UGC Approved Journal no 63975(19)

ISSN: 2349-5162 | ESTD Year : 2014
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Published in:

Volume 7 Issue 3
March-2020
eISSN: 2349-5162

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

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Published Paper ID:
JETIR2003038


Registration ID:
229318

Page Number

232-238

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Title

GOODS AND SERVICE TAX - AN OVERVIEW

Authors

Abstract

GST is new indirect tax regime applicable with effect from 1st July 2017, with the motto ‘one nation, one tax, one market’. It is consumption based tax system and is applicable for all supply of goods and services. The system of GST is born by amalgamating a large number of indirect taxes of central and state government. The main aim of GST is to mitigate the effect of tax cascading and tax pyramiding. Goods and service tax law while having unique principles, has significant element of prior central and state laws, and is also inspired by VAT/GST legislation of EU, Malaysia, Australia etc, along with international VAT/GST guidelines of OECD. This paper is intended to give a bird’s- eye view to the present indirect tax system and its impact on commoner. This study is a theoretical one and it is based on secondary data. There were many hurdles faced by the country for introduce the system of GST. One of the main barriers in the introduction stage is that the urge to amend the constitution. Through the 101st constitution amendment, GST become a matter of concurrent jurisdiction of the centre and states. Thus with effect from 1st July 2017, the indirect tax system in the country was unified and streamlined in the form of a single goods and service tax.

Key Words

GST – Goods and Service Tax

Cite This Article

"GOODS AND SERVICE TAX - AN OVERVIEW", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.7, Issue 3, page no.232-238, March-2020, Available :http://www.jetir.org/papers/JETIR2003038.pdf

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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 - AN OVERVIEW", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.7, Issue 3, page no. pp232-238, March-2020, Available at : http://www.jetir.org/papers/JETIR2003038.pdf

Publication Details

Published Paper ID: JETIR2003038
Registration ID: 229318
Published In: Volume 7 | Issue 3 | Year March-2020
DOI (Digital Object Identifier):
Page No: 232-238
Country: -, -, --- .
Area: Engineering
ISSN Number: 2349-5162
Publisher: IJ Publication


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