Acceptance of GST- A Stride for Profitable Fusion of India
Malkeet Singh*(Assistant Professor, Department of Business Management, Innocent Hearts Group of Institutions, Jalandhar, India) and Minal Verma (Assistant Professor, Department of Business Management, Innocent Hearts Group of Institutions, Jalandhar, India) *Corresponding author's Email
The Goods and Service Tax (GST) is the single VAT (Value added tax) which openly affects all goods and services of India. The concept of the GST was introduced on 1st July 2017 with a twin structure which means it will have two components- the Central GST and the State GST. It is designed to create a sole, united bazaar and that will yield corporate profit and the economic unification. GST is expected to simplify tax administration, ensure ‘Ease of Doing Business’ and support ‘Make in India.’ It will influence the government’s financial health as the tax gathering structure would become clearer, making tax fudging complex. An effort is made in this paper to learn the idea of GST and its blow to the Indian economy. The study also aims at how the unified integrated tax system will bring profitable fusion in India.
GST, Indirect tax, Profitable fusion, Make in India.
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