GST (Goods and Services Tax) Implementation and Effects in India
Keywords:
Goods and services tax (GST), taxation system, indirect tax, compliance, economic impactAbstract
The Goods and Services Tax (GST) is a type of tax applied on the value added to the sale of both goods and services in India. It is a broad indirect tax that has largely replaced several other taxes, including service tax, value-added tax, and central excise duty. GST was implemented in India to simplify the tax structure, improve compliance, and promote the ease of doing business. The paper provided an overview of the historical background of the taxation system in India and explained the concept and functioning of the Goods and Services Tax (GST). It also included a comparative analysis of the GST tax rates in India with other economies around the world. The article examines how the implementation of the Goods and Services Tax (GST) has been advantageous for different sectors of the Indian economy. It also highlights the obstacles and difficulties that were encountered during the GST implementation process. Overall, the paper provided a comprehensive analysis of the GST system in India and its impact on the economy.
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