GST in India – a significant tax amendment

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The Goods and Services Tax also known as the GST is defined as the giant indirect tax structures designed to support and enhance the economic growth of a country. The proposed GST is likely to change the whole scenario of current indirect tax system.

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International Journal of Management (IJM) Volume 8, Issue 3, May–June 2017, pp.53–62, Article ID: IJM_08_03_005 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=8&IType=3 Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication GST IN INDIA – A SIGNIFICANT TAX AMENDMENT Gurveen Kaur Satyawati College, University of Delhi, Delhi, India ABSTRACT The Goods and Services Tax also known as the GST is defined as the giant indirect tax structures designed to support and enhance the economic growth of a country. The proposed GST is likely to change the whole scenario of current indirect tax system. It is considered as biggest tax reform since 1947. More than 150 countries have implemented GST so far. Currently, in India complicated indirect tax system is followed with imbrications of taxes imposed by union and states separately. GST will unify all the indirect taxes under an umbrella and will create a smooth national market. The idea of GST in India was mooted by Vajpayee government in 2000 and the constitutional amendment for the same was passed by the Lok sabha on 6th May 2015. Experts say that GST will help the economy to grow in more efficient manner by improving the tax collection as it will disrupt all the tax barriers between states and integrate country via single tax rate. However, there is a huge hue and cry against its implementation. It would be interesting to understand why this proposed GST regime may hamper the growth and development of the country. GST is one of the most crucial tax reforms in India which has been long pending. It was supposed to be implemented from April 2010, but due to political issues and conflicting interests of various stakeholders it is still pending. However, Goods and Services Tax is likely to be rolled out on July 1, 2017. Key words: Direct tax, Indirect tax, GST in India, advantages of GST, disadvantages of GST. Cite this Article: Gurveen Kaur, GST in India – A significant Tax Amendment. International Journal of Management, 8 (3), 2017, pp. 53–62. http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=8&IType=3 1. INTRODUCTION Goods and Services Tax (GST) is an upcoming system of taxation in India which will merge many individually applied taxes into a single tax. It was introduced as the constitution (one hundred and first amendment) act 2016, following the passage of Constitution 101st Amendment Bill. The GST is governed by GST Council and its Chairman is union finance minister of India, Mr Arun Jaitley. GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace taxes levied by the central and state governments. This http://www.iaeme.com/IJM/index.asp 53 editor@iaeme.com
Gurveen Kaur method allows GST-registered businesses to claim tax credits to the value of GST they paid on purchase of goods or services as part of their normal commercial activity. Administrative responsibility would generally rest with a single authority to levy tax on goods and services. Exports would be considered as zero-rated supply and imports would be levied the same taxes as domestic goods and services adhering to the destination principle in addition to the Customs Duty which will not be subsumed in the GST. Introduction of Goods and Services Tax (GST) is a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 25%-30%, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent. GST was first introduced by France in 1954 and now it is followed by 140 countries. Most of the countries followed unified GST while some countries like Brazil, Canada follow a dual GST system where tax is imposed by central and state both. In India also dual system of GST is proposed including CGST and SGST. Under this system, the consumer pays the final tax but an efficient input tax credit system ensures that there is no cascading of taxes- tax on tax paid on inputs that go into manufacture of goods. In order to avoid the payment of multiple taxes such as excise duty and service tax at Central level and VAT at the State level, GST would unify these taxes and create a uniform market throughout the country. Integration of various taxes into a GST system will bring about an effective cross-utilization of credits. The current system taxes production, whereas the GST will aim to tax consumption. On bringing GST into practice, there would be amalgamation of Central and State taxes into a single tax payment. It would also enhance the position of India in both, domestic as well as international market. The Indian GST is expected to represent a leap forward in creating a much cleaner dual VAT which would minimize the disadvantages of completely independent and completely centralized systems. A common base and common rates (across goods and services) and very similar rates (across States and between Centre and States) will facilitate administration and improve compliance while also rendering manageable the collection of taxes on inter-state sales. At the same time, the exceptions—in the form of permissible additional excise taxes on sin goods (petroleum and tobacco for the Centre, petroleum and alcohol for the States)—will provide the requisite fiscal autonomy to the States. Indeed, even if they are brought within the scope of the GST, the states will retain autonomy in being able to levy top-up taxes on these “sin/demerit” goods. 