Implementation of GST in India: A Significant Economic Reform after Independence
- Author Dr. Mohammad Ashraf Malla
- DOI
- Country : India
- Subject : Commerce
Keywords : Goods and Services, Indirect tax, input tax credit, Set off, CGST, IGST, SGST, GSTN
Abstract
Subsuming a plethora of Central and State indirect taxes, the implementation of GST in India is considered to be a major reform in its indirect tax system after independence. GST is a destination based tax on consumption of goods and services. It is levied at all stages right from the manufacturer up to the finial consumption with input-tax-credit set off facility. In short only value addition at each stage of production and distribution chain is taxed and the final brunt of tax is faced by the ultimate consumer. With the passage of time, GST will remove all the weaknesses of the erstwhile indirect tax system and will contribute significantly to the economic growth of the country. This paper provides an over-view of the features and benefits of the new tax system for its stoke holders and also suggests some measures to make it more friendly to the stake holders.
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