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Economics I Synopsis
Economics I Synopsis
Economics I Synopsis
On
An analysis of GST
INTRODUCTION
Goods and Services Tax (GST) is an indirect (or consumer tax) tax on goods and services
supplied in India. It's a full, multi-stage, destination tax: comprehensive because almost all
indirect taxes have been subsumed, except a few state taxes. Multilateral as it is, GST shall,
in every stage of the production process, be levied on the basis of a tax on consumption and
not as a point of origin, such as previous taxes, but shall not be reimbursed to all parties at
various production stage other than the final consumer. On 1 July 2017 GST comes into
enforced.
The tax was implemented by the Indian government on 1 July 2017 through the one hundred
and first amendment of India's Constitution. The current taxes levied by central and state
governments were superseded by the GST.
STATEMENT OF PROBLEM
State to state differs in VAT rates and regulations. And it was noted that states often use to
cut these rates to attract investors. As a result, both central and state governments will lose
revenue.
HYPOTHESIS
GST introduces consistent fiscal laws across various industries across all states. Taxes here
will be divided between the government of the central and the state on the basis of an
advanced formula. Furthermore, services and goods would be much easier to offer uniformly
across the nation, as there will be no additional taxes.
REVIEW OF LITERATURE
RESEARCH OBJECTIVE
RESEARCH QUESTIONS
1. What is GST?
2. How GST impact India?
METHODOLOGY
This project is largely based on the doctrinal method of data collection which has been
collected from various books, journals, articles available on the subject.
CHAPTERIZATION
1. Tax
2. Goods and services tax
3. Indian taxation system before GST
4. History of GST
5. Structure of GST
6. Advantages and disadvantages of GST
7. Conclusion