2. LITERATURE REVIEW Nitin Kumar (2014) studied, “Goods and Service Tax- A Way Forward” and concluded that implementation of GST in India will help in removing economic distortion by current indirect tax system and expected to encourage unbiased tax structure which is indifferent to geographical locations. Dr. R. Vasanthagopal (2011)2studied,“GST in India: A Big Leap in the Indirect Taxation System” and concluded that switching to seamless GST from current complicated indirect tax system in India will be a positive step in booming Indian economy. Success of GST will lead to its acceptance by more than 130 countries in world and a new preferred form of indirect tax system in Asia also. http://www.iaeme.com/IJM/index.asp 54 editor@iaeme.com
GST in India – A significant Tax Amendment Agogo Mawuli (May 2014)1 studied, “Goods and Service Tax-An Appraisal” and found that GST is not good for low-income countries and does not provide broad based growth to poor countries. If still these countries want to implement GST then the rate of GST should be less than 10% for growth. Pinki, Supriya Kamma and Richa Verma (July 2014)7 studied, “Goods and Service Tax- Panacea For Indirect Tax System in India” and concluded that the new NDA government in India is positive towards implementation of GST and it is beneficial for central government, state government and as well as for consumers in long run if its implementation is backed by strong IT infrastructure. 3. OBJECTIVES • To contemplate the concept of Goods and Services Tax • To study the features of Goods and Services Tax • To evaluate the advantages and challenges of Goods and Services Tax • To suggest further research direction on Goods and Services Tax 4. METHODOLOGY The research design to gain insights into GST is chosen to be exploratory. Research papers that appeared on the theme of GST were collected from different data sources like WILEY, JSTOR, Emerald, SAGE etc. from 2011 onwards to 2014 and were analysed to explore the various dimensions relating to the concept of GST. The accessible secondary data is also intensively used for research study which included data from several journals, articles, newspapers and magazines. 5. CONCEPT OF GST GST is an indirect tax which will subsume almost all the indirect taxes of central government and states governments into a unified tax. As the name suggests it will be levied on both goods and services at all the stages of value addition. It has dual model including central goods and service tax (CGST) and states goods and service tax (SGST). CGST will subsume central indirect taxes like central excise duty, central sales tax, service tax, special additional duty on customs, counter veiling duties whereas indirect taxes of state governments like state vat, purchase tax, luxury tax, octroi tax, tax on lottery and gambling will be replaced by SGST. Integrated goods and service tax (IGST) also called interstate goods and service tax is also a component of GST. It is not an additional tax but it is a system to examine the interstate transactions of goods and services and to further assure that the tax should be received by the importer state as GST is a destination based tax. Under this system, the consumer pays the final tax but an efficient input tax credit system ensures that there is no cascading of taxes- tax on tax paid on inputs that go into manufacture of goods. Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax, because of its transparent and self-policing character, would be easier to administer. 6. FEATURES OF GST The salient features of GST are as under: • GST would be applicable on “supply” of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services. • GST would be based on the principle of destination based consumption taxation as against the present principle of origin based taxation. http://www.iaeme.com/IJM/index.asp 55 editor@iaeme.com
Gurveen Kaur • It would be a dual GST with the Centre and the States simultaneously levying it on a common base. The GST to be levied by the Centre would be called Central GST (CGST) and that to be levied by the States [including Union territories with legislature] would be called State GST (SGST). Union territories without legislature would levy Union territory GST (UTGST). • An Integrated GST (IGST) would be levied on inter-State supply (including stock transfers) of goods or services. This would be collected by the Centre so that the credit chain is not disrupted. • Import of goods would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties. • Import of services would be treated as inter-State supplies and would be subject to IGST. • CGST, SGST /UTGST & IGST would be levied at rates to be mutually agreed upon by the Centre and the States under the aegis of the GSTC. • GST would replace the following taxes currently levied and collected by the Centre: o Central Excise Duty; o Duties of