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A Pre Experimental Study to Assess the Effectiveness of Planned Teaching Programme on Knowledge towards

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Background Health is considered as one of the most important values of life. Certain illnesses can also change the client’s body image or physical appearance weakness, loss of limb, and severe scarring. The client’s self esteem and self concept will also be affected. Early detection and treatment is one of the measures to prevent illness and also to reduce complications and death. Objective The study aimed to assess the effectiveness of planned teaching programme on knowledge towards safe handling of chemotherapeutics drugs among staff nurses in Cancer hospital Gwalior M.P. Methods The research design selected for the study was pre experimental one group pre test posttest . Structured knowledge questionnaire developed to assess the knowledge of staff nurses regarding safe handling of chemotherapeutic drugs. Bhoori Singh | Sunita Tomar | Sunita Singh "A Pre-Experimental Study to Assess the Effectiveness of Planned Teaching Programme on Knowledge towards Safe Handling of Chemotherapeutics Drugs among Staff Nurses in C.H.R.I Gwalior (M.P)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42353.pdf Paper URL: https://www.ijtsrd.commedicine/nursing/42353/a-preexperimental-study-to-assess-the-effectiveness-of-planned-teaching-programme-on-knowledge-towards-safe-handling-of-chemotherapeutics-drugs-among-staff-nurses-in-chri-gwalior-mp/bhoori-singh

A Pre Experimental Study to Assess the Effectiveness of Planned Teaching Programme on Knowledge towards

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International Journal of Trend in Scientific Research and Development (IJTSRD)
Volume 5 Issue 4, May-June 2021 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470
@ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 668
The Impact of GST on the Indian Economy and its
Effect on the Banking Sector
Vedant Mozumdar
Student, Jadavpur University, Kolkata, West Bengal, India
ABSTRACT
Traditionally India's tax regime relied heavily on indirect taxes.Revenuefrom
indirect taxes was the major source of tax revenue till tax reforms were
undertaken during the nineties. The major argument put forth for heavy
reliance on indirect taxes was t hat India'smajorityofthe population waspoor
and thus widening base of direct taxes had inherent limitations.
The biggest tax reform in India was the implementation of the Goods and
Service Tax (GST) which was founded under the notion of “one nation, one
market, on e tax”. The single biggest indirect tax regime was kicked into force
from 1st July, 2017, dismantling all the inter-state barriers with respect to
trade. The GST rollout, with a single stroke, converted India into a unified
market of 1.3 billion citizens.
The banking sector is one of the most important sectorsin India.Itcontributes
nearly 7.7% towards GDP. It is one of the largest service sectors in India. The
implementation of GST caused a major impact on t he bankingsectorresulting
in shifting from the way they had been operating earlier. This paper would be
about the Indian tax structure and the impact of GST on the Indian Economy
and the banking sector.
KEYWORDS: GST Indian economy Indian Sectors
How to cite this paper: Vedant
Mozumdar "The Impact of GST on the
Indian Economy and its Effect on the
Banking Sector"
Published in
International Journal
of Trend in Scientific
Research and
Development(ijtsrd),
ISSN: 2456-6470,
Volume-5 | Issue-4,
June 2021, pp.668-674, URL:
www.ijtsrd.com/papers/ijtsrd42341.pdf
Copyright © 2021 by author (s) and
International Journal ofTrendinScientific
Research and Development Journal. This
is an Open Access article distributed
under the terms of
the Creative
Commons Attribution
License (CC BY 4.0)
(http://creativecommons.org/licenses/by/4.0)
The Indian Tax Structu re before GST
In the last decade the India n taxation system hasundergone
tremendous reforms. For better compliance, ease of t ax
payment and better enforcement, the t ax rates have been
rationalized and tax laws have been simplified. Effect of the
above the process of rationalization of tax administration is
ongoing. Indian taxation systemisclassifiedintwosegments
namely direct taxes and indirect taxes.
(Source: www.aegonlife.com)
Direct Tax:
Direct Tax is levied directly on individuals and corporate
entities. This tax cannot be transferred or borne by anybody
else. Examples of direct tax include income tax, wealth tax,
gift tax, capital gains tax.
Income tax is the most popular tax within this section. It is
levied on individuals on the income earned withdifferent tax
slabs for income levels.
Indirect Tax:
Indirect taxes are taxes which are indirectly levied on the
public through goods and services. The sellers of the goods
and services collect the tax which is then collected by the
government bodies.
Value Added Tax (VAT) – A sales tax levied on goods
sold in the state. The rate depends on the government.
