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Stream/Area:
-
Subject:
-
Paper ID:
IJSREM67571
Volume:
10 |
9 |
Sep 2026
Pages:
1-12
Publication Frequency:
Monthly (12 issues per year)
License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.
ECONOMICS
TAKSHASHILA UNIVERSITY, TAMILNADU, INDIA
ECONOMICS
TAKSHASHILA UNIVERSITY, TAMILNADU, INDIA
The government of India introduced the Goods and Services Tax (GST) reforms under two phases. The first phase of GST reform was introduced in 2017 and the second phase was introduced in the year 2025. The basic purpose of the of the GST tax reforms in India in 2017 July 1, was to have a “unified, transparent, and efficient indirect tax system”. Through this reform Government of India wanted to have a “single, common national market, moving away from a fragmented structure of multiple, overlapping central and state taxes”. In the first phase, government of India has only one target of bring reforms in the tax structure. The Next-Gen GST (GST 2.0) reforms initiated by the government of India in September, 2025, aimed at simplifying India's tax structure into a two-tier system 5 per cent and 18 per cent. A separate high tax rate like 40 per cent rate on proposed on sin/luxury commodities. One of the important addenda of Saptharishi programme presented by the Finance Minister in the year 2023 is inclusive growth and reduction of poverty, a part of Amrit Kaal programme for next twenty five years. The main Objective of the paper is to bring out the Strategies, Policies and Programms which are adopted/implemented by the Government of India under Amrit Kaal Plan for next twenty Five Years to make India as an Advanced Country or Viksit Bharat@2047 when India enters into the 100 the year of Independence and how the New Gen GST 2.0 will be useful for achieving the same. In this paper the analysis has been carried out under two sections. The first section dealt with the India’s achievements, failures for the past 79 years, and Philosophy of Amrit Kaal Programme and in the second section dealt with the GST reforms introduced by the government of India under two phases.
KEYWORDS
Reduction of GST rate into three slabs such as 5 per cent and 18 percent has two implications. It encourages consumption and spending habit of the people and finally It led to high GDP growth. Economic growth always associated with more investment and reinvestment, more job creation, more income generation for the people, go for more economic activities like purchasing land, constructing houses, purchasing two and four wheelers, sending children to good schools, going for tour and travels and finally to the direction of social development. The vicious circle of growth will be ensured by removing the vicious circle of poverty. This is what the government is expecting by reducing the GST rates. These tax reforms were introduced with the intention of making India as a country of poverty free, unemployment free, reduction of rural and urban differences, industrializing the rural area, stop the migration of youngsters from rural area to urban areas by the time when India reaches the 100 year of independence in 2047, generally called such economy as Viksit Bharat@2047.
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Publication Date
9/30/2026
Peer Review Type
Double-Blind Peer Review
Review Rounds: 2
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