A Study on Public Awareness towards Goods and Services Tax (Amendment) Bill in Sivakasi Region

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A Study on Public Awareness towards Goods and Services Tax (Amendment) Bill in Sivakasi Region

Author : S.Murugaiyan, R. Sasi Jeyanthi and P. Siddharth
Volume 6 No.2 July-December 2017 pp 1-4

Abstract

Goods and Service Tax GST is all set to be a game changer for the Indian economy. The tax is expected to reduce the concept of ‘tax on tax’, increase the gross domestic product of the economy and reduce prices. In India, there are different indirect taxes applied on goods and services by central and state government. GST is intended to include all these taxes into one tax with seamless ITC and charged on both goods and services. For the introduction of GST, the Government needs to get the Constitution Amendment Bill passed so that the proposed objective of subsuming all taxes and allowing states to tax subjects in Union list and vice versa is achieved. Without these powers, it is not legally possible to move towards GST. Conceptually GST is expected to have numerous benefits like reduction in compliances in the long run since multiple taxes will be replaced with one tax.
It is expected to bring down prices and hence the inflation since it will remove the impact of tax on tax and enable seamless credit. It is expected to generate revenue for the country as the tax base will increase as the GST rate will be somewhere around 27% with both goods and services covered. It is also expected to make exports from India competitive and India a preferred destination for foreign investment since GST is a globally accepted tax. Unless the issues relating to GST has been overcome, the GST would become a bare wall without any scripts to describe in future.

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References

Asian Journal of Managerial Science (AJMS) is a quarterly international peer-reviewed journal of Managerial Science. One of the objectives of this journal is to disseminate knowledge on various research issues connected with the topics include, but are not limited to:

Accounting, Auditing, Banking, Business strategy, Corporate governance, Entrepreneurship, Financial structure, Capital markets, Health economics, Human resources management, Information systems, Innovation management, Insurance, Marketing, Organization, Production and logistics, Risk management, and Taxation.

Goods and Service Tax GST is all set to be a game changer for the Indian economy. The tax is expected to reduce the concept of ‘tax on tax’, increase the gross domestic product of the economy and reduce prices. In India, there are different indirect taxes applied on goods and services by central and state government. GST is intended to include all these taxes into one tax with seamless ITC and charged on both goods and services. For the introduction of GST, the Government needs to get the Constitution Amendment Bill passed so that the proposed objective of subsuming all taxes and allowing states to tax subjects in Union list and vice versa is achieved. Without these powers, it is not legally possible to move towards GST. Conceptually GST is expected to have numerous benefits like reduction in compliances in the long run since multiple taxes will be replaced with one tax. It is expected to bring down prices and hence the inflation since it will remove the impact of tax on tax and enable seamless credit. It is expected to generate revenue for the country as the tax base will increase as the GST rate will be somewhere around 27% with both goods and services covered. It is also expected to make exports from India competitive and India a preferred destination for foreign investment since GST is a globally accepted tax. Unless the issues relating to GST has been overcome, the GST would become a bare wall without any scripts to describe in future.

Editor-in-Chief
Dr. Tan Fee Yean
Department of HRM, Universiti Utara Malaysia, Kedah, Malaysia
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Editorial Advisory Board
Dr. Aidil Rizal Bin Shahrin
Department of Finance and Banking, University of Malaya, Malaysia
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Dr. Amalendu Bhunia
Department of Commerce, University of Kalyani, West Bengal, India
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Dr. Ahmad Zahiruddin Bin Yahya
Department of Accountancy, University of Malaya, Malaysia
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Dr. Anil Govindrao Suryavanshi
Department of Commerce & Management, The New college, (Shivaji University), Maharashtra, India
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Dr. Ong Lin Dar
Department Of Business Strategy And Policy, University of Malaya, Malaysia
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Dr.V.Balachandran
Department of Corporate Secretaryship, Alagappa University,Tamil Nadu, India
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Dr. Yeong Wai Chung
Department Of Operation and Management Information, University of Malaya, Malaysia
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Prof.V.V.Devi Prasad Kotni
Department of Management Studies,GVP College for Degree & PG Courses, Andhra Pradesh, India
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Dr. Quah Chee Heong
Department of Business Strategy and Policy, University of Malaya, Malaysia
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Dr.Subrata Roy
Department of Commerce, Rabindra Mahavidyalaya, West Bengal, India
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Dr. Norbani Binti Che Ha
Department of Marketing, University of Malaya, Malaysia
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Dr. Tey Lian Seng
Department Of Business Strategy and Policy, University of Malaya, Malaysia
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Dr. Mohammad Nazri Bin Mohd Nor
Department of Business Strategy and Policy, University of Malaya, Malaysia
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Dr. Binish Qadri
Research Scholar, Department of Economics, Central University of Kashmir, India
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Dr. Khaw Lee Hwei
Department of Finance and Banking, University of Malaya, Malaysia
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Dr. V. P. Sriram
Department of Management, Balaji Institute of International Business, Maharashtra, India
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Dr. Yusniza Binti Kamarulzaman
Department of Marketing, University of Malaya, Malaysia
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Dr. Kanagi Kanapathy
Department of Operations and Management Information Systems, University of Malaya, Malaysia
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Dr. Abd El Salam Mahmoud Abou Kahf
Department of Commerce, Alexandria University, Egypt
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Dr. Wong Sek Khin
Department of Business Strategy and Policy, University of Malaya, Malaysia
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Dr. Lee Su Teng
Department of Business Strategy and Policy, University of Malaya, Malaysia
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Dr. Phoong Seuk Wai
Department of Operation and Management Information System, University of Malaya, Malaysia
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Dr. Dennis Palkon
College of Business, Management, Florida Atlantic University
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Editorial Note

Editorial Dr. Tan Fee Yean