GST and Its Impact on Indian Economy

Author (s) : Dr.P.SANKAR

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Abstract :
The research paper is concerning effect of GST on Indian Economy. With the introduction of GST There is a situation chaos and confusion among commonplace guy. The intention this paper is to provide an explanation for the mechanism of GST and its results on Indian financial system. In India, the idea of GST turned into pondered in 2004 by using the Task Force on implementation of the Fiscal Responsibility and Budget Management Act, 2003, named Kelkar Committee. The Kelkar Committee turned into satisfied that a dual GST device will be able to tax almost all the goods and services and the Indian financial system shall be able to have wider market of tax base, improve sales collection via levying and series of indirect tax and extra pragmatic approach of efficient resource allocation. Under the Goods and Service Tax mechanism, all of us is be vulnerable to pay tax on output and shall be entitled to revel in credit on input tax paid and tax shall be best on the quantity of price introduced. The historical GST or goods and offerings tax has emerge as a reality. The new tax system turned into launched at a feature in Central Hall of Parliament on 1st July, 2017 (Friday midnight). GST, which embodies the principle of "one nation, one tax, once and marketplace" is geared toward unifying the countries’ $2 trillion economic system and 1.3 billion human beings into a not unusual marketplace. Under GST, goods and services fall below five tax classes: 0 per cent, 5 percent, 12 percent, and 18percent and 28 per cent. For corporates, the elimination of a couple of taxes will enhance the convenience of doing business.

Keywords : Bariatric surgery, Post-operative, Restrictive surgery, Malabsorptive surgery

Conference Date : 17/09/2021

Pages : 8

Paper ID : IESMDT7