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AN EMPIRICAL STUDY OF IMPACT OF GST ON SMALL AND MEDIUM BUSINESSES: A CASE OF INDUSTRIAL AREA OF AURANGABAD FROM MAHARASHTRA STATE

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Goods & Services Tax (GST) was the biggest tax regime implemented by Government of India on 1 st July 2017 midnight. The overall idea behind the GST implementation was to simplify the existing complex taxation system. This research tries to understand the effectsof GST on micro, small & medium enterprises (MSME). Both positive & negative impacts have been found and noted. The paper has tried to make an attempt to discuss the problem faced back then & still how the businesses are managing after the effect of the GST.

research paper on gst in india 2021 pdf

INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT

Kiran Ajetrao

GST (Goods and Service tax) is a visionary step intended towards rationalizing the giant indirect tax system in India. The implementation of GST is reducing tax burden and enhancing the ease of doing business in the country. The impact of GST has two key segments weight; one is to the business and second is to the customers who are the actual bearer of tax costs. Indian unorganized sector and portion of industry those who are enjoying the exemption will also contribute significantly to the growth of countries GDP. The basic purpose of conducting the study is to know the awareness level of small businessman towards GST and to assess the actual impact as they are facing. As it is known that impact will be there either on manufacturing or selling but to know the extent of impact and level of satisfaction study is conducted. The study is survey based in which data was collected from 50 business man who are residing in Mysuru city of Karnataka. The tool used for collection of data was st...

Asian Journal of Agricultural Extension, Economics & Sociology

Vanpal Boyal

This is a study that evaluated the the impact of Goods and Services Tax (GST) on the manufacturing organizations in Kota region of Soutb-East Rajasthan. Thus, the research problem is that the organization faced many problems while the implementation of GST. It has been found that manufacturing organizations are benefited by the GST. Most of the organizations initially faces problems in adopting GST but by the time they understood it and found it very smooth and easy taxation system. The out of the two options of GST, composition scheme was adopted by some manufacturer only. Most of the manufacturing organizations are micro/small in size and most of them are located in Kota city in south east region of Rajasthan.

FOREX Publication

A comprehensive dual Goods and Services Tax (GST) has replaced the intricate multi-indirect tax structure as of 1 July 2017. It was India's most significant tax reform ever. The main goal of the GST, as recently summarised, is to get rid of all the many subsidiary taxes, their effects, and any mild tax issues that are only possible to solve by paying GST. GST is a tax that is intended to be paid on a continuous stream of goods and contributions. Any person who grants a contract or provides an item or service is required to pay GST. The study emphasises how GST has affected Indian SSIs. SSIs play a significant role in the Indian economy, accounting to almost 40% of industrial production, 42% of exports, and 65% of total economic output.

IJAR Indexing

In the backdrop of rise in growth prospects and government policies inducing a stable climate for doing business in the country, the Indian economy has been riding high among developing nations in the global context. The dynamic introduction of Goods and Services Tax (GST) and its successful roll-out from July onwards will propel the economy in a profound way and impact various stakeholders. The implications of GST on the economy will change the way businesses operate. The new indirect tax regime subsumes the erstwhile indirect tax on excise, service and sales, thus revolutionizing a uniform indirect tax rate throughout the nation. GST will greatly influence the functioning of different sectors in India. This paper attempts to review the dynamic roll-out of GST and its implications on various stakeholders in the economy. In this light, the pros and cons of GST on the growth prospects of manufacturers, traders and consumers at large etc., has been reviewed and conclusion is drawn.

Asian Journal of Management Applications and Research

Shahid Husain

A few year ago a VAT system was introduced whereby every next stage dealer used to get credit of the tax paid at earlier stage against his tax liability. This reduced an overall liability of many traders and also helped to reduce inflationary impact. Similar concept came in the duty on manufacture- The Central Excise Duty, much before it came for sales tax. The CENVAT credit scheme (earlier known as MODVAT) also allowed setting-off credit of excise duty paid at input against the liability of excise on removal of goods. To a great extent the cascading effect of taxes was resolved by these measure. However, there are still problems with these systems as the credit of VAT is not available against excise and vice versa. The GST is introduces to combat this problem among many others in India. There was a huge hue and cry against it implementation. Even now the concepts, structure and the rationale of implementation GST is not very obvious. This would, therefore, be interesting to understand the various pros and cons of its implementation. This paper is an attempt to find out the opportunities and challenges if any, after the implementation of GST in India.

