• Dr. A. VAIDEKI

Abstract: GST is proposed to be a twofold levy where the Central Government will levy and collect Central GST (CGST) and the State will levy and collect State GST (SGST) on intra-state supply of goods or services. The Centre will also levy and collect Integrated GST (IGST) on inter-state supply of goods or services. Therefore GST is going to integrate various taxes being levied by the Centre and the State at present and provide a platform for forging an economic union of the country. This tax reform will lead to creation of a single national market, common tax base and common tax laws for the Centre and States. Another very significant feature of GST will be that input tax credit will be available at every stage of supply for the tax paid at the earlier stage of supply. This tax reform will be supported by extensive use of Information Technology [through Goods and Services Tax Network (GSTN)], which will lead to greater transparency in tax burden, accountability of the tax administrations of the Centre and the States and also improve compliance levels at reduced cost of compliance for taxpayers. The introduction of GST would promptly improve the economic growth and can possibly lead to additional GDP growth in the range of 1% to 2%. Therefore this study will be more helpful to know about the concept of GSTand revision of GST rates as per 47th GST Council Meeting different sectors in India.

Keywords: GST, Tax Rates, Tax Structures, Tax Exemptions, GDP.

"A study on Impact of Revised Goods and Service Tax Rates of 2022 in Indian Economy", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 1, page no.a347-a352, January-2023, Available :http://www.jetir.org/papers/JETIR2301044.pdf

"A study on Impact of Revised Goods and Service Tax Rates of 2022 in Indian Economy", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 1, page no. ppa347-a352, January-2023, Available at : http://www.jetir.org/papers/JETIR2301044.pdf