GST: A Major Tax Reform Impacting Indian Businesses

Gyan Management Journal
Year: 2016 (Jul-Dec), Volume: (10), Issue. (2)
First page: (95) Last page: (100)
Online ISSN: A/F
Print ISSN: 2250-348X
doi: 

GST: A Major Tax Reform Impacting Indian Businesses
A.K. Mittal

1Professor, GJIMT, Mohali

Corresponding author email id:

Received:
09 Sep 2016

Accepted:
20 Oct 2016

Online Published:
16 Nov 2016

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ABSTRACT

The Goods and Services Tax, one of the biggest  reforms in India’s indirect tax structure, is  likely to revolutionise the Indian economy in  an unprecedented manner. As envisaged, GST  will propel GDP growth to newer heights,  lower income disparity and simplify decision  making of businesses. The GST rollout will be a  milestone for the nation as its implementation  will have a far-reaching impact on the Indian  economy. GST is a value-added tax levied at all points in  the supply chain with credit allowed for any  tax paid on input acquired for use in making  the supply. It would apply to both goods and  services in a comprehensive manner, with  exemptions restricted to a minimum.

Keywords

Goods and Services Tax, GDP , value-added tax