GOODS AND SERVICE TAX (GST) ADVANTAGES AND DISADVANTAGES IN INDIA

Abstract

Goods and Service Tax (GST) is a comprehensive tax on supply of Goods and Services. Traditionally India's tax regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till tax reforms were undertaken during nineties. The major argument put forth for heavy reliance on indirect taxes was that the India's majority of population was poor and thus, widening base of direct taxes had inherent limitations. But, the Indian system of indirect taxation is characterized by cascading, distorting tax on production of goods and services which leads to hampering productivity and slower economic growth. There are endless taxes in present system few levied by Centre and rest levied by state, to remove this multiplicity of taxes and reducing the burden of the tax payer a simple tax is required and that is Goods and Service Tax (GST) This paper focuses on Goods and Service Tax (GST) in India advantages and disadvantages of content..