INNOVATIONS & AMENDMENTS ON THE ROAD TO IMPLEMENT GST IN INDIAN SCENARIO

  • Ritu Narula

Abstract

Abstract:- In July 2017 Indian economy witnessed a big change in its Indirect Tax regime. The Indian economy is at its developing stage and needs sufficient resources for the developmental activities for the welfare of the society and most of the finances and funds arise from taxation. Earlier, the tax structure of India was very complex. To simplify the difficulties of taxation system, the Indian government continuously making innovations in the taxation system to rationalize tax regime and produce more revenues for social welfare, education , infrastructure, and many other developmental activities. After getting it passed, the 101st Constitutional Amendment i.e. GST Act, it came out as an actuality on 1st July 2017. To overcome the complexities faced by GST, The Indian Govt. is taking innovative steps to simplify it. Taxation system of the country plays essential role in economic development of the nation. Effective taxation system generates more revenue and gives support to government in the expenditure on infrastructure development, education and public services. GST creates a positive impact on the GDP growth rate, exports, manufacturing sector and in employment generation. After the successful implementation of the GST, it has brought inclusiveness, innovation, uniformity, efficiency and transparency. This taxation system has a uniform rate of tax. The researcher pays a special attention on the amendments on the road to implement GST in streamlined manner. Keywords: GST, Innovation, Amendment in GST, India, Taxation.
How to Cite
Ritu Narula. (1). INNOVATIONS & AMENDMENTS ON THE ROAD TO IMPLEMENT GST IN INDIAN SCENARIO. ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING ISSN: 2456-1037 IF:8.20, ELJIF: 6.194(10/2018), Peer Reviewed and Refereed Journal, UGC APPROVED NO. 48767, 5(2). Retrieved from http://ajeee.co.in/index.php/ajeee/article/view/229