Challenges in Implication of G.S.T. in India

Author: Krishna K. Verma

Abstract:
At present in India, there are various type of taxes being levied differently by Central and state government like Central Excise Duty, Service Tax and Customs Duties at the Central level and VAT (value-added tax), Entertainment Tax, Luxury Tax or Lottery Taxes at state level. All these will be replaced by one single point of taxation i.e. GST. GST may usher in the possibility of a collective gain for industry, trade, agriculture and common consumers as well as for the Central Government and the State Government. The bill aims to eliminate the cascading effect of taxes on production and distribution prices on goods and services. Today it is highly relevant to achieve the high growth in the economy. It may also reduce corruption and bring more efficiency in running businesses. In this paper we have discussed the impact of GST on the society in the different angles and those challenges which will be faced on the implementation of GST in India.

Keywords:GST, Economy, Indirect Taxes, Multiple points of taxation, Subsume, Multiple rates. Cascading effect, GST, Indirect tax reforms, common market, VAT, Unified common market

DOI:

International Journal of Trade & Commerce (Vol: 5 Issue:2)