A Review Over Challenges and Opportunities of GST in Madhya Pradesh State
Keywords:
Goods and Services Tax, GST, Tax, Industry and trade, tax systemAbstract
The “Goods and Services Tax (GST)” is the biggest and most consequential indirect tax reform that India has undertaken since gaining independence. It intends to tax all goods and services in India with a single national levy. India is becoming a more tax-collecting nation with a more integrated national economy thanks to the “Goods and Services Tax (GST)”. Improving efficiency has the potential to greatly support growth and government spending plans. It is possible that the current, expansive federal government will be the first of its kind to impose a new tax on goods and services. There is a comprehensive and ongoing chain of set-off benefits that extends all the way to the merchant level under the “Goods and Services Tax (GST)”. This means that it is only applied to the value contributed at each level, and that providers may claim back the GST they paid for products and services via a credit system. Last but not least, the responsibility for paying GST ultimately falls on the goods or service's end user, often known as the customer. With the introduction of GST in India, this study attempted to assess the benefits and drawbacks of the new tax system.
References
B. Budholiya and D. S. K. Yadav, “A Review on Impact of GST on Indian Economy,” Int. J. Innov. Sci. Eng. Manag., no. November, pp. 51–54, 2022.
A. Mehrotra and R. Kalra, “Impact of goods and service tax on Indian economy,” TRANS Asian J. Mark. Manag. Res., vol. 9, no. 2, p. 13, 2020, doi: 10.5958/2279-0667.2020.00006.1.
S. Shukla and R. Singh, “GST in India : Performance of Companies After One - Year of Roll Out,” Road to East Slope, pp. 369–374, 2022, doi: 10.1515/9781503623200-014.
C. Guna and P. S. Anuradha, “Dimensions of GST on Small and Moderate Business Units: A Systematic Review,” Vision, vol. 25, no. 3, pp. 275–284, 2021, doi: 10.1177/09722629211002931.
I. N. Dolgih, A. B. Zhdanova, and K. A. Bannova, “The Influence of Taxation on Small Enterprise Development in Russia,” Procedia - Soc. Behav. Sci., vol. 166, pp. 216–221, 2015, doi: 10.1016/j.sbspro.2014.12.513.
J. Alm and M. Ahmad Khan, “Tax Policy Effects on Business Incentives in Pakistan,” 2017, [Online]. Available: http://repec.tulane.edu/RePEc/pdf/tul1705.pdf.
T. Li and L. Yang, “The effects of tax reduction and fee reduction policies on the digital economy,” Sustain., vol. 13, no. 14, 2021, doi: 10.3390/su13147611.
D. Bruce and H. Schuetze, “Tax policy and entrepreneurship,” Swedish Econ. Policy Rev., vol. 11, pp. 233–265, 2004, [Online]. Available: http://www.sweden.gov.se/content /1/c6/09/54/27/848f6cf1.pdf.
J. Coolidge, “Small Business Taxation in Transition Countries: No Easy Fixes,” pp. 1–14, 2005.
F. Beltrame, R. Cappelletto, and G. Toniolo, “Valuation of Small and Medium Enterprises,” Estim. SMEs Cost Equity Using a Value Risk Approach, 2014, doi: 10.1057/9781137389305.0008.
P. Poutziouris, F. Chittenden, and N. Michaelas, “Modelling the impact of taxation on the small-business economy: The NatWest/MBS tax index for the self-employed, sole-traders, and partnerships,” Environ. Plan. C Gov. Policy, vol. 17, no. 5, pp. 577–592, 1999, doi: 10.1068/c170577.
R. Das, “Impacts of taxation on Small Scale Industries,” Int. J. New Technol. Res., vol. 5, no. 10, pp. 17–19, 2019, doi: 10.31871/ijntr.5.10.8.
T. Miller and S. Wongsaroj, “A Taxing Problem: the impact of tax on small businesses A Taxing Problem: a study for Sage,” no. May, 2018.
E. Tee, L. A. Boadi, and R. T. Opoku, “The Effect of Tax Payment on the Performance of SMEs : The Case of Selected SMEs in Ga West Municipal Assembly,” ResearchGate, vol. 8, no. 20, pp. 119–125, 2016.
