An Analysis on Goods and Service Tax Act (GST) in India
Keywords:
GST, Tax, Scheme, Rates, Percentage etc.Abstract
The national manufacturing, sale, or consumption of products and services are subject to the GST, or good and services tax, which is an additional tax. The GST replaces every indirect tax that is now imposed in India, including the service tax, value-added tax (VAT), central excise duty, and others. Every transaction that takes place inside the borders of India is subject to the GST, and any products or services that are acquired will require the buyer to pay the relevant taxes. With the elimination of all indirect taxes, including service tax, VAT, and others, India will become a single market. The value of the products or services used on Indian soil shall be the basis for the tax. The research paper has analysed the major aspects of GST Act, advantages and disadvantages of GST Act in detail.
References
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R. Kavita Rao, Sacchidananda Mukherjee, Evolution of Goods and Services Tax in India, Cambridge University Press, 2019.
V MM. A Comprehensive Analysis of Goods and Services Tax (GST) In India [Internet]. Digital Commons @ DU. 2020 [cited 2023 Jan 24]. Available from: https://digitalcommons.du.edu/irbe/vol4/iss2/62/
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