Good and Service Tax An International Comparative Analysis

  • Dr. Vijay Kumar Gupta HOD, Commerce, Arya Mahila PG College, Shahjahanpur

Abstract

Constitutional amendments in 2014 (1902 Act) formally recognized the goods and services tax, or GST bill proposes to implement a national VAT rate in India since June 2016. "Goods and services tax" requires a comprehensive indirect tax on the production of goods and services in India to replace the taxes charged by the central and state governments, sales and consumption. Goods and services taxes are collected and collected at each purchase or sale stage of a good or service according to the input tax method. In this way, GST registrants can claim a tax credit for the GST value paid when purchasing goods or services as part of normal commercial activities. Taxable goods and services are not indivisible and are taxed at a single rate in the supply chain until the product or service reaches the consumer. Administrative responsibilities generally depend on a single authority to levy taxes on goods and services. Exports have a zero rate and the import is subject to the same tax as domestic goods and services that comply with the destination principle.

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Published
2018-03-28
Section
Conference Paper