PROMOTION OF GOODS AND SERVICE TAX FOR ENSURING ECONOMIC SUSTAINABILITY IN INDIA
DOI:
https://doi.org/10.29121/shodhkosh.v5.i6.2024.3506Keywords:
Economic Sustainability, Goods and Service Tax, Cascading Effect, Employment Opportunities, Government Reference, TransparencyAbstract [English]
Economic sustainability refers to the balanced economic growth with the positive impact on the environment and the people. It ensures equal justice to each and every aspect of the Economy. The Goods and Service Tax (GST) can contribute to economic sustainability in India in several ways such as it has replaced the multiple taxes with a single tax which has made easier for the business to comply with tax laws and reduced their overall tax burden. It has helped to reduce double taxation by removing cascading effects, which has led to lower production cost and ultimately lower prices. This has made Indian production more competitive in both domestic and international market. Not only that it will increase the government revenue in the long run by increasing demand and level of consumption which ultimately goes to promote production and employment opportunities in the country. This makes system more transparent which is beneficial for the buyer and seller both. GST is expected to increase state government revenue which can help to ensure a sustainable debt position. Thus, GST has been identified as an effective tool for ensuring economic sustainability in the country where the role of the Government will be examined in detail in this paper by highlighting the initiatives taken in this regard so far.
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