Volume 2, Issue 4

AN ANALYSIS OF THE BASIC PRINCIPLES AND CHARACTERISTICS OF GST IN INDIA

Author

Mr.K.Ananthasuresh, Research Scholar (Part-Time) Dr.MGR Educational and Research Institute Maduravoyal, Chennai | Guide: Dr.A.Devendran Associate Professor, Faculty of Management Studies, Dr.MGR Educational and Research Institute Maduravoyal, Chennai

Abstract

ABSTRACT: This paper provides an outline of the key concepts and characteristics of GST in India. GST is one of the major indirect tax changes since the freedom of Indian. GST is the only indirect tax impacting all industries and parts of our economy. Ignorance of law is no justification nor is subject to panel rules, so why not start practicing GST to reduce ignorance costs. Therefore, we will all know this whether voluntarily or as a necessity. The aim of the Goods and Services Tax (GST) is to establish a new, uniform market that serves all business and economic interests. The altered GST-Goods indirect tax framework and service tax were expected to be implemented in India. This tax reform was adopted by many countries led by France, which became the first nation to adopt GST. It is expected to eliminate the pressure of current indirect taxation structure and play a significant role in India's development. GST contains all indirect taxes that lead to economic development and are more efficient than the existing tax regime. GST would also help pace the country's total Gross Domestic Product (GDP). GST simplifies the tax system and assists in the growth of the regional general sector. It is expected that the implementation of GST would similarly impact all sectors of the economy.

DOI

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