Goods and Services Tax in India -Paradigm Shift in Taxation

Dr Gurudutta Pradeep Japee
2018 International Journal for Research in Applied Science and Engineering Technology  
In this world nothing can be said to be certain, except death &taxes Mr. Benjamin Franklin Goods & Services Tax (GST) has been a much awaited tax reform in India, though India joined very late. France was the first nation to introduce GST in 1954. The OECD has reported the most important development of taxation in more than 162 countries having this form of indirect taxation. However, Looking to the Federal structure of India, its size and scale, GST will be regarded as a major financial reform
more » ... in the country. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017. In this article, we take a closer look at what is GST and the reason why it is making business and taxes simpler and easier, How GST is evolve in India and in foreign countries, and what will be the future direction of the GST in India.
doi:10.22214/ijraset.2018.1358 fatcat:svaoit3dkja4hprozrfotpcyca