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Goods and Services Tax- Concept and Review

Sangeeta Patel*; Dr K Pradeep Reddy**

 *Research Scholar, ** Associate Professor, School of Management,

SAGE University, Bhopal, M.P., India

Corresponding Author:


DOI: 10.52984/ijomrc2309


The taxation system of India comprises of Direct Tax and Indirect Tax. Direct tax is levied on income and indirect tax is levied on products and services. Goods and Services Tax is an indirect tax implemented from1st July 2017 with the slogan of “One Nation One Tax”. GST is a single uniform indirect tax imposed on supply of goods and services. GST eliminates the cascading effect, as it is collected at multiple stages but only the value-added part. Tax payable is a contribution, not the fine, mandatory paid by citizens from the earned income and wealth for the public welfare and to boost the economy. This study is conducted to make readers understand the concept of Goods and Services tax and to highlight the feature of GST. The study gives a clear picture of the notion of GST with the help of examples. A healthy amount of literature is reviewed.

Key Word: Goods and services tax, ITC, cascading, and value-added.

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