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GST (GOODS AND SERVICE TAX) ITS IMPACT ON INDIAN ECONOMY
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Author(s):
DR. SUTINDER SINGH
Vol - 8, Issue- 9 ,
Page(s) : 120 - 127
(2017 )
DOI : https://doi.org/10.32804/CASIRJ
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Abstract
The Goods and Services Tax (GST) is a value added tax to be implemented in India, thedecision on which is pending.GST is the only indirect tax that directly affects all sectors and sections of our economy. The goods and services tax (GST) is aimed at creating a single, unified market that willbenefit both corporate and the economy. Under the GST scheme, no distinction is made between goods and services for levying of tax. In other words, goods and services attract the same rate of tax. GST is a multi-tier tax where ultimate burden of tax fall on the consumer of goods/ services. It is called as value added tax because at every stage, tax is being paid on the value addition.Goods and Service Tax is a comprehensive tax levy on manufacture, sale and consumption of Goods and services.
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