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Commentary National Goods and Services Tax (GST): The Road Ahead

VISION: Journal of Indian Taxation

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Title Commentary National Goods and Services Tax (GST): The Road Ahead
 
Creator Gupta, Aanchal; Assistant Professor, Department of Management Studies, Deen Dayal Upadhyaya College, University of Delhi
 
Subject Goods and Service tax, sales tax, cascading effect
 
Description Goods and Services Tax (GST) is a part of the proposed tax reforms to evolve an efficient and harmonised consumption tax system in the country. GST is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. GST would give India a world class tax system and improve tax collections. It would end the long standing distortions of differential treatment of manufacturing and service sector. The introduction of GST will lead to the abolition of various central and state indirect taxes and eliminate the cascading effects of multiple layers of taxation. It is claimed that GST will facilitate seamless credit across the entire supply chain and across all states under a common tax base. The changeover to GST will be a game-changing tax reform measure which will significantly contribute to the buoyancy of tax revenues, acceleration of growth, and generation of many positive externalities. Once the integrated GST across the country is introduced, it will simplify tax administration and eliminate cascading of taxes. It will lead to reduction in the distortions in the structure of production, consumption and exports and further to a more efficient allocation of resources. The demand for manufactured goods can be expected to grow significantly. This paper explains the modalities of the proposed GST.
 
Publisher Journal Press India
 
Date 2015-06-30
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.myresearchjournals.com/index.php/VISION/article/view/2418
10.17492/vision.v1i1.2418
 
Source VISION : Journal of Indian Taxation; Vol 1, No 1 (2014)
2347-4475
 
Language eng
 
Relation http://www.myresearchjournals.com/index.php/VISION/article/view/2418/2347
 
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VISION : Journal of Indian Taxation