Goods And Service Tax
Author : Harshal Sonawane
Div : MMS B
Roll No : 119
Impact of GST in India :
NAMASIVAYAM, et al. (2017) The paper discusses the implementation of the Goods and Service Tax (GST) in India, which aims to replace multiple indirect taxes levied by the central and state governments with a single tax. The paper explains how GST will work, including the three components – CGST, SGST, and IGST. It also highlights how GST will impact the Indian economy by streamlining taxes, promoting ease of doing business, and creating a common market. Overall, the paper focuses on the potential benefits of GST in India.
GST and Consumption Function in India :
Dr. Awadhesh Kumar, et al. (2019) The paper focuses on the impact of the Goods and Services Tax (GST) on the consumption pattern in India. It aims to establish the consumption function after the introduction of the LPG policy from 1991-92 to 2016-17 using co-integration and Error Correction Mechanism (ECM). The paper highlights that although GST is an indirect tax, it has a direct impact on consumption patterns. The study found that the long-run equilibrium marginal propensity to consume is 0.836, while the short-run equilibrium marginal propensity to consume is 0.659. Overall, the paper aims to establish the impact of GST on the consumption pattern in India.
GST and Automotive Sector in India :
Bhavana Srivastava, et al. (2022) The paper discusses the impact of the Goods and Services Tax (GST) on the Indian automobile industry. It highlights that although GST is a major financial reform and has brought several benefits, it has also posed challenges and issues for different industries, including the automobile sector. The paper provides a brief introduction to GST and the Indian automobile industry and analyses the positive and negative impact of GST implementation on the automobile industry in India. The focus of the paper is to provide insights into how the implementation of GST has affected the Indian automobile industry.
GST & Evolution of Tax System in India :
Jasmine V.M. et al. (2017) The paper provides an overview of the Goods and Service Tax (GST), which is a new tax system set to be implemented in India from July 1st, 2017. It highlights that GST is a comprehensive tax collection system that will replace many direct and indirect taxes, including the Value Added Tax (VAT) currently in use by the states. The paper discusses the historical development and structure of the Indian taxation system, the features and workings of GST, and its potential impacts. It also provides suggestions for a smooth implementation of GST in India. Overall, the paper aims to provide a simple understanding of GST and its potential impact on the Indian taxation system.
Early Thoughts and Preparations for GST in India :
M M Sury, et al. (2017) This paper discusses the introduction of Goods and Service Tax (GST) in India, which has been one of the most ambitious and dynamic tax reforms in the country’s history. The paper traces the preparations for the implementation of GST in India, from the time when the idea was first introduced in the Parliament until it became ready to be implemented. The paper highlights the efforts of the policy makers in making India a common dynamic market through GST, which is the most significant tax reform in India since its independence. It also discusses the recommendations made by the Task Force on Implementation of the Fiscal Responsibility and Budget Management Act, 2003, regarding the introduction of GST.
Acceptance of GST- A Stride for Profitable Fusion of India :
Malkeet Singh, et al. (2020) The abstract discusses the Goods and Service Tax (GST) which was introduced in India on July 1, 2017, with a twin structure of Central GST and State GST. The GST is expected to simplify tax administration, support the ‘Make in India’ initiative, and improve the government’s financial health by reducing tax evasion. The paper aims to explore the concept of GST and its impact on the Indian economy, highlighting how the unified tax system will bring profitable integration in India.
GST: It’s Impact on CommonMan in India :
Amar Ranjan Dey, et al. (2020) The Goods and Service Tax (GST) is a significant tax reform in India that integrates all indirect taxes of the state and central governments into a seamless national market. It is expected to enhance economic growth and simplify tax administration, making it easier to administer. GST aims to mitigate double taxation and reduce the overall tax burden on goods, leading to a common national market. This paper focuses on the concept of GST and its impact on the common man.
Implication of GST on MSME & ITS GOVERNANCE :
AZHAGURAJA CS, et al. (2017) The Micro, Small, and Medium Enterprises (MSMEs) are important for the economy of India as they contribute to GDP and provide employment. To address the issue of unemployment, the Prime Minister of India has initiated programs such as Make in India, Stand up India, Start-Up India, Digital India, and Pradhan Mantri Mudra Yojana (PMMY).
