Goods and Services Tax in India – A Review

Economic

A tax policy plays a significant role on the national economy of a country. The tax revenues act as a major source helps to invest the funds in public service and infrastructure development. A tax is a compulsory contribution to state revenue, levied by the government on personal income and business profits, or added to the cost of some goods, services, and transactions. The taxes in India can classify into two types direct taxes and indirect taxes. The impact and incidence of tax on the same person called as direct tax and the impact and incidence on other persons called as indirect tax .The Goods and Services Tax is a proposed indirect tax system merging most of the existing taxes into single system of taxation. The present paper intends to analyse the implications of Goods and Services Tax in India and to understand the basic concepts and features of Goods and Services Tax in India. One of the basic intension to implement the GST is to ensuring uniformity in collecting and levying taxes. The present study intends to discuss the impact of GST on various sectors in the economy as well as the relevance of GST.

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