International Research Journal of Commerce , Arts and Science

 ( Online- ISSN 2319 - 9202 )     New DOI : 10.32804/CASIRJ

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IMPLEMENTATION OF GOODS AND SERVICE TAX IN INDIAN ECONOMY IN PRESENT SCENARIO

    1 Author(s):  DR. LAXMAN LAL SALVI

Vol -  8, Issue- 8 ,         Page(s) : 256 - 260  (2017 ) DOI : https://doi.org/10.32804/CASIRJ

Abstract

Goods and Service Tax is the biggest tax reform in India. It was finally launched on the mid-night of 30-6-2017 in India. Goods and Service Tax law in India is a comprehensive, multi-stage, destination based tax that will be lived on every value addition. The single GST replaced several existing indirect taxes, multiple interfaces i.e. central excise duty, additional customs duty, surcharges, service tax, VAT, Entertainment tax and state-level value added tax. Under GST the goods and services are taxed in four tax slab and the rates are 5%, 12%, 18%, 28%. GST will be a milestone in the history of indirect taxes. This paper has been made to examine the features and impact of GST in Indian economy in different sectors i.e. educational institutions (pre and high schools) have been granted the exemption from GST however on other hand the manufacture and other sectors are affected much by GST.

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