Authors
siddharth dhawan
Abstract
This research paper is based upon the recently passed law by the parliament labeled as Goods and Service tax Act. It deals with the origin, meaning, working and influence of the Goods and Service Tax upon the Indian Economy. Introduction to this Research paper emphasis on the meaning of the Goods and Service Tax and the nations who opted for the same. There after it shows that how the Goods and Service Tax replaced the existing indirect system of our country. Timeline of the Goods and Service Tax is also an essence of this paper, which is followed by the constitutionality of this Act. Later it shows the main features of the 122ndAmendment Bill 2014. After the introduction, comes the working of this Goods and Service Tax bill which is explained with the help of 2 Examples. Impact of this Goods and Service Tax act has been focused upon 2 areas I.e. impact upon the economy and the impact upon the second-hand goods industry. Lastly the Benefits of the Act for the Consumer, Businessmen, and government had been highlighted. Few questions were asked to the general public through the questionnaire as a part of this research paper with admiration to the Goods and Service Tax, and the result of the same has been mentioned in the paper. Key Words: Goods and Service Tax. Second Hand Industry, Slab rates, Impact, Public View, 101 Amendment.
Introduction
Goods and service Tax refers to the one Indirect tax system for the whole of India. This tax covers the supply of goods and services from the producer to the customer. Purpose of introducing this new tax was to make India a unified market. This tax system will not only clear the complication of earlier tax system, but will also help the government to curb corruption and to prevent leakage of tax revenue.
Origin of Goods and Service Tax.
Goods and Service Tax was first introduced in the state of France in the year 1954. After that many other countries (140) have opted for the same scheme of Indirect taxes in their economy. Many developed countries are included in this list like Australia, Canada, and the United Kingdom etc. Some countries have opted for the dual Goods and Service Tax Model. India is also one of them, including Canada, Brazil and others. USA did not opt for the Goods and Service Tax system because it wanted to preserve the autonomy of its states. Same question arises for the states of India. Since the Central Government had fixed the revenue percentage of states, it will result in the loss of revenue for majority of states. Centre had promised for compensating the states for their losses, but the quantum of compensation, depends upon of the Central government only. Centre Government in a way had affected the autonomy of the states.
Goods and Service Tax in India
Goods and Service Tax in India was passed in the historic session of parliament on 30thJune midnight. The proposal for Goods and Service Tax was made back in year 2000 and it took exactly 17 years to become an act. This shows the complication of procedure of law making in our country.
References
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How to cite this article?
| APA Style | Dhawan, S. (2019). Goods and Service Tax- One nation One Tax. Academic Journal of Law and Judiciary, 1(1), 43-49. |
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