Impact of GST on Indian Economy
Keywords:
Goods and Services Tax (GST), Benefits of GST, Characteristics of GST, Tax Compliance, Input Tax Credit, Tax Structure, Encouraged Investment, Businesses, Consumers, Indian Economy, Consumer Market, GST, Business-To-Business, Consumer-To-Business, E-Commerce, Economic Growth, Market Trends, Price Determination, GST Structure, Tax Reforms, Impact of GST, Formalization, Informal Economy, Formal Systems, Government, Decision Making, Goods and Services Tax, Legal Protections, Stable Income, Economic Participation, Taxation, Legal Recognition, Tax Returns, Technology, Legal Necessity, Business Growth, Economy, Taxpayers, Laws, Regulations, Corporate Tax, Customs Duty, Tax Deducted at Source, Tax Return Filing, Tax Audit, Empowering Businesses, Invest, Growth, Challenges, Entrepreneurs, Startups, Small Businesses, Investment Decisions, Grow Sustainably, Knowledge-Sharing, GDP Contribution, Balance, Payment, Growing Economy, Financial Transactions, Current Account, Capital Account, Financial Account, Goods, Services, Fixed Assets, Components, Payments EquilibriumSynopsis
In order to streamline the tax structure, the Goods and Services Tax (GST), an indirect tax on goods and services, was implemented in 2017. Businesses found it much easier when multiple indirect taxes were consolidated into a single tax. Since
then, the tax system has been simplified, which has raised tax compliance and formalised the economy.
Taxes on goods and services would be collected in three ways: CGST (central government), SGST (state governments collecting tax for intra-state sales), and IGST (central government collecting revenue for inter-state sales) are the three locations where revenue is collected. The advantages, difficulties, and effects of the GST on the Indian economy are the main topics of the edited book Impact of GST on Indian Economy.
This has accelerated the growth of sectors like logistics and manufacturing. There have been difficulties, though, such as brief inflationary pressures and greater compliance requirements for small and medium-sized enterprises. Notwithstanding these difficulties, the GST has generally had a positive effect, and the Indian economy is predicted to keep expanding. In India, taxes on goods and services may be imposed at the point of manufacture, sale, and consumption. We are able to comprehend the standards, goals, and ramifications of the products and carrier tax in India based on the premise of this edited book.
Chapters
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Empowering Businesses and Enhancing Consumers’ Advantages
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Empowering Businesses and Enhancing Consumers’ Advantages
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Benefiting Businesses and Consumers in Indian Economy
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Impact of GST on the Indian Economy
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Impact of GST on the Indian Economy
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Formalization of Indian Economy
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Improving Tax Compliance in Indian Perspective
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The Empowering Businesses to Invest in Indian Economy
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A Study on Balance of Payment in India
