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

Goods and service tax: a roadmap for new indian economy

VIJAYAKUMAR K
Assistant Professor Commerce PG & Research Department of Commerce Jamal Mohamed College Thiruchirappalli – 620 020
MONIKA A
M.Phil (FT) Research Scholar PG & Research Department of Commerce Jamal Mohamed College Thiruchirappalli – 620 020
Published June 30, 2017
Keywords
  • Goods and service tax, Indirect Tax, Impact of Indian economy, value added tax, cascading effect
How to Cite
K, V., & A, M. (2017). Goods and service tax: a roadmap for new indian economy. Journal of Management and Science, 7(2), 406-409. https://doi.org/10.26524/jms.2017.64

Abstract

GST also known as the Goods and Services Tax is defined as the giant indirect
tax structure designed to support and enhances the economic growth of a country. More than
150 countries have implemented Goods and Service Tax so far. Even in the worldwide
economic crisis India showed remarkable survival in its economic system. The proposed
Goods and Services Tax is expected to be another milestone in the Indian economic growth.
The radical aim of Goods and Service Tax is to uniform the separated indirect tax system in
India and to avoid the cascading effect in taxation. The impact going to make by Goods and
Service Tax will be a transformation in the entire tax system and will go beyond Indian
borders. The implementation of Goods and Service Tax will reduce tax burden on
manufacturers and thus encourages for the higher production. This process will increase the
export of India and it will increase the total Gross National Product. Avoidance of cascading
effect empowers the manufacturers to produce to their optimum capacity and retards growth
in the Indian Economy

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