Title: ROLE OF GOODS AND SERVICE TAX TOWARDS CHANGING FACE OF ECONOMY

Biography:

He is the researcher scholar at Amity University, India

Abstract

The replacement of the Central excise duty of the government of India by Central Value Added Tax(CENVAT) and sales tax system of the State governments by the VAT marked a major mile stone in the reform process of indirect taxes in India. It addressed the cascading effect under the erstwhile system by giving set-off for tax paid on inputs as well as tax paid on previous purchases and resulted in a major simplification of the rate structure and broadening of the tax base. In this   perspective,   the   Central   government   has   entrusted Dr.Vijay Kelkar, Chairman of 13th Finance Commission to suggest a unified system of taxation in developed nations form the base behind introduction of GST in India. GST is one of the most crucial tax reforms in India which has been long pending. It was supposed to be implemented from April, 2010 but due to political issues and conflicting interests of various stakeholders it is still pending. This paper presents an overview of GST with its timeline of implementation in India. Moreover, this paper is an outcome of an exploratory research carried out by researcher to understand the concept of GST, to be implemented in India. Basic objective of study is to understand the present structure of Indirect Taxes, such as Central Exercise, Vat, Central Sales Tax, Service Tax etc. and the method of levy and collection of GST. Descriptive statistical tools are used to analyse and interpret data collected through secondary sources such as official web sites of Government.

Keywords: Goods and Service Tax, Value Added Tax, Central Value Added Tax, Various Stakeholders, Reforms, Economy.