Octroi Tax– Levied on goods which move from one
state to another. The rates depend on the state
governments.
Service Tax– Government levies the tax on service
providers.
Customs Duty– It is a tax levied on anything which is
imported into India from a foreign nation.
The Indian Tax Structure after GST
GST is a single tax policy on supply of goods and services
from the manufacturer to the ultimate consumer. Credits of
input taxes paid at each stage from manufacturing to
ultimate consumption will be available in the subsequent
stage of value addition, which makes GST essentially a tax
only on the value addition at each stage. It is the final
consumer who will only bear GST charged by the last dealer
in the supply chain, with set-off benefits at all the previous
stage.
The following taxes are being subsumed at the central level:
1. Additional Excise Duty
2. Service Tax
3. Central Excise Duty
IJTSRD42341
International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 669
4. Additional Customs Duty commonly known as
countervailing duty and
5. Special Additional Duty on Customs
At the state level, the following taxes are being subsumed:
1. Subsuming of State Value Added Tax/Sales Tax
2. Entertainment Tax
3. Octroi and Entry Tax
4. Purchase Tax
5. Luxury Tax, and
6. Taxes on lottery, betting and gambling
(Source: www.smbconnect.in)
Impact of the GST on the Indian Economy
Goods and Services Tax (GST) is extremely useful for the
economy of India for a long term basis. The reason for the
benefit of the Good and Services Tax (GST) is due to the
uniformity of taxes. It merges all the indirect taxes which
were prevailing in India during the Value Added Tax (VAT).
Goods and Services Tax (GST) helps the business sector to
grow and to become strong by bringing transparency.When
the business sector will flourish it will help in creating
further employment which will ultimately lead to reducing
the burden of the tax.
Goods and Services Tax (GST) have a consistent scheme of
the tax for the goods and services across India, i.e. 0%, 5%,
12%, 18%, and 28%. The tax rate of some goods or products
is different from the rest such as gold, precious stones and
semi-precious stones. Special ratesoftaxesareleviedinsuch
products. Things such as luxury cars, tobacco, carbonated
beverages, etc, are subjected to 22% of the additional cess.
Goods and Services Tax (GST) in comparison to theprevious
indirect laws relating to the taxes provided a broader base
for the taxes. The Central Excise Law exemptsthesmall scale
units i.e. SSI having a turnover up to Rs. 1.5 crore from levy
the duty. Exemption under the service tax law was given
when the previous financial year has accumulated turnover
up to Rs. 10 lakh. The lower limit for the purpose of levying
the Value Added Tax (VAT) varies from one state to another
state i.e. between Rs. 5 lakh to Rs. 20 lakh.
But in the Goods and Services Tax (GST) scheme, the lower
limit for the purpose of levying the Goods and Services Tax
(GST) was set or settled at Rs. 20 lakh. But in some
circumstances i.e. for special category States, the lower limit
is fixed at Rs. 10 lakh. Goods and Services Tax (GST) had
included within it all the small suppliers. It was observed
that many suppliers had registered themselvesintentionally
and freely so that they may avail all the benefits relating to
the input tax credit.
Micro, Small and Medium Enterprises(MSME’s)hassuffered
some sort of complications with the new tax regime i.e.
Goods and Services Tax (GST). All the Micro, Small, and
Medium Enterprises (MSME’s) are suffering problems to
conduct their business as there is a requirement of
registration in every state from where the MSMEs are
formulating a supply. Goods and Services Tax (GST) is
helping the Micro, Small and Medium Enterprises (MSME’s)
in developing the ability for the purpose of maintaining the
account book. Maintenance of the account book will
ultimately help the enterpriser to get a loan from any bank
or financial institution. This will help them to increase their
business. They will now borrow the money from the formal
sector and will no longer rely on the informal sector for
obtaining the loan. The country like India really demands a
strong Micro, Small and Medium Enterprises (MSME’s)
which helps in creating more employment.
Goods and Services Tax (GST) helps in controlling the tax
evasion. Permanent Account Number (PAN) which is issued
by the income tax department is linked with the Goods and
Services Tax (GST) number i.e. GSTN. This helped in
establishing a relationship between indirecttaxesanddirect
taxes. This ultimately aid or support in reducing the evasion
of tax to an enormous extent. During the regime prior to the
Goods and Services Tax (GST), there were many cases of tax
evasion. When the taxpayers disclose their turnover under
the indirect tax law and the direct tax law both differedfrom
each other, which gives a path to the evasion of tax.
