• SUSHANTH S B

The goods and service tax which is based on the concept of one nation one tax is a comprehensive indirect tax system which has made a revolution in the indirect taxation our country. It is introduced in the constitutional 101st amendment. It brings in purview of large amount of indirect taxes like vat tax, service tax, entertainment taxes etc. in a single system. Its subsumes the taxes into various slab rates in which the basic daily usage goods are taxed between 0% and 5% and agricultural products are taxed 0%. It brings and advantage of input tax credit and goods are taxed under each place of value added in it which avoids cascading of taxes. The GST Act establishes GST council to decide on matters of tax slab rates and some other matters of GST with union finance minister as its chairman. This single system of taxation will improve the ease of doing business which boosts the make in India programme. There are three types of GST’s i.e. CGST which is central goods and service tax which is levied and collected by centre for supply of goods and service and SGST which will be levied and controlled for supply of goods and service within the state and the Centre will levy the Integrated GST (IGST) on the interstate supply of goods and services, and apportion the state’s share of tax to the state where the good or service is consumed. However the goods like alcoholic beverages for human consumption and certain other petroleum products will be out of purview of GST however they may be taxed under GST in future if GST council recommends. However there are various flaws and draw backs in the GST system. The system of GST is so complicated and so it can’t be understood by an ordinary tax payer. The multiple tax brackets which make goods more complicated to tax. The input tax credit of CGST and SGST cannot be cross utilised. Thus this article provides an analysis on how its implemented on society and its implications and it gives details on composition and structure which is considered to be India’s first federal structure and it also gives a critical analysis on its flaws and suggestions to improve the GST regime in the country.

"GOODS AND SERVICES TAX", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.777-791, June 2019, Available :http://www.jetir.org/papers/JETIR1907994.pdf

"GOODS AND SERVICES TAX", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp777-791, June 2019, Available at : http://www.jetir.org/papers/JETIR1907994.pdf