A Comprehensive Analysis Of Goods And Services Tax (GST) In India

Maruthi M. V.
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Abstract

The Goods and Services Tax (GST), implemented on July 1, 2017, is regarded as a major taxation reform till date implemented in India since independence in 1947. GST was planned to be implemented in April 2010, but was postponed due to political issues and conflicting interest of stakeholders. It is a comprehensive tax system that will subsume all indirect taxes of states and central governments and unified economy into a seamless national market. The primary objective behind development of GST is to subsume all sorts of indirect taxes in India like Central Excise Tax, VAT/Sales Tax, Service tax, etc. and implement one taxation system in India. The GST based taxation system brings more transparency in taxation system and increases GDP rate from 1% to 2% and reduces tax theft and corruption in country. The paper highlighted the background of the taxation system, the GST concept along with significant working, comparison of Indian GST taxation system rates with other world economies, and also presented in-depth coverage regarding advantages to various sectors of the Indian economy after levying GST and outlined some challenges of GST implementation.
印度商品和服务税(GST)的综合分析
2017年7月1日实施的商品和服务税(GST)被认为是印度自1947年独立以来实施的一项重大税制改革。GST计划于2010年4月实施,但由于政治问题和利益相关者的利益冲突而被推迟。这是一种综合税制,将所有邦、中央政府间接税和统一经济纳入一个无缝的全国市场。GST发展背后的主要目标是纳入印度的各种间接税,如中央消费税,增值税/销售税,服务税等,并在印度实施一个税收制度。基于商品及服务税的税收制度提高了税收制度的透明度,将GDP率从1%提高到2%,减少了国家的税收盗窃和腐败。本文强调了税收制度的背景,商品及服务税的概念以及重要的工作,印度商品及服务税税制税率与其他世界经济体的比较,并深入报道了征收商品及服务税后印度经济各部门的优势,并概述了商品及服务税实施的一些挑战。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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