Excise (Medicinal and Toilet Preparations); o Additional Duties of Excise (Goods of Special Importance); o Additional Duties of Excise (Textiles and Textile Products); o Additional Duties of Customs (commonly known as CVD); o Special Additional Duty of Customs (SAD); o Service Tax; o Cesses and surcharges insofar as they relate to supply of goods or services. • State taxes that would be subsumed within the GST are: o State VAT; o Central Sales Tax; o Purchase Tax; o Luxury Tax; o Entry Tax (All forms); o Entertainment Tax (except those levied by the local bodies); o Taxes on advertisements; o Taxes on lotteries, betting and gambling; o State cesses and surcharges insofar as they relate to supply of goods or services. • GST would apply to all goods and services except Alcohol for human consumption. • GST on five specified petroleum products (Crude, Petrol, Diesel, ATF & Natural gas) would be applicable from a date to be recommended by the GSTC. • Tobacco and tobacco products would be subject to GST. In addition, the Centre would continue to levy Central Excise duty. • A common threshold exemption would apply to both CGST and SGST. Taxpayers with an annual turnover of Rs. 20 lakh (Rs. 10 lakh for special category States as specified in article 279A of the Constitution) would be exempt from GST. A compounding option (i.e. to pay tax at a flat rate without credits) would be available to small taxpayers (including to specified category of manufacturers and service providers) having an annual turnover of up to Rs. 50 lakh. The threshold exemption and compounding scheme would be optional. • The list of exempted goods and services would be kept to a minimum and it would be harmonized for the Centre and the States as well as across States as far as possible. • Exports would be zero-rated. • Credit of CGST paid on inputs may be used only for paying CGST on the output and the credit of SGST/UTGST paid on inputs may be used only for paying SGST/UTGST. In other http://www.iaeme.com/IJM/index.asp 56 editor@iaeme.com
GST in India – A significant Tax Amendment words, the two streams of input tax credit (ITC) cannot be cross utilized, except in specified circumstances of inter-State supplies for payment of IGST. The credit would be permitted to be utilized in the following manner: o ITC of CGST allowed for payment of CGST & IGST in that order; o ITC of SGST allowed for payment of SGST & IGST in that order; o ITC of UTGST allowed for payment of UTGST & IGST in that order; o ITC of IGST allowed for payment of IGST, CGST & SGST/UTGST in that order. o ITC of CGST cannot be used for payment of SGST/UTGST and vice versa. • Accounts would be settled periodically between the Centre and the State to ensure that the credit of SGST used for payment of IGST is transferred by the originating State to the Centre. Similarly the IGST used for payment of SGST would be transferred by Centre to the destination State. Further the SGST portion of IGST collected on B2C supplies would also be transferred by Centre to the destination State. The transfer of funds would be carried out on the basis of information contained in the returns filed by the taxpayers. • Input Tax Credit (ITC) to be broad based by making it available in respect of taxes paid on any supply of goods or services or both used or intended to be used in the course or furtherance of business. • Electronic filing of returns by different class of persons at different cutoff dates. • Various modes of payment of tax available to the taxpayer including internet banking, debit/ credit card and National Electronic Funds Transfer (NEFT) / Real Time Gross Settlement (RTGS). • Obligation on certain persons including government departments, local authorities and government agencies, who are recipients of supply, to deduct tax at the rate of 1% from the payment made or credited to the supplier where total value of supply, under a contract, exceeds two lakh and fifty thousand rupees (Rs. 2.5 lac). • Refund of tax to be sought by taxpayer or by any other person who has borne the incidence of tax within two years from the relevant date. • Obligation on electronic commerce operators to collect ‘tax at source’, at such rate not exceeding two per cent. (2%) of net value of taxable supplies, out of payments to suppliers supplying goods or services through their portals. • System of self-assessment of the taxes payable by the registered person. • Audit of registered persons to be conducted in order to verify compliance with the provisions of Act. • Limitation period for raising demand is three (3) years from the due date of filing of annual return or from the date of erroneous refund for raising demand for short-payment or non- payment of tax or erroneous refund and its adjudication in normal cases. • Limitation period for raising demand is five (5) years from the due date of filing of annual return or from the date of erroneous refund for raising demand for short-payment or non- payment of tax or erroneous refund and its adjudication in case of fraud, suppression or wilful misstatement. • Arrears of tax to be recovered using various modes including detaining and sale of goods, movable and immovable property of defaulting taxable person. • Officers would have restrictive powers of inspection, search, seizure and arrest. • Goods and Services Tax Appellate Tribunal would be constituted by the Central Government for hearing appeals against the orders passed by the Appellate Authority or the Revisional Authority. States would adopt the provisions relating to Tribunal in respective SGST Act. • Provision for penalties for contravention of the provision of the proposed legislation has been made. http://www.iaeme.com/IJM/index.asp 57 editor@iaeme.com
