Open AccessImpact of gst in india
Author(s) -
Namasivayam,
Sri Padma Abirami P,
S Ramprakash
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.2017.42
Subject(s) - excise , ad valorem tax , government (linguistics) , indirect tax , goods and services , value added tax , tax reform , duty , service (business) , business , tax credit , public economics , state (computer science) , economics , economy , political science , macroeconomics , computer science , law , linguistics , philosophy , algorithm
Goods and Service Tax or GST as it is known is all set to be a game changerfor the Indian economy. The Finance Minister in his budget speech of Budget 2015 hasannounced time and again that the tax will be introduced on 1 April, 2016. In India, there aredifferent indirect taxes applied on goods and services by central and state government. GSTis intended to include all these taxes into one tax with seamless ITC and charged on bothgoods and services. Thus excise duty, special additional duty, service tax, VAT to name afew will get repealed and will be added into GST. For this, GST will have 3 parts – CGST,SGST and IGST. The central taxes like excise duty will be subsumed into CGST and statetaxes like VAT into SGST .This paper deals with the impact of GST in India