After the implementation of the Goods and Services Tax
(GST), there is an expectation of an increase in the tax Gross
Domestic Product (GDP) ratio. The expectation is that the
basis points (bps) will increase up to thirty in the financial
year of 2018-2019 each and 2019-2020. This was stated by
the table of medium-term expenditureframework (MTEF)in
the lower house i.e. Lok Sabha. The databases of the indirect
tax and the direct tax are linked together; it helps the data
analytical tools to remove all the inconsistency and also
helps the authorities of revenue to take a mandatory action.
Summing up the whole, an increase in the ratio of Gross
Domestic Product (GDP) will overall help in lowering the
rate of tax in India. Goods and Services Tax (GST) will help
the Indian economy on a long term basis.
International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 670
Positives and Negatives of GST
Positive Impacts on the economy:
Eliminated cascading effect & barrier free tax
structure: GST has eliminated cascading (tax on tax /
compounding tax) impact on the production and
distribution cost of goods and services. This reduced
cost of goods and service leading to accelerated GDP
growth. GST withouttax barrierswill leadstoeconomies
of scale in manufacturing industry and reduces the
supply chain cost.
Reduced the production cost: With offsetting,
simplification, and subsumptionofdifferenttaxesunder
a different tax structure, GST has reduced the cost of
production of manufacturing goods. This has also
reduced the burden of indirecttaxesonmanufacturesas
well as consumers. Earlier, manufactures had to pay
extra cost, around 25-26%. This was more due to the
cascading effect on taxes like VAT and excise duty.
Therefore, erstwhile taxes were levied as per two
different taxable events. This problem is now solved
with the introduction of GST, thus resulting in cheaper
goods.
Lead to sustainable growth in the economy: GST
removed the tax distortionsfromtheeconomy.Thislead
to sustainable higher growth based on competitive
strength of the country. Simple tax system attracted
more productive investment for growth.
Optimization and comparative cost advantage: GST
eliminated the Inter State tax by which it lead to
optimization of physical facilities to the extent of full
capacity. If the manufacturing is done at full capacity
industry will be benefited by comparative cost
advantage.
Increase in the GDP and standard of living: Since the
implementation of GST the price level was reduced in
the economy, resulting in increase in the consumption
level and growth in GDP of the economy. According to
study by NCAER (National Council for Applied
Economics and Research) complete implementation of
GST could lift GDP growth by 0.9-1.7%.
Positive effects on export and BOP (Balance of
Payment) level: Through GST the exporter got the full
tax credit, the export units quoted better price for their
products and services in comparison withpastscenario.
Increased export ultimately had positive effect on the
BOP (Balance of Payment) of the country.
Unique price and removed inequalities between the
markets: GST lead to imposition of same tax rate on the
goods and services everywhere in the country and by
implementing same tax rate it removed the inequalities
between the markets which could be seen in the market
in the past because of the tax rate differentials.
Reduced chance for tax evasion: GST charged full tax
on the each and every transfer; it’s difficult for the firms
to evade tax from the payment. E.g.: e-commerce firms
can’t evade tax by operating business from the place
where tax rates are comparatively less.
Centralized where housing formanufacturers:Inthe
past tax system if the dealer and the ware house were
from different states, then thedealerwouldneedstopay
a Central Sales Tax of about 2%. This increasedtheprice
of the commodity. Thus companies used to setup a
warehouse in each state. In GST as the CST gets
eliminated, thecentralized wherehousingcan beavailed
by the manufacturers.
Made the tax structure simple and reduced the
compliances: Multiple taxes that existed did no longer
remain in the picture. This reduced the compliances to
be fulfilled as compared to past situation.
Negative side of GST
No tax differentiation for luxury items and services:
The tax neutrality will notdifferentiateluxurygoodsand
normal goods. Currently, the state and central
government levy higher taxes on luxury goods and
services. Under GST implementation, all goods and
services will have to pay the same tax which will lead to
rich becoming richer and poorbecomingpoorer.Itisnot
an ideal situation for MSMEs competing against large
businesses.
Selective tax levying: GST will not be applicable to
Alcoholic liquor for human consumption andPetroleum
based businesses, which creates further gap and does
not support the 'unified market' ideology of GST.
The burden of the higher tax rate for Service
Provider: Presently Service Tax rate is 15%. GST rate
will be around 18%. The scenario in the service sector
will further be impacted as the concept of Centralised
Registration has been done away with and each unit in
different states will have to take separate registration.
Thus even if services are supplied by company's one
Unit in State A to another Unit in State B, then also taxes
will be payable.
