GST: The New Taxation System in India

Jai Prakash Garg
2017 International Research Journal of Management and Commerce   unpublished
There are various types of taxes prevailing in the country such as income tax, capital gain tax, security transaction tax, perquisites tax, corporate taxes, sales tax, service taxes, value added taxes, custom duty and octroi, excise duty, professional tax, municipal taxes, wealth taxes, entertainment taxes. The new system of taxation system in india GST has replaced all the indirect taxes such as service tax, excise duty except custom duty." GST is the only tax which affects the all sectors and
more » ... the all sectors and section of our Indian economy. The goods and service tax is aimed at creating a single, unified market that will benefit for both corporate and the economy. Goods and Service Tax is an indirect tax which the Government of India is planning to levy on all goods and services apart from those exempted by the GST law. The GST laws will put an end to multiple taxes which are levied on different products, starting from the source of manufacturing to reaching the end consumer. This GST bill bring the benefits for the Indian economy uniformity in computing tax on goods and services, elimination of double taxation, transparent pricing, double income, aiding GDP growth and discouragement of black money. The present research paper is an attempt to study concept of goods and service tax and its impact on Indian economy.