Gurveen Kaur • Advance Ruling Authority would be constituted by States in order to enable the taxpayer to seek a binding clarity on taxation matters from the department. Centre would adopt such authority under CGST Act. • An anti-profiteering clause has been provided in order to ensure that business passes on the benefit of reduced tax incidence on goods or services or both to the consumers. • Elaborate transitional provisions have been provided for smooth transition of existing taxpayers to GST regime. 7. ADVANTAGES OF GST GST will help to create a unified common national market for India, giving a boost to foreign investment and “Make in India” campaign. It will prevent cascading of taxes as Input Tax Credit will be available across goods and services at every stage of supply. It will lead to Harmonization of laws, procedures and rates of tax. It will boost export and manufacturing activity, generate more employment and thus increase GDP with gainful employment leading to substantive economic growth. Ultimately it will help in poverty eradication by generating more employment and more financial resources. It will result into more efficient neutralization of taxes especially for exports thereby making our products more competitive in the international market and give boost to Indian Exports. GST will improve the overall investment climate in the country which will naturally benefit the development in the states. Uniform SGST and IGST rates will reduce the incentive for evasion by eliminating rate arbitrage between neighbouring States and that between intra and inter-State sales. With the implementation of GST, Average tax burden on companies is likely to come down which is expected to reduce prices and lower prices mean more consumption, which in turn means more production thereby helping in the growth of the industries. This will create India as a “Manufacturing hub”. GST will ensure more ease of doing business, as it will lead to simpler tax regime with fewer exemptions. It will also lead to reductions in the multiplicity of taxes that are at present governing our indirect tax system leading to simplification and uniformity. This will result in reduced compliance costs with no multiple records keeping for a variety of taxes, so lesser investment of resources and manpower in maintaining records will be needed. GST inculcates simplified and automated procedures for various processes such as registration, returns, refunds, tax payments, etc. All interactions will be done through the common GSTN portal so there will be less public interface between the taxpayer and the tax administration. It will also improve environment of compliance as all the returns will be filed online, input credits to be verified online, encouraging more paper trail of transactions. Common procedures for registration of taxpayers, refund of taxes, uniform formats of tax return, common tax base, common system of classification of goods and services will lend greater certainty to taxation system. The GST system will provide timelines for important activities like obtaining registration, refunds, etc. GST will enable electronic matching of input tax credits all across India thus making the process more transparent and accountable. 7.1. Summarisation of Advantages GST will benefit the Consumers in following ways: • Simpler tax system • Reduction in prices of goods and services due to elimination of cascading • Uniform prices throughout the country • Transparency in taxation system • Increase in employment opportunities GST will benefit the trade/industry in following ways: http://www.iaeme.com/IJM/index.asp 58 editor@iaeme.com
GST in India – A significant Tax Amendment • Reduction in multiplicity of taxes • Mitigation of cascading/double taxation • More efficient neutralization of taxes especially for exports • Development of common national market • Simpler tax regime-fewer rates and exemptions GST will benefit the state/central governments in following ways: • A unified common national market to boost Foreign Investment and “Make in India” campaign • Boost to export/manufacturing activity, generation of more employment, leading to reduced poverty and increased GDP growth • Improving the overall investment climate in the country which will benefit the development of states • Uniform SGST and IGST rates to reduce the incentive for tax evasion • Reduction in compliance costs as no requirement of multiple record keeping 8. CHALLENGES TO GST Currently, VAT is highest contributor in tax revenue of state governments. But after GST reform this will subsumed along with surcharge and cess into GST. Due to which state governments will occur revenue loss for sure and they will be more dependent on finance commission for tax devolution (currently 42%). To neutralize their revenue losses states are demanding compensation from