Realignment of Purchase and Supply Chain: Under
GST credit will not be available to a compliant company
if the vendor from whom MSME is purchasing goods
does not show the same in his return. Thus sourcing
strategies will change on account of GST credit
mechanism. Also, there will be re-consideration of
Supply Chain on account of taxation of Stock Transfers.
Impact of GST on the different industries
Impact of GST on Real Estate
The imposition of Goods and Services Tax (GST) has some
positive impact on the property and real estate. Property
buyers are in profit due to the Goods and ServicesTax(GST).
12% Goods and ServicesTax(GST)chargesofpropertyvalue
are liable on all under-construction properties. It does not
include the stamp duty and the charges on the registration.
Previously this provision was applied in the properties
which are prepared or ready.
There is an increase in the profit for the builders and the
developers due to the input tax credit. This will additionally
pass the profit to homebuyers.
According to changed tax scheme, the under-construction
properties i.e. flats and buildings will be charged18%Goods
and Services Tax (GST) in which 9% will be State Goods and
Services Tax (SGST) and 9% will be Central Goods and
Services Tax (CGST). The government has the power to
deduct the land value equal to the 1/3rd of the total amount
which is charged by the builder. It will make the efficient
rate of tax as 12%.
Note:- In the real estate sector, a 12% tax rate is for building
materials there will be no effect on the value of the flat.
International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 671
Sr.
No.
Substance or
Material
Value
Added Tax
(VAT)
Goods and
Services Tax
(GST)
1.
Iron pillars and iron
rods
20% 18%
2.
Fly ash bricks and
Sand lime bricks
6% 5%
3. Cement 20 to 24% 28%
4.
Ceramic tiles, plaster,
wallpaper, wall
fittings, paint
20 to 25% 18%
Positive impact on buyers
Goods and Services Tax (GST) have some positive impact on
the prices of the property. It makes the tax system easy for
all the buyers. Before Goods and Services Tax (GST), buyers
were accountable to pay the taxes which depend upon the
property’s construction status and the state in which the
property is located.
Buyers were also liable to pay the Value Added Tax (VAT),
stamp duty, service tax, and registration charges when they
buy the under-construction property. Butwhentheybuy the
property which was ready or completed, they are liable to
pay registration charges and stamp duty. The state has the
power to levy the stamp duty, Value Added Tax (VAT) and
Registration Charges and all the figures of tax differ from
state to state. Central has the power to levy the service tax
and it was charged upon the construction.Thismakesthetax
scheme very much complicated for all the buyers, but Goods
and Services Tax (GST) had made this simpler.
Under Goods and Services Tax (GST) regime, tax is charged
upon all the under-construction propertiesareat12%ofthe
value of the property. It does not include the registration
charges and stamp duty. There was no impositionofindirect
tax on the sale of property which is ready-to-move that is
why there is no applicabilityofGoodsandServicesTax(GST)
on sale of the ready-to-move properties.
Positive impact on Builders
Before the enforcement of the GoodsandServicesTax(GST),
a developer or builder had to pay Value Added Tax (VAT),
Central Excise Duty and Entry taxes which was the state
domain, the state was collecting those taxes on the cost of
construction material. Developer and the builder were also
liable to pay the tax at 15% for services such as approval
charges, architect fees, labour, legal character, etc.
After the Goods and Services Tax (GST), there was not much
variation in the construction costs. In addition, logistics
reduced cost will lead to a lessening of the expenses. To
increase the profit, the input tax credit is helpful.
Impact on Iron and Steel
Tax Laws relating to the Iron and Steel
Three types of taxes were applied or imposed on the
manufacturing of iron and steel. Those taxes were:-
1. 12.5% of Excise Duty
2. 5% of the Average Value Added Tax (VAT)
3. 2% Central Sales Tax (CST)
When we see, there is a total of 19.5% net tax which is
imposed upon the iron and steel. If there is an article which
is manufactured of iron and steel are charged at the rate of
19.5%. The rate of the tax charged is similar to the tax rate
for manufacturing iron and steel. In Punjab, theValueAdded
Tax (VAT) is 2.5% for the substances or commodities which
are of iron and steel there the pattern of tax charged is not
the same in whole India.
Impact after Goods and Services Tax (GST)
Materials like iron and steel are very useful and utilized in
everyday life. Goods and Services Tax (GST) has a positive
impact on the iron and steel and material made up of these.
Kitchen utensils that are useful in day to day life become
cheaper than the previous. Utensils like pan, stainless steel
cooker and many more are now charged with 12% of Goods
and Services Tax (GST). It is charged 7.5% less than the
current tax laws. There are benefits for all the steel-related
companies as there is a 5% low tax rate on all the large
inputs used by them under the Goods and Services Tax
(GST). These inputs are iron ore, coal, etc.
