Goods and Service Tax

Abstract

This research paper has been prepared in partial fulfillment of the requirement of the subject: the research on the topic Goods and Service tax [GST]. A study on consumer perception towards goods and service tax in Chennai, Tamil Nadu.

The goods and service tax is all set to be a game changer for the Indian economy. The tax is expected to reduce the concept on “tax on tax”, increases the gross domestic product of the economy and reduce price. In India there are different indirect taxes applied on goods and services by central and state government. GST is intended to include all these taxes into one tax with seamless ITC and charged on both goods and services. Conceptually, GST is expected to have numerous benefits like reduction in compliances in the long run since multiple taxes will be replaced with the tax. It is expected to generate revenue for the country as the tax base will increase as the GST rate will be somewhere around 27% with both goods and services covered. It is also expected to make exports from India competitive and India a preferred destination for foreign investment since GST is a globally accepted tax. Unless the issues relating to GST has been overcome, the GST would become a bare wall without any scripts to describe in future.