union government. As per 14 finance commission union has to compensate states for maximum of five years with tapering effects. For first three years 100% compensation reduced to 75%and 50% in fourth and fifth year respectively. This compensation by union will lead to fiscal burden and may not fulfill the fiscal deficit target of 3% by March 2017 announced by finance minister in 2015 budget. This fiscal target must be achieved for faster economy growth and full capital account convertibility in future. Industrialized states will be at loss in GST regime due to its destination based feature. It will demotivate the manufacturing industry and incite states to import more in order to increase their tax revenue. It is not good for manufacturing industry as well as for India because boosted manufacturing sector is the main driver of our economic growth in future. For temporarily relief to industrialized states additional 1% tax for two years on interstate sale and supply of goods is proposed in GST. Bit with 1% additional tax, the main objective of GST to minimize cascading effect of taxes is fading out. So, to minimize cascading effect this additional tax at least should not be levied on supply of interstate goods. High revenue neutral rate (RNR) is a rate which neutralize revenue effect of state and central government due to change in tax system, means ,the rate of GST which will give at least the same level of revenue that is currently earned by state and central governments from indirect taxes is known as RNR. As per 13 finance commission the RNR should be 12% whereas state empowered committee demanding 26.68%. Union government is reckoning the rate band should be 15%-20% which is very high as compare to other counties. Hungary implemented GST from 1/4/2014 with 7% rate. Due to high RNR competitive edge of India in Asian giants will decrease and domestic industry may be wrecking. Tax evasion and smuggling will increase. Regressive nature of indirect taxes will badly affect the purchasing power of poor people which will have negative impact on human development index. So, before implementing GST, RNR should be minimized. This can be achieved by inclusion of petrol, liquor, land, electricity within the ambit of GST which will enhance the tax base and increase revenue of government. http://www.iaeme.com/IJM/index.asp 59 editor@iaeme.com
Gurveen Kaur At present there are different threshold limits for VAT (5 lacs), service tax (10 lacs) and excise duty (1.5 crore). But for implementation of GST common threshold limit for all indirect taxes is required. It will turn into a conflict between state and center. States want to fix the limit as 10 lacs opposing 25 lacs limit suggested by union. The lower threshold limit will broaden the tax base and increase the revenue of government but it will also require a dandy IT infrastructure, to address the database of increased assess, which is presently missing out in Indian states. IT infrastructure will play a vital role in implementing IGST as union will electronically distribute IGST to states. To grapple the data base a strong network is required which is managed by GSTN (Goods and Service Tax Network) proposed in GST. GSTN has major responsibility to tackle biggest challenge of IT infrastructure in a time bound manner. India has adopted dual GST instead of national GST. It has made the entire structure of GST fairly complicated in India. The centre will have to coordinate with 29 states and 7 union territories to implement such tax regime. Such regime is likely to create economic as well as political issues. The states are likely to lose the say in determining rates once GST is implemented. The sharing of revenues between the states and the centre is still a matter of contention with no consensus arrived regarding revenue neutral rate. Chief Economic Advisor Arvind Subramanian on 4 December 2015 suggested GST rates of 12% for concessional goods, 17-18% for standard goods and 40% for luxury goods which is much higher than the present maximum service tax rate of 14%. Such initiative is likely to push inflation. The proposed GST structure is likely to succeed only if the country has a strong IT network. It is a well-known fact that India is still in the budding state as far as internet connectivity is concerned. Moreover, the proposed regime seems to ignore the emerging sector of e-commerce. E-commerce does not leave signs of the transaction outside the internet and has anonymity associated with it. As a result, it becomes almost impossible to track the business transaction taking place through internet which can be business to business, business to customer or customer to customer. Again, there appears to be no clarity as to whether a product should be considered a service or a product under the concept of E-commerce. New techniques can be developed to track such transactions but until such technologies become readily accessible, generation of tax revenue from this sector would continue to be uncertain and much below the expectation. Again E-commerce has been insulated against taxation under custom duty moratorium on electronic transmissions by the WTO Bali Ministerial Conference held in 2014. The proposed GST regime appears to be unfavourable for telecommunication sector as well. One