Abstract
Goods or Service Tax, or popularly called by Indians as Good and simple tax, is the biggest tax reform for Indian citizens in last seventy years. The Modi-led government passed a bill in the parliament (both the houses) after their long efforts of convincing the country for one nation one tax. After many committee meetings, experts gathering, rates on GST were fixed. A few taxes and rates became a source for controversies too, where citizens came against it, like for textile industry. GST has no doubt, replaced a lot of indirect taxes and brought them under one umbrella to make tax structure easy. The reality is that single umbrella still has three breakup of taxes - CGST, SGST and IGST. The change in tax system would of course bring some opportunities, threats to many industries. This article studies the comparison on old tax system and GST and its impact for textile industry.
| Original language | English |
|---|---|
| Pages (from-to) | 6-6 |
| Number of pages | 1 |
| Journal | FINANCIA-A Cross Functional International Journal of Finance |
| Volume | 1 |
| Issue number | 1 |
| Publication status | Published - 1 Jun 2017 |
Keywords
- comparative study
- tax reforms
- pro-GST
- post GST
- textile industry
- India
- Modi