Abstract: This paper focuses on the Goods and Services Tax (GST) is an indirect form of tax which is applied to the cost of certain goods and services. The consumer pays price plus the GST value on the supply of goods and services right from the manufactures to the consumer credit. In India GST was implemented from 1st JULY 2017 under the council of Arun Jaitely.
The main objective behind the implication of GST is to eliminate the double tax and in the long run it will be used as a measure to reduce the inflation. There are certain key decisions which were taken under the GST Council such as implication of the E-way bill implication in the return filing. The E-way bill is the additional constituent of the GST in a way that it is required to generated for movement of goods’ worth more than rupees 50,000. Any negotiated person moves a consignment worth rupees is support tendure detail or receipt in GST. Through this the Government hopes to flag tax and cause business to flourish.
There are certain advantages and disadvantages of GST. It eliminates the rapid effect of tax and has a composition scheme for small businessman. It has improved efficiency of logistics. It has negative impact on the real estate as well as the aviation industry is the worst hit. The learning of GST is difficult for a layman to understand. Thus with, the advent of GST large number of Central and state laws have been amalgamated into one single tax. It is one of the best decisions taken by the Indian Government and it is being celebrated as the financial independence in India. Hence it is a much accepted regime became it does away with multiple taxes rates by the centre.
Keywords: Goods and Services Tax (GST), E-way Bill, Indian Economy, GST Council.
Title: GOODS AND SERVICES TAX AND ITS RELEVANCE
Author: Payal Sharma
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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