of the major drawbacks of the GST regime could be the direct spike in the service tax rate from 14% to 20-22%. The proposed GST appears to be silent on whether telecommunication can be considered under the category of goods or services. The entire issue of telecommunication sector assumes a serious proportion when India’s rural teledensity is not even 50%. The proposed GST regime intends to keep petroleum products, electricity, real estate and liquor for human consumption out of the purview of GST. It is a well-known fact that petroleum products have been a major contributor to inflation in India. Inflation in India depends on how the government intends to include petroleum products under GST in future. Electricity is essential for the growth and development of India. If electricity is included under standard or luxury goods in future then it would badly affect the development of India. It is said that GST would impact negatively on the real estate market. It would add up to 8% to the cost of new homes and reduce demand by about 12%. http://www.iaeme.com/IJM/index.asp 60 editor@iaeme.com
GST in India – A significant Tax Amendment Again there appears to be lack of consensus over fixing the revenue rate as well as threshold limit. One thing is for sure, services in India are going to be steeply costly if GST is fixed above the present service tax rate of 14% which in turn will spiral up inflation in India. 9. CONCLUSION Due to dissilient environment of Indian economy, it is demand of time to implement GST. Consumption and productions of goods and services is undoubtedly increasing and because of multiplicity of taxes in current tax regime administration complexities and compliance cost is also accelerating. Thus, a simplified, user -friendly and transparent tax system is required which can be fulfilled by implementation of GST. Its implementation stands for a coherent tax system which will colligate most of current indirect taxes and in long term it will lead to higher output, more employment opportunities and flourish GDP by 1-1.5%. It can also be used as an effective tool for fiscal policy management if implemented successfully due to nation-wide same tax rate. It execution will also results in lower cost of doing business that will make the domestic products more competitive in local and international market. No doubt that GST will give India a world class tax system by grabbing different treatment to manufacturing and service sector. It will help to remove inefficiencies created by the existing current heterogeneous taxation system only if there is a clear consensus over issues of threshold limit, revenue rate, and inclusion of petroleum products, electricity, liquor and real estate. But all this will be subject to its rational design and timely implementation. The government of India should study the GST regime set up by various countries and also their fallouts before implementing it. There are various challenges in way of GST implementation as discussed above in paper. They need more analytical research to resolve the battling interest of various stake holders and accomplish the commitment for a cardinal reform of tax structure in India. REFERENCES [1] The Economic Times (2009) Featured Articles from The Economic Times. [2] Gst India (2015) Economy and Policy. [3] Mehra P (2015) Modi govt.’s model for GST may not result in significant growth push. The Hindu. [4] Sardana M (2005) Evolution Of E‐Commerce In India Part 3. [5] TRAI (2015) Highlights of Telecom Subscription Data as on 28th February. [6] Patrick M (2015) Goods and Service Tax: Push for Growth. Centre for Public Policy Research (CPPR). [7] SKP (2014) GST: Impact on the Telecommunications Sector in India [8] Agogo Mawuli (2014): “Goods and Service Tax- An Appraisal”Paper presented at the the PNG Taxation Research and Review Symposium, Holiday Inn, Port Moresby,29-30. [9] Dr. R. Vasanthagopal (2011), “GST in India: A Big Leap in the Indirect Taxation System”, International Journal of Trade, Economics and Finance, Vol. 2, No. 2, April 2011. [10] https://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)_Bill [11] Nitin Kumar (2014), “Goods and Service Tax in India-A Way Forward”, “Global Journal of Multidisciplinary Studies”, Vol 3, Issue6, May 2014. [12] Pinki, Supriya Kamna, Richa Verma (2014), “Good and Service Tax – Panacea For Indirect Tax System In India”, “Tactful Management Research Journal”,Vol2, Issue 10, July2014 http://www.iaeme.com/IJM/index.asp 61 editor@iaeme.com
Gurveen Kaur [13] www.gstindia.com/basics-of-gst-implementation-in-india/ [14] wwww.prsindia.org/billtrack/the-constitution-122nd-amendment-gst-bill-2014-3505/ [15] wwww.thehindu.com/bussiness/industry/ten-things-to-know-about gstbill/article7137615.ece [16] www.top10wala.in/facts-about-gst-india-advantages/ [17] Central board of excise and customs [18] Vineet Singh and Abhinna Srivastava. Indirect Tax Revenue - An Assessment o f Central V/S State Government. International Journal of Management, 7 (3), 2016, pp. 12-17. [19] Suraj M. Shah and Dr. Nirav R. Joshi, Tax Reform for Developing Viable and Sustainable Tax Systems in India with Special Reference to GST. International Journal of Management, 8(1), 2017, pp. 119–126. http://www.iaeme.com/IJM/index.asp 62 editor@iaeme.com