Goods And Services Tax : A Cross Country Comparison

  • Dr. Shweta Mishra Assistant Professor, Department of Commerce, A.P. Sen Memorial Girls P.G. College, Research Scholar, University of Lucknow
  • Saumya Singh Assistant Professor, Department of Commerce, A.P. Sen Memorial Girls P.G. College, Research Scholar, University of Lucknow

Abstract

India is witnessing one of the largest indirect tax reforms since independence in the form of goods and services tax , which was implemented from July 1, 2017 . But here one question that strikes the minds of the layman , i.e. , a person who does not have knowledge about the technicalities of taxation and it's structure is why such a change in the taxation system is required. Now when everything is settled and indirect tax collections are also positive , then why to change the tax system . When everything is going smooth and they are not facing any problem they will certainly resist the change.  Developed countries adopted GST to increase revenue from general consumption , to cut down rate of income taxes , to consolidate and modernize their existing tax structure. It would be beneficial to look at the international scenario to understand the various GST models in vogue in certain countries. This paper focus on the various loopholes in the current indirect tax structure such as multiplicity of taxes , cascading effect , classification issues etc. and compares the economy of developed countries namely Canada , Singapore , Malaysia with India . It outcomes that GST is a step that will address the issues of the current indirect tax regime and resolve the same for the benefit of the tax payer

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Published
2018-03-24
Section
Conference Paper