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    GST (Impact On Common Man)

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    Kajal kumari
    The document discusses the introduction and implementation of Goods and Service Tax (GST) in India and its impact on common people. GST replaced multiple indirect taxes levied by central and state governments with a single, unified tax. It is expected to boost India's GDP by 1-2% and decrease tax collection costs for the government. While GST implementation posed challenges, it aims to benefit the economy and society overall by reducing the tax burden on common people through lower prices and increased demand.

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    GST (Impact On Common Man)

    Uploaded by

    Kajal kumari
    77 views2 pages
    The document discusses the introduction and implementation of Goods and Service Tax (GST) in India and its impact on common people. GST replaced multiple indirect taxes levied by central and state governments with a single, unified tax. It is expected to boost India's GDP by 1-2% and decrease tax collection costs for the government. While GST implementation posed challenges, it aims to benefit the economy and society overall by reducing the tax burden on common people through lower prices and increased demand.

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    The document discusses the introduction and implementation of Goods and Service Tax (GST) in India and its impact on common people. GST replaced multiple indirect taxes levied by central and state governments with a single, unified tax. It is expected to boost India's GDP by 1-2% and decrease tax collection costs for the government. While GST implementation posed challenges, it aims to benefit the economy and society overall by reducing the tax burden on common people through lower prices and increased demand.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    77 views2 pages

    GST (Impact On Common Man)

    Uploaded by

    Kajal kumari
    The document discusses the introduction and implementation of Goods and Service Tax (GST) in India and its impact on common people. GST replaced multiple indirect taxes levied by central and state governments with a single, unified tax. It is expected to boost India's GDP by 1-2% and decrease tax collection costs for the government. While GST implementation posed challenges, it aims to benefit the economy and society overall by reducing the tax burden on common people through lower prices and increased demand.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    GST – And Its Impact on Common Man

    Abstract: The introduction of Goods and Service Tax is one of the biggest tax reforms for India.
    Goods and Service Tax is an indirect tax applicable throughout India which replaced multiple
    cascading taxes levied by the central and state governments. GST is not just a tax change but it will
    benefit the economy as a whole and have far reaching impact on business. GST was initially
    proposed to replace a slew of indirect taxes with a unified tax. As GST implementation in India is
    dual in nature i.e., the taxes are levied at central, state level and union territories. The GST which is
    implemented from 1st July 2017 with the aim of replacing current complex structure of multiple
    indirect taxes .since the central and state taxes are likely to be subsumed under GST, it may results
    in fungibility of tax credit across intra and interstate transactions. The Indian GDP growth by 1-2 %
    would be boost up because of GST implementation .GST is expected to decrease the cost of
    collection of tax revenues of the government and will lead to higher revenue efficiency. It is the
    biggest way to mobilize revenues and reduce the fiscal deficit .GST has been commonly accepted by
    more than 140 countries in the world looking at the magnitude, GST is going to impact all the
    sections of the society from small time businessmen to huge conglomerates and from a developing
    state to developed state in the country. The implementation of GST will give a boost to the growth
    engine pursued by government. This paper studies about the concept of GST in India. It also
    highlights the challenges in implementation of GST in India. The purpose of present study is to
    analyze the impact of GST on common man.
    Introduction
    GST was implemented on 1st July 2017 .Goods and service tax is a futuristic tax with the goal of
    making India a global participant .India has witnessed substantial reforms in indirect taxes over the
    past two decades .GST is the biggest tax reform in India .Indian government has structured GST for
    efficient tax collection, reduction in corruption, easy interstate movement of goods etc…India does
    not follow in ideal VAT. Central sales tax which the central imposed on the sale of goods from one
    state to another will continue in different from called IGST. It has taken 17 years (2000-2017) for the
    GST to come into force. It is a dual taxation regime, where the only two components will be central
    GST (CGST) and state GST (SGST).

    Scope

    The scope of the study is extended to understand the concept of GST, its impact and implementation in India.

    Objective

     The purpose of this study is to examine the impact of GST on common in India.
     This paper examines how different taxes under GST impacted consumer or common man in
    India.
     The identify the benefits of GST in India.

     The understand the concept of GST and the kind of implementation.

    Purpose

     GST removes cascading effect of taxes.


     Lowers the burden of tax on manufacturing sector, due to which manufacturing costs
    will be reduced and prices for consumer will come down.
     GST lowers the burden on common man.
     Decreased prices will lead to increase in demand/consumption of goods.

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