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

Pros and cons of gst in india

Mugunthan C
Ph.D Assistant Professor, Department of Commerce, Periyar University PG Extension Centre, Dharmapuri – 636 705
Vijayamalleeswari K.R
Ph.D Research scholar, Department of commerce, Periyar University PG Extension centre, Dharmapuri-636705.
Published June 30, 2017
Keywords
  • Goods Service Tax, Value Added Tax, Government, Consumers
How to Cite
C, M., & K.R, V. (2017). Pros and cons of gst in india. Journal of Management and Science, 7(2), 398-402. https://doi.org/10.26524/jms.2017.62

Abstract

GST is a form of VAT that would consist each and every one of the indirect taxes
into one right through all the region of India. That means each state will have the identical
GST rate not like nowadays where the states can fix their individual rates. In uncomplicated
terms, GST means the state will contribute to the Central Sales Taxes that it is presently
getting fully through the center. The Center in return will allocate the Service Tax with the
states.
Thoughtlessly forthcoming Goods and Service Tax is one of the innovative steps in
the area of indirect taxes in the country past seventy years of independence. GST is in
subsistence more than 150 countries of the world. It will taper economic space between
producers and consumers as it will be only value addition. The idea of one country, one act
and one enforced tax will be observe. It is predictable that, it will help to get better the
production in the country as well as will be benefit to the consumers, as highest rate of GST
is predestined. It will also facilitate to pass up the multiple taxation, processes, tax evasion
etc. Government innermost GST and States GST. Therefore, in this investigate paper
credible pros and cons about upcoming are discuss. The GST Bill has been accepted by
leader of India on 3rd August 2016 in
RajySabha and on 8th August 2016 in LokSabha with approval by more than 50 % of state
legislation. It is expected that GST will be implement from 1st April, 2017.

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