International Research Journal of Commerce , Arts and Science
( Online- ISSN 2319 - 9202 ) New DOI : 10.32804/CASIRJ
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GOODS AND SERVICE TAX : IT'S IMPACT ON INDIAN ECONOMY
1 Author(s): NISHITA GUPTA
Vol - 5, Issue- 3 , Page(s) : 130 - 137 (2014 ) DOI : https://doi.org/10.32804/CASIRJ
Vat was introduced into the Indian taxation system from 1 April 2005. Vat is a significant improvement over the local sales tax system. At the state level the advantage of vat is that it is a multi-point tax with set-off for tax paid on purchases and it prevents repeated taxation of the same product. Despite the success of vat there are still certain limitations in the structure of vat both at the central and at the state level. To solve the issues untouched by vat the then Finance minister Pranab Mukherjee while presenting the budget on July 6, 2009, said that GST would come into effect from April 2010.