A Study on the Collision and Benefits of the Goods and Services Tax in India

Abstract

GST also known as the Goods and Services Tax is defined as the giant indirect tax structure designed to support and enhances the economic growth of a country. More than 150 countries have implemented GST. Since GSTs implementation over the past few days, startups have been ask GST, pinging the official Twitter handle of the Government of India, for clarity on this new tax reform. As their enterprises are vulnerable to any major changes in economy due to a new policy implementation, founders and employees of these companies are extremely concerned about the impact of the four tax slabs of 5 percent , 12 percent, 18 percent, and 28 percent that have been specified in GST. Along with these concerned parties, millions of customers are wondering about the collision of this new tax system on the amount of money they will need to shell out to avail of their preferred goods and services. This paper will throw light on GST its collision and benefits of GST on prices of goods and Services.