Volume : 8, Issue : 7, JUL 2022

NATIONAL AND INTERNATIONAL CONSEQUENCES AFTER IMPLEMENTATION OF GOODS AND SERVICE TAX WITHIN THE TAX STRUCTURE

DR.(CA) SUBRAHMANYA BHAT

Abstract

Implementation of Goods and Services Tax (GST) has brought a big change in the tax structure of India. India has faced lots of challenges at the time of implementation of GST. At the first stage manufacturing sectors of India have started to get benefits of the new tax structure and in the recent time pharma sector is getting the highest benefit from GST. The national consequences that have been evaluated through GST can be determined through the fact that major exceptions have been granted upon to revising tax implementation. According to the budget in the year 2018-19 the collection of GST has increased, on the other hand in the year 2020-2021 it has been reduced due to fewer sales in goods and services. The main purpose of GST was to reduce the cascading effect of the existing tax structure that has been fulfilled by the implementation of GST.

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