1Assistant Professor, MAEER's, MIT College of Engineering's, Centre for Management Studies and Research, Kothrud, Pune-411038, Maharashtra, India
2First Year MBA Student, MAEER's, MIT College of Engineering's, Centre for Management Studies and Research, Kothrud, Pune-411038, Maharashtra, India
3First Year MBA Student, MAEER's, MIT College of Engineering's, Centre for Management Studies and Research, Kothrud, Pune-411038, Maharashtra, India
4First Year MBA Student, MAEER's, MIT College of Engineering's, Centre for Management Studies and Research, Kothrud, Pune-411038, Maharashtra, India
Online published on 27 July, 2017.
The Good and Services Tax (GST) is the major and important indirect tax reform since 1947. The core idea of GST is to replace existing tax system like Excise Duty, Service Tax, Sales Tax and VAT. It will be imposed on manufacturing, selling and consumption of goods and services. GST is expected to address the cascading effect of the existing tax structure and result in uniting the country economically. The paper highlights the background, objectives of the proposed GST and the impact of GST in the present tax scenario in India. The paper further explores various benefits and opportunities of GST. Finally, the paper examines and draws out a conclusion.
Researchers aim to study the short term and long term effects of GST on various sectors of economy, GDP of our country and looking forward to the overall use of technology to make the system transparent and efficient stating the role of technology in the co-ordination between Central and State Government. Researchers will also look into the pictorial framework of employment generation due to GST and its effect on services sector. Around seventy percent of income is through agriculture in India, hence it is vital to study the effect of GST on this sector of economy.
GST, Impact, Economy, GDP, Opportunities and Implementation
