Gst-Nation on The Path Of One Tax

Geetanjali Bhutani

Abstract


Goods & Service tax is a comprehensive value added tax on goods and services. It is collected on value added at each stage of sale or purchase in supply chain. There is no differentiation between the goods & services for the levy of taxes. It passes through all stages of production & distribution that’s why the tax is borne by the final consumer.GST subsumed 17 indirect taxes in order to single tax system. It also provides the benefit of input tax credit. Input tax credit is the backbone of GST taxation system. The concept of GST was first mooted in 2000 under the Prime Minister ship of Shri Atal Bihari Vajpayee in India. Then the recommendations of various committees and efforts of number of joint working groups of officials of Centre and State Government result into the launch of GST on July 1, 2017. The GST reform is expected to bring in a lot of changes in Indian economy. The present structure of Indirect Taxes is very complex in India. There are so many types of taxes that are levied by the Central and State Governments on Goods & Services. This paper studies the impact of GST on Indian economy.


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