
Pros and cons of gst
Author(s) -
S Arulraj,
S Kadirvelu
Publication year - 2017
Publication title -
journal of management and science
Language(s) - English
Resource type - Journals
eISSN - 2250-1819
pISSN - 2249-1260
DOI - 10.26524/jms.2017.26
Subject(s) - goods and services , government (linguistics) , value added tax , tax reform , ad valorem tax , service (business) , business , value (mathematics) , indirect tax , tax credit , state (computer science) , entertainment , economics , public economics , economic policy , economy , political science , linguistics , philosophy , algorithm , machine learning , computer science , law
India is currently going through major reforms in its overall economic sectors.GST is one such kind of great reform. GST is unified indirect tax across the country on the Goods and Services. In the earlier system of Indirect Tax, the tax is levied at each stage separately by the Central Government and State Government at different rates, on the full value of goods as well as the services. But in this GST system, tax will be levied only the value added at each stage. So the government states that this GST is ―one India one Tax‖.This paper focuses on the concept, the benefits which the country will accrue from GST, the impact of GST on manufacturing, entertainment and Service Sectors.