Volume : 6, Issue : 12, December - 2017

GST: REFORM IN INDIAN TAXATION SYSTEM

Basavaraj. H. Huggi

Abstract :

<p>&nbsp;<span style="font-family: &quot;Times New Roman&quot;, serif; font-size: 12pt; text-align: justify;">This paper is an attempt to understand the concept of Goods and Service Tax (GST), to be implemented in India from 1st July 2017.</span><span style="font-family: &quot;Times New Roman&quot;, serif; font-size: 12pt; text-align: justify;"> Goods and Service tax (GST) is single regime tax system which makes India One Nation One Tax by subsuming both Indirect tax levied by Central Government and State Government. Currently Concept of Dual GST is implemented in India with Slab rates of 0%, 5%, 12%, and 18% and 28% respectively. Total 160 countries in the world have already implemented GST/VAT out of which France was the first country to implement GST and India being 161 countries to implement Goods and service tax (GST). </span><span style="font-family: &quot;Times New Roman&quot;, serif; font-size: 12pt; text-align: justify;">&nbsp;</span><span style="font-family: &quot;Times New Roman&quot;, serif; font-size: 12pt; text-align: justify;">This changing face of Indian taxation system paves the path of development and advancement towards which developing country like India is trying to move on. It is the biggest and substantial indirect tax reform since 1947. The main is to replace existing taxes like value-added tax, excise duty, service tax and sales tax. It will be levied on manufacture sale and consumption of goods and services.</span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;&#10;margin-left:.5in;text-align:justify;line-height:normal;mso-outline-level:2;&#10;tab-stops:6.5in"><span style="font-size:12.0pt;&#10;font-family:&quot;Times New Roman&quot;,&quot;serif&quot;;mso-fareast-font-family:&quot;Times New Roman&quot;;&#10;mso-bidi-font-weight:bold"><o:p></o:p></span></p>