GST and its Impact on Various Sectors in India
- Author Jagdeep Singh
- DOI
- Country : India
- Subject : Commerce
Keywords : GST, CST, VAT, State Surcharge, Service tax
Abstract
Goods and Service Tax is a comprehensive tax levy on manufacture, sale and consumption of goods and services. GST is termed as greatest tax reform in Indian Tax Structure. It won't be an additional tax; it will include central service tax, excise duty additional duties of customers at the central level, VAT, CST, Entertainment tax, Luxury tax, State Surcharge, Octroi, Lottery tax and other surcharge on supply of goods and services. The motive behind GST is to supplant all these duties with single complete duty, presenting to everything under single umbrella. The purpose is to eliminate cascading effect of tax. This paper will throw light on GST its features and also impact of GST on various sectors.
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