An Economic Analysis of Goods and Services Tax in India

( Vol-5,Issue-6,June - June 2019 )

Author(s): Satvir Singh, Minakshi Choudhary

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Page No: 438-441
DOI: 10.22161/ijaems.5.6.13

Keywords:

GST.VAT, Taxation, Goods, Production

Abstract:

GST has been adopted by nearly 140 countries around the world. In this connection, the present paper is an attempt to find out an economic analysis of Goods and Services Tax in India. This paper found that some taxes of central and states taxes such as Central excise duty, Duties of excise, Additional duties of excise, Special Additional duties of custom, Services tax, State VAT central sales Tax and Purchase Tax, etc. would be subsumed in GST. This study also found some advantage such as Increase the Gross Domestic Product, Promotion of Exports, Reduction in the cost of production, Reduction in the transportation cost, Beneficial for the Low-income States, etc. and disadvantages such as Not inclusion of Some Commodities in the GST Rate, Multiple GST in different States, No decision on the GST Taxation Rate, Loss to some States, etc in adoption of GST in India. This paper also suggests that adoption of GST in India will be beneficial for long term and increase in GDP.

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