the impacts of GST in different sectors of Indian economy

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