Advances in Research

Shatakshi Semwal

India has got a well-structured and simplified taxation system, where authoritative segregation has been done among the Central government, state governments and local bodies. But with the implementation of GST, the harmonization of tax rules, regulations, rates, processes and procedures across the states was expected to improve the ease of doing business in India. The removal of cascading of taxes and transaction costs associated with inter-state transactions was also expected to encourage investment and therefore, the economic growth of country. With the objective of the impact assessment of Goods and Services Tax on shopkeepers the present study was carried out. The study was conducted in Hisar city of Haryana state where the findings highlighted that shopkeepers had highly increased tax burden and legal compliances, followed by increase in workers hiring capacity and no impact on ease of doing business, no loss and transparency in business. Further, results also showed that ther...

Rajender Panchal

Goods and service tax is the largest tax reforms in India. It is based on theme "one nation, one market, one market". The indirect tax authority of India has deconstructed all interstate obstacles with respect to tax. The GST grows up with a single stroke. It has converted Indian economy into unified market of 136 crore people. Basically the $ 2.97 trillion economy is trying to change itself by elimination of the internal tariff obstacles and containing central, state and local taxes into a unified GST. Goods and service tax is a consumption based tax or destination based tax. It is a multi-stage consumption based value added indirect tax on goods and services with their distribution.. Goods and service tax will be levied on the value of transaction. It levied on commission, packaging and other cost happened with respect to sales. It involves several types of indirect taxes e.g. state tax, local tax, entertainment tax, excise duty, surcharge, octroi and other. This paper is concentrated on advantages and challenges of GST faced by Indian economy. It introduces a summary of goods and service (GST) concept and describes its characteristics along with its timeline of implementation in India.

Wesleyan Journal of Research

Abhishek Kumar Gupta , Bharat Kumar Meher

The Goods and Services Tax is a common tax used by the majority of countries globally. After independence of India, Goods and Services Tax was the biggest reform in the country's tax structure, came into effect from 1st, July, 2017. The main objective behind incorporating GST was elimination of double taxation, which cascades from the manufacturing level to the consumption level. Before introduction of Goods and Service Tax (GST), too much hope and misconception were prevailing in the mind of people and Government of India regarding GST like it will-reduce tax burden, be simpler than old tax system, bring uniformity in tax rate, prevent black money creation, increase revenue from tax, bring more transparency in business, help lower income group people etc. This paper is an attempt to analyse the perception of MSMEs' owners and managers towards GST relating to their hopes and misconceptions related to GST after 3 years of completion of introduction of GST. The study is based on the primary data collected through questionnaire, using random sampling method, designed on five point likert scale.

Journal of emerging technologies and innovative research

Ancy Antony

ABSTRACT Goods and Service Tax may be a comprehensive tax levy on manufacture, sale and consumption of products further as services at national level .Currently we tend to area unit witnessing, however this tax reform reshapes our economy and business dynamics for small, little and Medium Enterprises. Flourishing amidst a difficult setting, the small and Medium Enterprises (SMEs) of India fully fledged many highs and lows within the past few years. With the Indian economy expected to emerge jointly of the leading economies within the world and certain to become a $5 trillion economy by 2025, major impetus is being given to strengthen the rear bone of our economy-the SME sector. This paper highlights to understand the GST and MSMEs and Impact of GST and MSMEs. Key words-- GST, MSMEs

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IMAGES

  1. (PDF) GST IN INDIA AN OVERVIEW

    research paper on gst in india 2021 pdf

  2. gst in india: a key tax reform

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  3. (PDF) IMPACT OF GST ON FMCG COMPANIES IN INDIA

    research paper on gst in india 2021 pdf

  4. Benefits of GST in India-Infographic

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  5. (PDF) GST paper published in IJEMR 2021

