| Pub. Date | : Oct, 2020 |
|---|---|
| Product Name | : The IUP Journal of Applied Finance |
| Product Type | : Article |
| Product Code | : IJAF41020 |
| Author Name | : Ankitaben D Kathiriya |
| Availability | : YES |
| Subject/Domain | : Finance |
| Download Format | : PDF Format |
| No. of Pages | : 09 |
Tax reforms are an integral part of the
development process of both
developed and developing economies. In India, various tax reforms have been undertaken by successive governments from time to time which gained momentum after the economic reforms initiated in the early 1990s. The aim of these reforms was to introduce transparent, equitable and fair taxation system so that both direct and indirect taxpayers feel the duty and the social obligation to pay the taxes.
The proposed GST is likely to change the whole scenario of current indirect tax system. It is considered as the biggest tax reform since 1947. Currently, in India, complicated indirect tax system is followed with imbrications of taxes imposed by union and states separately. GST unifies all the indirect taxes under an umbrella and would create a smooth national market. Experts say that GST would help the economy to grow more efficiently by improving tax collection as it would remove all the tax barriers between states and integrate the country via a single tax rate.