GOODS AND SERVICES TAX: A STUDY ON ROAD MAP FOR 2017
DOI:
https://doi.org/10.29121/granthaalayah.v4.i9.2016.2529Keywords:
GST, Sales tax, Excise Duty, Customs Duty, Road mapAbstract [English]
The paper covers the scope of GST and the history of the taxation system in India.
The word tax is derived from the Latin word ‘taxare’ meaning, to estimate. “A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is any contribution imposed by government whether under the name of toll, tribute, impost, duty, custom, excise, subsidy, aid, supply, or other name.” Taxes in India are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such as Municipality or Local Council. The paper consists of the demerits of existing taxation system, challenges and opportunities of the GST and the latest amendments with the road map for 2017. With the help of this paper we get the overview of the current amendments and the future efforts to be made in the implementation of GST.
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References
“An insight of GST in India” by The Institute Of Cost Accountants Of India (October 2015)
Srinivasan Pagaltrivarthi “GST: Analysis, Finding and suggestions” International Tax Research and Analysis Foundation; Occasional Paper 1(December 2015)
G. Raghuram, K.S. Deepa “Goods And Services Tax: The Introduction Process” W.P. No.2015-03-01, March 2015.
“Moving to Goods and Services Tax in India: Impact on India’s Growth and International Trade” A report by National Council of Applied Economic Research
Atul Patel, Aurobinda Panda “The Impact of GST on the Indian Tax Scene” SSRN Id: 1868621 (August 2015).
Jayanta Roy Chowdhury “Goods and Services Tax The Roadmap Ahead” Employment News (August 2016)
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