International Journal For Multidisciplinary Research

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An Analytical Study of the Various Provisions Relating to GST in India and Its Impact on the Indian Economy and Public Sector Undertakings After the Implementation of GST

Author(s) Shalu Mridha, Dr Bajrang Yadav
Country jndia
Abstract Fiveyears has passed since GST implemented in India. It was hoped that the burden of taxeswouldbereduced,Taxincomewillincreaseandeconomicdevelopmentinthecountrywillbeaccelerated with the new tax system. Now it is needed to analyze the overall performance of this taxsystem.In July 2017, GST Bill was launched in India. It is described as the biggest fiscal reform aimed atsimplifyingandrationalizingthepresentsystemoftaxationbytransformingthenationintoaamalgamated market through a dual levy (State and Central GST) mechanism. The strong federalstructure of government is particularly helpful for ensuring accomplishment of this model of revenuesharing. Moreover, inter–state supplies will create a center of attention for an Integrated GST, which willreplaceahostofindirecttaxesandlessertaxburdenbytaxingInter-Statebusinessdealsonlyonce.GST in India is a four tiered structure, with lower tax slabs (of 0% & 5%) aimed at making it lessregressive.FrancewasthefirsttointroduceGST in1954;since then160countries have adopteddifferent models of VAT/GST. VAT/GST rates differ widely among countries – from 5% in Canada to 22%in Italy. India has higher rate of GST at 18% as against other emerging market economics and likelynecessitated by the fact that indirect taxes continue to be the main supply of income for the government.Thisarticle providesa generalideaof Goods&ServicesTax(GST)inIndiabysynthesizingtheinformationavailableinthemostrecentgovernmentdocuments,newspaperreportsandarticles,published pre and post the launch of GST. It aims to provide an understanding of GST in comparison toprevious taxation regime and describes the global experiences of VAT/GST that was taken into accountbyRBI.IttouchesuponthechangesinGSTsubsequenttoitsrolloutandthus,providesanupdatedviewof variousdevelopmentsrelated to GSTin thecountry Themainobjectiveofthispaperistoanalyzethetrendinregistrationandreturnfiling,contribution from different forms of business to GST revenue, share of different states in GST collectionandtoexamine theimpactofCovid-19 pandemic on GST collection
Keywords GST,Registration,Invoice,ReturnFiling,CoronaPandemic,GSTRevenue Fiscal,ST Bill,TaxRegime,IndianTaxationPolicy
Field Mathematics > Economy / Commerce
Published In Volume 5, Issue 3, May-June 2023
Published On 2023-05-22
Cite This An Analytical Study of the Various Provisions Relating to GST in India and Its Impact on the Indian Economy and Public Sector Undertakings After the Implementation of GST - Shalu Mridha, Dr Bajrang Yadav - IJFMR Volume 5, Issue 3, May-June 2023.
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