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  6. Gst research paper

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VIDEO

  1. IMF Executive Director KV Subramanian Praises India's GST Revenue And Robust GDP Growth

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  3. Requirement of gst registration for foreign companies having liaison office in India

  4. Revenue and GST collection is rising ,Budget will drive growth :Dharmendra Pradhan

  5. Lecture 1 GST In India An Introduction Intermediate IPCC May 2021

  6. What GST data reveals about Indian businesses #gst #goodsandservicestax #indianeconomy #mint

COMMENTS

  1. Goods and Services Tax (GST) Implementation in India: A SAP ...

    The introduction of GST in India is a process innovation of ... The paper focuses on exploring the present state of GST implementation in India by the government on completing its three years. ... (2018). 70 Policies that Shaped India 1947 to 2017, independence to $2.5 Trillion. Observer Research Foundation. Accessed on October 2021 from https ...

  2. (PDF) ANALYSIS OF GST IMPACT ON INDIAN ECONOMY AFTER 5 ...

    GST will impact on consumer in term of fluctuation rate on product. This is single tax base concept. Kulkarni, S., & Apsingekar, S. (2021). In his srudy " A Study of Impact of GST on Indian ...

  3. (PDF) GST paper published in IJEMR 2021

    Issues and challenges of GST in India. International Journal of Management and Social Science Research Review, 1 (4), 228-233. PDF | On Sep 30, 2021, Jamil Ahmad published GST paper published in ...

  4. PDF Goods and Services Tax (GST) Implementation in India: A SAP ...

    According to the experts, after liberalizing the Indian economy in 1991, the Goods and Services Tax (henceforth GST) is a significant taxation turnaround by the Indian government (Jha, 2019; Siddiqui, 2018). India has tra-versed a long path to embrace GST as an excellent and long-awaited indirect tax reform aimed at one nation, one tax, and one ...

  5. (PDF) GST in India: Impact and challenges

    In addition to explaining the structure of GST in India as well as the tax rates under it, the present paper attempts to analyse the impact of GST on certain major industries or sectors within the ...

  6. Do Goods and Services Tax Influence the Economic Development? An

    The purpose of our study is to determine if GST is achieving the objectives for which it was conceived. The panel regression estimations were used on data obtained from 31 states and union territories of India from 2017 to 2021, and the outcome shows that GST has a considerable positive effect on India's economic development.

  7. PDF GST AND ITS IMPACT ON INDIA'S GDP

    TAMILNADU, INDIA Abstract: This research paper has been carried out how GST affects the cost of services in India and to study the impact of GST on India's GDP. The Goods and Services Tax, the largest tax reform introduced in India on July 1, 2017, which is now an ... billion in 2020-2021, the average monthly gross GST revenue in 2021-2022 ...

  8. India's GST Paradigm and the Trajectory of Fiscal Federalism: An

    Tax effort of the States did not increase indicating that GST has not been helpful in improving the revenue position of the States. Although India's GST paradigm was destined to foster cooperative federalism the outcomes appear to lead us towards coercive federalism.

  9. PDF Taxes Reforms in India- A Study on Goods and Services Tax

    Shefali and Dani(2016) in their research paper on "An impact of GST on Indian Economy", they highlighted that GST appears to be unfavorable for telecommunication, and India is still in the budding state as far as internet connectivity in concerned. So, country as required a strong IT network for effective GST structure in India. Finally,

  10. PDF THE IMPACT OF GST ON INDIAN ECONOMY

    In India, GST is an indirect tax that includes many indirect taxes, VAT, service tax, etc. ... Vol. 9, Issue 1, pp: (128-131), Month: April 2021 - September 2021, Available at: www.researchpublish.com Page | 129 Research Publish Journals ... Looking at the various research papers that have been done so far, most of the studies have tried to ...

  11. PDF 3 Years of GST Implementation in India: A State-Level Performance Analysis

    Research Paper 3 Years of GST Implementation in India: A State-Level Performance Analysis Sumedha Pandey Assistant Professor, C.M.P. Degree College, Prayagraj. ABSTRACT In July 2020, GST completes its three years. GST was expected to be a game changer in the field of indirect tax reforms.

