Journal Press India^®

Author Details ( * ) denotes Corresponding author

Overcoming  the  loopholes  in  the  existing  indirect  tax  regime,  Goods  and  services  tax (GST)  is  a  major  indirect  tax  reform  in  India. India  is  very  close  to  its  implementation,  tentatively  from  1  July  2017  as  announced  by  Sri  Arun  Jaitely,  the  current  Finance  Minister. GST   is  a  nationwide  tax  levied  on  supply  of  goods  and  services  in  India. It  is  a  destination  based  value  added  tax  levied  at  each  stage  in  supply  chain  right  from  the  manufacturer  to  the  consumer  with  benefit  of  input  tax  credit  at  each  stage  thereby  eliminating  cascading  effects. The  final  consumer  thus  will  bear  only  the  GST  charged  by  the  last  dealer  in  the  supply  chain. The  proposed  GST  regime  is  expected  to  bring  a  basket  of  benefits  for  the entire  economy thereby  favouring  its  implementation  at  the  earliest  by  overcoming  all  the  challenges. Proper planning, administration,  timely  guidance  to  the   industry  and  training  to  both  the  tax  officers  and  payers  on  GST  will  aid  its  smooth  implementation.

Keywords

Goods and Services tax (GST); Central GST; State GST; Indirect taxation regime

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