2024, Vol. 6, Issue 2, Part E

author(s)
V Anitha and B Madhumitha

abstract
A comprehensive tax system designed to be applied to domestically consumed products and services is the products and Services Tax (GST). For the country to progress, its implementation is essential. The country's GDP (gross domestic product) will increase as a result. The Goods and Services Tax (GST) essentially combines all indirect taxes into one. It facilitates adjustments to be made in accordance with taxes filed at earlier stages by being integrated at every level of the manufacturing and distribution process. It is essentially a tax on ultimate consumption. A tax levied on products and services is known as the products and Services Tax (GST). It will be implemented at all points of sale and service delivery. As a result, the vendor or supplier is qualified to claim a tax credit for input for the tax sum paid at the time of purchase of goods or services. India is expected to follow the standard of functioning as a welfare nation since it is one of the biggest democracies in the world. Together with 28 state governments, the nation's federal structure consists of a powerful central government. All of the aforementioned depend on financial resources to administer the nation and its member states. After the Value Added Tax (VAT) was implemented in 2005, the nation began looking into the Goods and Services Tax (GST) on April 1, 2013. In the forthcoming publication, the impact and ramifications are assessed.