The Impact of GST on the Indian Economy and its Effect on the Banking Sector
Journal Title: International Journal of Trend in Scientific Research and Development - Year 2021, Vol 5, Issue 4
Abstract
Traditionally Indias tax regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till tax reforms were undertaken during the nineties. The major argument put forth for heavy reliance on indirect taxes was t hat Indias majority of the population was poor and thus widening base of direct taxes had inherent limitations. The biggest tax reform in India was the implementation of the Goods and Service Tax GST which was founded under the notion of “one nation, one market, on e taxâ€. The single biggest indirect tax regime was kicked into force from 1st July, 2017, dismantling all the inter state barriers with respect to trade. The GST rollout, with a single stroke, converted India into a unified market of 1.3 billion citizens. The banking sector is one of the most important sectors in India. It contributes nearly 7.7 towards GDP. It is one of the largest service sectors in India. The implementation of GST caused a major impact on t he banking sector resulting in shifting from the way they had been operating earlier. This paper would be about the Indian tax structure and the impact of GST on the Indian Economy and the banking sector. Vedant Mozumdar "The Impact of GST on the Indian Economy and its Effect on the Banking Sector" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42341.pdf Paper URL: https://www.ijtsrd.comeconomics/financial-economics/42341/the-impact-of-gst-on-the-indian-economy-and-its-effect-on-the-banking-sector/vedant-mozumdar
Authors and Affiliations
Vedant Mozumdar
Keywords
Related Articles
- EP ID EP695724
- DOI -
- Views 117
- Downloads 0
An Empirical Investigation into Employees Personality Characteristics on Organizational Effectiveness
The current conceptual study aims to add to the established personality literature by the organization. Recommendations were also made on how to ensure that employees have positive characteristics not just in the workpla...
Predictive Analysis of Global Solar Radiation in Awka Using Statistical Error Indicators
Information on the accessibility of solar radiation at a location is an imperative factor in choosing appropriate solar energy system and devices for several applications. Sunshine hours, rainfall, cloud cover, atmospher...
Performance Evaluation of a Sewage Treatment Plant STP A Critical Review
Increase in population and urbanization has lead to water depletion and deterioration in water quality. Construction of Sewage Treatment Plants STP based on latest technologies in different parts of the country is necess...
Beam and Column Joint Exterior Behavior
But recently due to use of high grade of concrete and better quality control in the RCC structures, confinements in the joints as per the new provision of codes leading us to the problem of the congestion. It has been ob...
Student Attendance Management System with Fingerprint Software
Student Attendance Management System is primarily a paper based method to manage student Roll Call. Nowadays, most people have not interested paper based application. So, find a more efficient solution to reduce paper wa...