UGC Approved Journal no 63975(19)

ISSN: 2349-5162 | ESTD Year : 2014
Call for Paper
Volume 11 | Issue 3 | March 2024

JETIREXPLORE- Search Thousands of research papers



WhatsApp Contact
Click Here

Published in:

Volume 5 Issue 2
February-2018
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

7.95 impact factor calculated by Google scholar

Unique Identifier

Published Paper ID:
JETIR1802141


Registration ID:
180405

Page Number

843-847

Share This Article


Jetir RMS

Title

GOODS AND SERVICE TAX : - TAX TO UN-TAX THE INDIAN ECONOMY

Authors

Abstract

Indirect taxation system has evolved gradually in India, and mainly includes Customs Duty, Excise Duty, Service tax and VAT. These taxes are gradually refined so as to make them more systematic and easy to administer. MODVAT scheme was later replaced by CENVAT scheme in Central Excise and Sales Tax was further refined with the introduction of VAT at the state level. More gradual and systematic introduction of VAT in all the states turns out to be a very positive step. VAT made the credit of purchases to be used for off-setting the output tax liability, thereby effectively reducing the total tax outgo on purchases. But the states are limited in the administration of any tax by their geographical boundaries and hence the Credit of inter-state purchases is not allowed by states to be used for off-setting the output tax liability of a trader. So even VAT was limited in its application by the boundaries of state.Further only the Central government has the authority to tax Services. So, the trade-off of Credit between Service tax and VAT was also not possible. It is under these compelling circumstances, need was felt to conceive the idea of a tax which will have its authority pan India and allows for seamless transfer and utilisation of inward credit to offset any outward tax liability. GST (Goods and Services Tax) was the resultant output of this conceived idea, having its applicability throughout the territory of India and encompassing most of the indirect taxes hitherto existed in India. It was in the Union Budget of 2006-07, on 28th February 2006, the then Union Finance Minister proposed that GST would be introduced from 1st April 2010.GST is considered to be the most comprehensive and radical tax reform in India since independence. Integration of taxation on goods and services would provide India a world class tax system. It will lead to the abolition of various indirect taxes such as octroi, central sales tax, state level sales tax, entry tax, purchase tax, LBT etc. It would end distortions due to differential treatments of manufacturing and service sectors.GST is expected to provide a continuous chain of credit system and with the help of analytical software makes it quite difficult to evade taxes, thereby improving the tax base, which in turn leads to more revenue for the government

Key Words

Tax set-off, Input Credit, Credit Chain, Tax Evasion.

Cite This Article

"GOODS AND SERVICE TAX : - TAX TO UN-TAX THE INDIAN ECONOMY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 2, page no.843-847, February-2018, Available :http://www.jetir.org/papers/JETIR1802141.pdf

ISSN


2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"GOODS AND SERVICE TAX : - TAX TO UN-TAX THE INDIAN ECONOMY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 2, page no. pp843-847, February-2018, Available at : http://www.jetir.org/papers/JETIR1802141.pdf

Publication Details

Published Paper ID: JETIR1802141
Registration ID: 180405
Published In: Volume 5 | Issue 2 | Year February-2018
DOI (Digital Object Identifier):
Page No: 843-847
Country: Sonepat, Haryana, India .
Area: Management
ISSN Number: 2349-5162
Publisher: IJ Publication


Preview This Article


Downlaod

Click here for Article Preview

Download PDF

Downloads

0003021

Print This Page

Current Call For Paper

Jetir RMS