Practices And Performance of Goods and Service Tax in India-Steps Towards Removal of The Cascading Effect

Author(s) : Mr. R. Srinivasa Rao,Dr. G. Sudhakar
ISSN : 0974 - 9497
Year : February 2023 | Volume : 15 | Issue : 1/4

Abstract:
Goods and service tax is an indirect tax reform which ultimately aims to remove the taxation barriers between states. This helps create a unified market which is unprejudiced towards state boundaries and provides unrestricted access to the entire nation to buy, sell, import, and export within the country. India is a federal democracy, and its constitution clearly divides authorities, responsibilities, and tax collection between the states and the central government. The adoption of the Goods and Services Tax is the next logical step towards extensive indirect tax reforms in India (GST).
The transition from a complex multi-layered indirect taxation system to a unified indirect taxation system would be triggered by the new GST regime. The GST (Products and Services Tax) is a consumption-based tax applied on goods and services at the point of ultimate or real consumption. The transition from a complex multi-layered indirect taxation system to a unified indirect taxation system would be triggered by the new GST regime. This article discusses how the GST was implemented in India. It focuses on the impact and consequences of GST on various stakeholders, such as customers, businesses, and the government.


Download File Download File Open File