International Research journal of Management Sociology & Humanities
( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH
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IMPLEMENTATION OF GOODS AND SERVICES TAX (GST) AND ITS IMPACT ON INDIAN ECONOMY
1 Author(s): VANDNA
Vol - 9, Issue- 6 , Page(s) : 111 - 113 (2018 ) DOI : https://doi.org/10.32804/IRJMSH
The much awaited Goods and Services Tax (GST) Law was introduced in India on 01.07.2017 which has subsumed various Indirect Tax Laws. In-troduction of GST was aimed to boost up India Economy by simplifying the then existing tax laws such as Central Excise Law, Service Tax Law, State-VAT Laws, Central Sales Tax Law, Laws relating to Entry Tax & Oc-troi etc. Considering international experience on GST, it was apprehended that GST in India would also increase inflation with its introduction, however, the post-implementation impact were quite surprising as India did not no-tice inflationary due to GST. This was possible due to specific provision under GST Law to control prices by supervising anti-profiteering activities. Thus, the experience of GST has been quite positive on Indian Economy.
1. Central Goods and Services Tax Act, 2019 Law as introduced by Hon’ble Parliament 2. Website of Central Board of Indirect Tax and Customs (CBIC) 3. Reports by Big Four Consultancy Firms