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Vol. 10 No. 1.0 (2021)
Scholar : National School of Leadership

Research Articles

RETAILERS PERCEPTION TOWARDS GOODS AND SERVICE TAX

Published 2021-06-30

  • MAMITHA J.S

MAMITHA J.S
MAR IVANIOS COLLEGE

Abstract

Goods and Service tax (GST) is an indirect tax levied in India on the sale of goods and services. It is a single tax on the supply of goods and services right from the manufacturer to the consumer.  It came in to existence from 1 July 2017, through implementation of one hundred and first amendments by the Government of India. It is the greatest tax reform in India designed to support and enhances the economic growth of a country. The tax replaced existing multiple cascading taxes levied by the central and state governments. The execution of GST in India emerges from the complications of the tax system of the country. The idea behind implementation of GST is to bring uniformity in the goods and service prices across the nation. GST is the only indirect tax that directly connect all the sectors of Indian economy thus enhancing the economic growth of the country by creating a single unified market.

The new tax system had brought a paradigm shift in the existing tax system and business transactions. GST will definitely have a positive impact on the retail sector in terms of business operations, however it is subject to implementation risks due to transition to the new tax system.

Hence, an attempt is made to explore the perception of retailers towards the benefits and challenges faced after implementation of the new tax reform.

Keywords

Goods & Service Tax, GSTN, Perception, Benefits, Challenges, Economic Growth

References

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