F. Haddadzadeh Hendou, “Investigating the impact of government tax policies on the performance of small and medium enterprises of West Azarbaijan with considering the mediating role of entrepreneurial orienteering,” Rev. Gestão Tecnol., vol. 19, pp. 160–187, 2019, doi: 10.20397/2177-6652/0.v0i0.1625.
S. Kumaraswamy, “Goods and services tax shock on small and medium enterprises working capital in India,” Entrep. Sustain. Issues, vol. 7, no. 4, pp. 3464–3476, 2020, doi: 10.9770/jesi.2020.7.4(59).
M. Mungaya, A. H. Mbwambo, and S. K. Tripathi, “Study of Tax System Impact on the Growth of Small and Medium Enterprises ( SMEs ): With Reference to Shinyanga Municipality, Tanzania,” Int. J. Manag. Bus. Stud., vol. 2, no. 3, pp. 99–105, 2012.
A. Trivedi, “A Study of Literature Review on Individual Accountability,” SSRN Electron. J., vol. 8, no. 7, pp. 4686–4693, 2013, doi: 10.2139/ssrn.2314551.
M. Bindal and D. C. Gupta, “Impact of GST on Indian Economy,” Int. J. Eng. Manag. Res., vol. 8, no. 02, pp. 602–606, 2018, doi: 10.31033/ijemr.v8i02.11602.
M. Shinde, “a Study of Impact and Challenges of Gst on Various Constituents of Indian Economy,” Int. J. Res. Anal. Rev., vol. 6, no. 1, pp. 211–215, 2019, [Online]. Available: www.ijrar.org.
Vyshak P K | Vishnu P K | Sindhu Sasi, “Trade and Industry Development through GST Analysis of the Impact of GST Implementation on Retailers in Strategic Way,” Int. J. Trend Sci. Res. Dev., vol. 4, no. 3, pp. 950–956, 2020, [Online]. Available: http://www.ijtsrd.com/papers/ ijtsrd30729.pdf%0Ahttps://www.ijtsrd.com/management/business-and-retail-research/30729/trade-and-industry-development-through-gst-analysis-of-the-impact-of-gst-implementation-on-retailers-in-strategic-way/vyshak-p-k.
U. Gupta, “An Impact of GST on Textile Industry in India,” Int. J. Trend Sci. Res. Dev., vol. Volume-2, no. Issue-5, pp. 1634–1639, 2018, doi: 10.31142/ijtsrd17055.
M. Sehrawat and U. Dhanda, “Evolution of small- Scale industries in India,” World Rev. Bus. Res., vol. 3, no. 581, pp. 159–170, 2009, [Online]. Available: http://www.aeaweb.org/jel/index. php%5Cnhttp://search.ebscohost.com/login.aspx?direct=true&db=eoh&AN=1020396&site=ehost-live%5Cnhttp://dx.doi.org/10.1257/jel.47.1.159%0Ahttps://assets.kpmg.com/content/dam /kpmg/pdf/2015/11/global-tax-rate-survey-2015-v2-web.
A. Kanade, “Analysis of the Impact of GST in a Strategic Way,” SSRN Electron. J., 2018, doi: 10.2139/ssrn.3006580.
S. Kumar, “Project Dissertation on Impact of GST on Transport and Logistics Industry in,” 2016.
E. International, “ONE DAY NATIONAL SEMINAR ‘ IMPACT OF GST ON BUSINESS , TRADE AND INDIAN ECONOMY ’ Arts and Commerce College , Nagthane,” no. 48833, 2018.
A. Nayyar and I. Singh, “A comprehensive analysis of goods and services tax (GST) in India,” Indian J. Financ., vol. 12, no. 2, pp. 57–71, 2018, doi: 10.17010/ijf/2018/v12i2/121377.
R. Radhakrishnan, M. L. M, and P. S. Aithal, “Review on Global Implications of Goods and Service Tax and its Indian Scenario,” no. 95152, 2019.
B. U. Swadia, “Comparison between indirect tax and gst,” A Ref. Int. J. Multidiscip. Res., vol. 2, no. 4, pp. 63–74, 2016, [Online]. Available: https://www.researchgate.net/publication/33397 1464_COMPARISON_BETWEEN_INDIRECT_TAX_AND_GST.
