Goods and Service Tax (Gst): A Mile Stone Achievement Of Nda Government

Abstract

Goods and Service tax is a dramatic change in the scenario of the indirect tax system. It has been consideredthe biggest tax reform after independence. After independence in 1947 Indian indirect tax system was biased and it was followed with imbrication of taxes imposed by union and state separately. GST will merge all indirect tax under it and will create smooth tax system for goods and service market in the nation. Economist view on GST that it will help the national economy to grow more efficiently, improving tax revenue and remove the tax barriers between states and central government. GST is a single base tax system for computation on central and state government andit has cascading effect.it is fear that in GST state governments lose tax revenue due to less taxable goods in his account. Economist arguing in later years due to cheap goods and service and increasing number of tax payer will increase the tax collection and boost state and center government revenue. In CRISIL report on GST that it is best for fiscal consolidation as there is much scope to increase government taxable revenue in India.A mile stone achievement