Role of GST on Import Sector in India

  • Dr. Ruchi Dwevedi Asst. Prof., Department of Economics, Arya Mahila PG College, Shajhanpur

Abstract

India is one of the fastest growing economies in the world and is becoming a new global production center. While production activity is increasing, both import and export are witnessing the expansion of foreign trade. The Indian parliament has introduced the goods and services tax (GST) in India since July 2017. Undoubtedly this movement is historical in the history of the Indian economy. The transition to the GST law seems to be the next big step since the Indian economic reforms in the 1990s. The government is already preparing to implement the GST in time by strengthening the IT backbone. But at the same time there are some aspects that contradict the growth story and that can be considered as a time-consuming obstacle to overcoming the GST implementation. With the implementation of the goods and services tax (GST), there is no influence on the imposition of basic tariffs, education levies, anti-dumping duties and import duties. Additional rates, usually referred to as special customs tariffs (SAD) and countervailing duties (CVD), will however be replaced by taxable costs for integrated goods and services (IGST). This white paper tries to investigate the impact of GST on importers.

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Published
2018-04-12
Section
Conference Paper