THE IMPACT OF FACTORS INFLUENCING ON GST FILING PROCESS AT COIMBATORE CITY – AN EMPIRICAL STUDY
AUTHORS: MYLESH.K1, Dr. R. SENTHIL KUMAR2
Ph.D. Research Scholar, Department of Commerce, Dr.N.G.P. Arts and Science College, Kalapatti, Coimbatore- 641 048. Tamil Nadu, India
Assistant Professor, Department of Corporate Secretaryship, Dr.N.G.P. Arts and Science College, Kalapatti, Coimbatore – 641 048 , Tamil Nadu, India
ABSTRACT
GST refers to Good and Service Tax which is implemented in 2017 .The charges imposed by the state and central governments has been incorporated into the GST. The duty cascading effect has been eliminated, reducing the burden on both the buyer and the dealer. So, while you may appear to be paying a significant amount of duty, you are actually paying smaller retired levies. The goal of the GST is to reduce the tax burden. With a formal economy, government tax collection is predicted to rise, and the fiscal imbalance is expected to remain under control for the time being. GST become “ONE NATION ONE TAX” levied on all goods and service across India. Types of GST are CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax), Union Territory GST. One of the biggest impacts of GST is to eliminate the cascading effect of taxes. The Latin verb "taxare," which meaning "to estimate," is where the term "tax" originates. A obligatory financial fee or other sort of levy is one that is imposed on a taxpayer by a government agency in order to pay for various public expenses. To put it another way, tax is the cost that citizens of a civilized society must pay to the government in order for it to fund public services. Paying late and avoiding taxes are both against the law. A comprehensive indirect tax applied on the production, sale, and consumption of goods and services, the Goods and Service Tax (GST) is based on destination. The GST, which went into effect in India on July 1st, 2017 was based on the idea of "one nation, one tax." The GST tax rate ranges from 0% to 5% to 12% to 18% to 28% on goods and services.
Key Words: GST, Cascading Effect.
