GST in India: Impact and Challenges

IOSR Journal of Business and Management (IOSR-JBM), e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 19, Issue 12. Ver. IV (December. 2017), PP 07-10

4 Pages Posted: 16 Feb 2018

See all articles by Subhamoy Banik

Subhamoy Banik

Calorx Teachers University; K.K. University - Department of Commerce and Management

Advocate Arundhuti Das

K.K. University - Department of Law

Date Written: February 5, 2018

Abstract

GST or Goods and Services Tax, the greatest tax reform in India since independence which has been long pending. GST is meant to simplify the indirect tax regime of India by replacing a host of taxes by a single unified tax. GST is the only indirect tax that directly connects all the sector of Indian economy thus enhancing the economic growth of the country by creating a single unified market. More than 160 countries of the world have implemented GST so far followed by France. The idea of GST in India was proposed by AtalBihari Vajpayee in 1999 and a committee was set up under the leadership of Asim Das Gupta the then finance minister of West Bengal. It was supposed to be implemented from 1st April 2010 under flagship of P Chidambaram the then finance minister of UPA government but due to political issues and conflicting interests of various stakeholders it did not came into force. In May 2016 the constitutional amendment bill for GST was passed by LokSabha and deadline of 1st April 2017 to implement GST was set by ArunJaitley the finance minister of India. However, there is a huge outcry against its implementation. This paper presents an overview of GST concept, advantages and explains its features along with focused in challenges faced by India in execution.

Keywords: Goods and services Tax, Indirect tax, Indian economy

Suggested Citation

Banik, Subhamoy and Das, Advocate Arundhuti, GST in India: Impact and Challenges (February 5, 2018). IOSR Journal of Business and Management (IOSR-JBM), e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 19, Issue 12. Ver. IV (December. 2017), PP 07-10 . Available at SSRN: https://ssrn.com/abstract=3118067

Subhamoy Banik (Contact Author)

Calorx Teachers University ( email )

Near Greenwud Resort, Vaishnodevi Circle, Sardar P
Ognaj, Post Office Chandlodia, Ahmedabad, Gujarat
Ahmedabad
India

HOME PAGE: http://www.ctu.org.in

K.K. University - Department of Commerce and Management ( email )

Nalanda, Bihar
India
8420040727 (Phone)

HOME PAGE: http://kkuniversity.ac.in/

Advocate Arundhuti Das

K.K. University - Department of Law

Nalanda, Bihar
India

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