2024, Vol. 5, Issue 2, Part F
Effect of GST Implementation on Small Scale industries in India: An analytical study
Author(s): Priya Kumari
Abstract: The Goods and Services Tax (GST) is the most significant tax reform in India since independence, a change that has been long awaited. The Goods and Services Tax (GST) aims to streamline India's indirect tax system by consolidating many levies into a one, unified tax. The Goods and Services Tax (GST) is the only indirect tax that directly links all sectors of the Indian economy, hence fostering the nation's economic progress by establishing a unified market. Over 160 nations worldwide have adopted GST, with France being one among them. The concept of GST in India was introduced by Atal Bihari Vajpayee in 1999, leading to the establishment of a committee chaired by Asim Das Gupta, the then finance minister of West Bengal. It was intended to be implemented on 1st April 2010 under the leadership of P. Chidambaram, the then Finance Minister of the UPA administration; however, it did not come into effect owing to political complications and the competing interests of numerous parties. In May 2016, the Lok Sabha approved the constitutional amendment bill for GST, with Finance Minister Arun Jaitley establishing a timetable of April 1, 2017, for its implementation. Nonetheless, there is significant opposition to its execution. This article provides a comprehensive understanding of the idea of GST. The document emphasizes the influence of GST on Indian Small-Scale Industries. Small Scale Industries (SSIs) significantly influence the Indian economy, accounting for almost 40% of industrial output, 42% of exports, and 65% of job possibilities. Consequently, an effort was undertaken to evaluate the effects of GST adoption on small-scale industries. This study highlights the advantages of GST for small-scale industries (SSIs) and the challenges encountered by SSIs due to the introduction of GST.
Pages: 511-514 | Views: 25 | Downloads: 14
Download Full Article: Click Here
How to cite this article:
Priya Kumari. Effect of GST Implementation on Small Scale industries in India: An analytical study. Asian J Manage Commerce 2024;5(2):511-514.
Other Journals