Impact of Goods and Services Tax on Indian Economy – Logistic Sector

Rishabh Nigam

doi:10.36948/ijfmr.2023.v05i03.2929

Impact of Goods and Services Tax on Indian Economy – Logistic Sector

Author(s)	Rishabh Nigam
Country	India
Abstract	Important new legislation in India is the Goods and Services Tax (GST). The GST Act bill was first adopted by the Rajya Sabha on August 6, 2016, and then by the Lok Sabha on August 8, 2016. On July 1, 2017, the legislation will go into force. All value creation is subject to the Goods and Services Tax (GST), which is a multi-stage, destination-based tax. Products and services are subject to this kind of tax based on the location of the final consumer. It is proposed that all steps, from manufacturing to consumption, be taxed, with the potential to reclaim taxes already paid. In a nutshell, the final customer is liable for all taxes, and value added to a product or service is subject to taxation. Input Tax Credit (ITC) was made accessible across the whole value chain, and the government benefited greatly from this since GST consolidated a broad range of national and state taxes on most goods and services. The number of tax brackets has decreased to a historic low. The creation of a consolidated digital platform for use by taxpayers is also well underway. More than 26 months and many policy changes later, it seems that not everything has gone as planned. This, however, was not completely out of the question, and the government was prepared to suffer short-term losses in exchange for long-term gains. The tax rates and number of tax bands under India's Goods and Services Tax (GST) are among the highest and most extensive in the world. The rising technical and regulatory obstacles only make life more difficult. The government has enhanced the GST collection goal to Rs. 1.10 crore per month commencing in December 2019 to guarantee revenue collection according to objectives. It is the duty of GST officers to ensure that the appropriate GSTR-1 and 3B returns are filed if penalties or fines were waived at a recent GSTC meeting. Taxpayers who want to avoid penalties must come forward and file their returns by January 10, 2019. The existing GST cannot be considered flawless since it does not apply to all products and services, there are difficulties to collecting input tax credits, and GST rates are often skewed.
Keywords	Impact Of Goods And Services Tax On Indian Economy – Logistic Sector
Field	Business Administration
Published In	Volume 5, Issue 3, May-June 2023
Published On	2023-05-06
Cite This	Impact of Goods and Services Tax on Indian Economy – Logistic Sector - Rishabh Nigam - IJFMR Volume 5, Issue 3, May-June 2023. DOI 10.36948/ijfmr.2023.v05i03.2929
DOI	https://doi.org/10.36948/ijfmr.2023.v05i03.2929
Short DOI	https://doi.org/gr7hcv

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Impact of Goods and Services Tax on Indian Economy – Logistic Sector

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