Goods and Services Tax (GST) in India – And...

Goods and Services Tax (GST) in India – And Its Impact on Common Man

Author Name : Dr. Ambanna Malkappa

Abstract

The Goods and Services Tax (GST) is a revolutionary step taken by the Government of India to make Indian economy stronger than earlier. The Government of India announced a new way of tax payment which is GST which will make the process of tax collection simple as compared to the previous tax system. As the GST is a newly introduced tax system in India, many people still are unaware of GST. Is it good for trade and commerce? What will be the impact of GST on Indian Economy as well as common man?  There are a number of speculations in the public about its implementation, tax rate brackets, etc. In this context, the present paper makes an attempt to understand the concept of GST, to know the GST rate structure, and to study the impact of GST on common man in India.

Keyword: - GST= Goods and Services Tax, Value Added Tax, Common Man