  12. India's Goods and Services Tax: A Unique Experiment in ...

    Introduced primarily to create a unified national market and bring an end to tax wars and economic distortions, the tax reform's chief slogan was "GST—one-nation-one-tax-one-market." This article takes a closer look at a unique institutional design feature of the Indian GST—a centre-state body called the GST council.

  13. Analysis of Goods and Services Tax (GST) impact on Indian ...

    The government of India envisioned to make India a manufacturing hub of automobiles; it brought many initiatives to make India an attractive destination for automotive companies. Among the initiatives taken by the government, the most important one is replacing the multiple indirect tax system with Goods and Services Tax (GST).

  14. (PDF) A systematic review on GST in India

    History of Goods & Service Tax (GST) in India has b een. started from the year 2017 on 1 July, It is a type of Indirect. Tax, as of now there is the only indirect tax in India is GST. on all kind ...

  15. PDF Impact of Gst on Indian Companies

    profitability along with GST. The remaining section of the paper is organized as follows. The next sections consist of a literature review, research methodology, analysis, and findings and conclusions. LITERATURE REVIEW This segment discusses the literature on the topic of GST. Kir (2021) highlights that India had

  16. Shodhganga@INFLIBNET: Impact of Goods and Service Tax GST on Supply

    The Shodhganga@INFLIBNET Centre provides a platform for research students to deposit their Ph.D. theses and make it available to the entire scholarly community in open access. ... Impact of Goods and Service Tax GST on Supply Chain Management: Researcher: Dhar, Kuldeep Kumar: Guide(s): Khandelwal, Utkal: Keywords: Economics and Business ...

  17. (Pdf) an Empirical Study of Impact of Gst on Small and Medium

    Even now the concepts, structure and the rationale of implementation GST is not very obvious. This would, therefore, be interesting to understand the various pros and cons of its implementation. This paper is an attempt to find out the opportunities and challenges if any, after the implementation of GST in India.

  18. GST in India and its Impact on Indian Economy

    Open PDF in Browser. Add Paper to My Library. Share: Permalink. ... Design/Research Methodology/Approach: - The paper is based on secondary data. The paper is based on extant literature and internet sources have been used. ... Bala, Madhu, GST in India and its Impact on Indian Economy (February 2, 2018). Madhu Bala (2018, February 2). GST in ...

  19. Goods and Services Tax (GST) Implementation in India: A SAP-LAP-Twitter

    According to the experts, after liberalizing the Indian economy in 1991, the Goods and Services Tax (henceforth GST) is a significant taxation turnaround by the Indian government (Jha, 2019; Siddiqui, 2018 ). India has traversed a long path to embrace GST as an excellent and long-awaited indirect tax reform aimed at one nation, one tax, and one ...

  20. PDF A Study on Impact of GST on Indian Economy

    GST will mainly remove the Cascading effect on the sale of goods and services. Removal of cascading effect will directly impact the cost of goods. This paper gives an understanding about GST in India & its impact on the Indian Economy. The Evolution of GST in India is also discussed inthis research paper.

  21. (PDF) A Comprehensive Analysis of Goods and Services Tax (GST) in India

    The Goods and Services Tax (GST), implemented on July 1, 2017, is regarded as a major taxation reform till date implemented in. India since independence in 1947. GST was planned to be implemented ...

  22. PDF © 2021 JETIR May 2021, Volume 8, Issue 5 www.jetir.org (ISSN-2349-5162

    standard. The goods and service tax (GST) is a value added tax levied in India on the supply of goods and services. It is a ... allowed deduction of land value equivalent to one third of total amount charged by the developer for GST calculation. In this paper the factors which affect the construction industry through GST is identified ...

  23. A Study on Impact of Goods and Services Tax (GST) on Cement ...

    GST being a consumption-based tax, the entire tax burden is on end-users. Considering all the factors an attempt is made in this study to analyze the impact of GST on the Cement Industry. It is found that growth in production, consumption, sales and FDI inflows is not satisfactory in Indian cement industry after GST implementation.