GST Implication and its Impact-A Public Perspective

• Published in: International journal for research in applied science and engineering technology 2022-11, Vol.10 (11), p.1636-1642
• Main Author: S, Dinesha A
• Format: Article
• Language: English
• ISSN: 2321-9653; 2321-9653
• DOI: 10.22214/ijraset.2022.47677

Goods and Services Tax issue has been debated for several years since 2005 some of the individuals support the implementation of GST, some oppose to it. The main reasons for the consumer unwilling to support or opposed the implementation of GST because of the fear of price hike majority of the respondents believed that GST would causes higher inflation. In addition , lack of information and unclear about the purpose of GST implementation consumers are too worried until they brought up one issue , particularly regarding charges of 6% of GST on money withdrawn from the ATM . This will replace sales tax and service tax which has been payable tax annually, where as GST is payable monthly. Because of this SME’S should plan for additional cash and be aware that GST is payable whether they have received payment from their customers or not. This paper begins with introduction to GST, Concept of GST, further analysis of challenges, problems of indirect tax system and GST implicationin Indian economy. It also cites on effective management of GST implications in Indian Economy. Hence, this present article explores how perception of public on GST implication and its impact on the Indian economy. The study has been conducted with respect to Shivamogga region general public professionals and non-professionals. The primary data have collected from 100 respondents and draws some conclusions about possible future directions for research in GST offered by various researchers.