Impact of GST on GDP of Indian Economy - A Study

Impact of GST on GDP of Indian Economy - A Study
Author(s):
Dr.N.L.Vijaya
Keywords:
Tax, GST, GDP, Indirect Tax, cascading effect
Abstract
A Tax is a mandatory financial charge or some other type of levy imposed upon a tax payer by the governmental organization in order to fund various public expenditures. Governments use different kinds of taxes and vary tax rates. They do this in order to distribute the tax burden among individuals or class of people. To create a tax system, a state must make choice regarding the distribution of tax burden. GST is levied on all transactions such as sale,transfer, purchase, barter, lease, import of goods and services.It is a consumption based tax, taxes are paid to the state which the goods or services are consumed not the state in which it is produced. The main intention is to avoid the double taxation system and to eliminate cascading effect of tax in our country. Since GST is a transformational tax reform in our country since independence, it has a huge impact on GDP of our economy. This paper tries to study such invariable effect of GST on GDP and its consequences on the overall business activities. GST can be termed as “one Tax, one Nation and one Market”. GST is highly compliance driven law.
Article Details
Unique Paper ID: 158842 Publication Volume & Issue: Volume 4, Issue 5 Page(s): 278 - 281
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