Goods and services Tax (GST): An Extention To Theory of planned behaviour :
Chandrasekaran Padmavathy, et al. (2020) The Goods and Services Tax (GST) is a tax system that is based on the consumption of goods and services in a country. The theory of planned behaviour (TPB) is a social psychology theory that explains human behaviour through the attitudes, beliefs, and intentions of individuals. When applied to the GST, the TPB suggests that an individual’s attitude towards the tax, their subjective norms (i.e., perceptions of social pressures to comply with the tax), and their perceived behavioural control (i.e., perceived ease or difficulty of complying with the tax) will influence their intention to comply with the GST.Overall, the TPB provides a useful framework for understanding the factors that influence individual compliance with the GST, which can inform policy and communication strategies aimed at increasing compliance.
Overall, the TPB provides a useful framework for understanding the factors that influence individual compliance with the GST, which can inform policy and communication strategies aimed at increasing compliance.
A Review of Billing Structure in the GST Regime with Special Reference to Restaurant Industry :
Jyoti Peswani, et al.(2021) The Restaurants are required to provide a tax invoice for all taxable supplies, which includes details such as the customer’s name and address, the date of supply, and the amount of tax charged. In addition, they must maintain records of all sales and purchases for at least six years, which can be used to verify the accuracy of the tax invoice.
The billing structure in the GST regime for the restaurant industry has been subject to some criticism. Some argue that the tax rates are too high, which can result in a burden on the industry. Others have raised concerns about the complexity of the tax system and the administrative burden it places on small business owners.
Overall, the billing structure in the GST regime for the restaurant industry has both benefits and drawbacks. While it provides a framework for ensuring compliance with the tax, it also places a burden on businesses and can be difficult to navigate.
Conclusion :
This collection of papers discusses various aspects of the Goods and Services Tax (GST) implementation in India. The papers cover topics such as the impact of GST on consumption patterns, its effects on the Indian automobile industry, an overview of the tax system and its potential impacts, the preparations for GST implementation, and the concept of GST and its impact on the Indian economy. Additionally, there is a paper discussing the application of the theory of planned behaviour in understanding individual compliance with the GST, and another paper highlighting the billing structure in the GST regime for the restaurant industry. Overall, these papers provide insights into the GST implementation and its implications in India.
References :
Amar Ranjan Dey. (2020). GST: It’s Impact on Common Man in India. Shanlax International Journal of Management, 7, 6–12. https://doi.org/10.34293/management.v7i3.1433
Awadhesh Kumar. (2019). GST and Consumption Function in India. cern european organization for nuclear research – zenodo. https://doi.org/10.5281/zenodo.2556095
Bhavana Srivastava, Himanshu Srivastava, Shashitosh Kumar, & Mayank Kumar Rai. (2022). GST and automotive sector in India. international journal of health sciences (ijhs), 9950–9959. https://doi.org/10.53730/ijhs.v6ns4.10870
CS, A., & MALABIKA. (2017). Implication of gst on msme& its governance. Journal of Management and Science, 7(2), 214-219. https://doi.org/10.26524/jms.2017.73
M M Sury. (2017). Early Thoughts and Preparations for GST in India. Vision : Journal of Indian Taxation, 3, 29–41. https://doi.org/10.17492/vision.v3i1.7070
Malkeet Singh, & Minal Verma. (2020). Acceptance of GST- A Stride for Profitable Fusion of India. merc global’s international journal of management. https://doi.org/10.35620/ijm.2020.8205
Namasivayam, Sri Padma Abirami P, & Ramprakash S. (2017). Impact of gst in india. Journal of Management and Science, 1(2), 297–300. https://doi.org/10.26524/jms.2017.42
PADMAVATHY, C. Goods and Services Tax (Gst): An Extension to Theory of Planned Behaviour. Global Management Review, [s. l.], v. 14, n. 1, p. 1–8, 2020. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=52305b49-e4d0-37d0-b2b4-b12c83b14654. Acesso em: 14 maio. 2023.
PESWANI, J.; PANDEY, A. A Review of Billing Structure in the GST Regime with Special Reference to Restaurant Industry. ANWESH: International Journal of Management & Information Technology, [s. l.], v. 6, n. 1, p. 20–22, 2021. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=ec388a4e-423b-32a0-bb76-90651bcd3756. Acesso em: 14 maio. 2023.
V M Jasmine. (2017). GST & Evolution of Tax System in India. Ira-International Journal of Management and Social Sciences, 7(1), 65–65. https://doi.org/10.21013/jmss.v7.n1.p8