All the industries relating to the Iron and Steel are getting
benefits with the introduction of the Goods and ServicesTax
(GST). There is an expectation that it will help in
furthermore benefits by reducing or lowering the input tax
and logistics.
Impact on Entertainment Industry
Before the enforcement of Goods and ServicesTax(GST),the
entertainment section pays many taxes. Theyare notlimited
to one tax. They pay the central tax, state tax and also tax
imposed by the local authorities. But, when Goods and
Services Tax (GST) was imposed they were liabletopayonly
one tax.
Before the implication of Goods and Services Tax (GST)
Before the enforcement of the Goods and Services Tax Act,
2017, entertainment tax was imposed on different
entertainment services. Value Added Tax (VAT) and service
tax were imposed in various services of the entertainment
i.e. nutriment provided in the Cinemas. TheValueAdded Tax
(VAT) charged was 14.5% and the service tax charged was
15%. The entertainment sector was enjoying a subsidy of
60% on the service tax and therefore they were required to
pay the service tax at the rate of 6% i.e. 40% of the 15%. The
entertainment sector was paying the 20.5% tax along with
the entertainment tax.
After the implication of Goods and Services Tax (GST)
After the enforcement of the Goods and Services Tax (GST),
all the scattered taxes upon the entertainment sector were
subsumed in one i.e. GST.
Goods and Services Tax (GST)wererangingin-between18%
to 28%. The tax rate was totally dependentuponthekinds of
the Entertainment Services.
Things within the 18% Goods and Services Tax (GST)
1. Circus
2. Television and DTH services
3. Theatre
4. Movie Tickets (Tickets costing up to Rs.100 have GST
12% and tickets costing more than Rs. 100 have GST
18%)
Things within the 28% Goods and Services Tax (GST)
1. Racing
2. Casinos
3. Amusement parks
4. Movie events and festivals
5. Sporting event
International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 672
Impact of Goods and Services Tax (GST) on consumers
Goods and Services Tax (GST) has given an overall profit to
the entertainment sector. The tax on the movie ticket was
30% and there was 20.5% of the Value Added Tax (VAT)
along with the service tax on the foods which a person buys
from the theatre. But, after Goods and Services Tax (GST), a
tax imposed upon the ticket was 28% and tax on the foodsin
the cinemas are charged at 18%.
But here we see different results relating to the impact of
Goods and Services Tax (GST) on the entertainment sector.
Reasons for various consequences are:-
Low tax on entertainment service in some states.
No tax on entertainment services in some state.
When Goods and Services Tax (GST) was imposed in these
states, they suffer a rise in the tax on the entertainment
sector. However, it was low for those states wherethetax on
entertainment services was high. But, if we compare, Goods
and Services Tax (GST) was quite low in comparison to the
tax system, i.e. Value Added System (VAT) and Service Tax,
which was prevailing before GST.
State also has the power to include or charge Local BodyTax
(LBT) in addition to the tax which was discussed above
under Goods and Services Tax (GST). Local bodies also have
the power to impose a further charge, under Goods and
Services Tax (GST), on the entertainment services in their
respective area.
Impact of Goods and Services Tax (GST) on Owner of
Entertainment Service
According to the Goods and Services Tax (GST) regime, the
owner of the entertainment service is also liable to pay the
tax for the services in entertainment. They will also pay the
tax on the sale of the tickets, food, etc.
Impact of GST on Hotel and Tourism
Income generated from the hotel and tourism plays a vital
role in the Indian economy. TheyhelpinincreasingtheGross
Domestic Product (GDP) of India. This is why every State
Government keeps on promoting the tourism of their state
by various advertisements. Rate of Goods and Services Tax
(GST) differs for the hotels because of the tariffs.
1. If the tariffs range Rs 1000 and less then there will beno
Goods and Services Tax (GST).
2. If the tariff range between Rs. 1000 to Rs. 2500 then
Goods and Services Tax (GST) will be 12%.
3. If the tariff range between Rs. 2500 to Rs. 7500 then
Goods and Services Tax (GST) will be 18%.
4. If the tariff is more than Rs. 7500 then Goods and
Services Tax (GST) will be 28%.
There is 5% of Goods and Services Tax (GST) on the person
who operates the tour. But there is an expectationthatasthe
Goods and Services Tax (GST) had lower the tax rate on the
operators of the tour the price of the tour packages will also
show the down graph.
Impact of GST on Supply Chain
Supply Chain
It is a type of web or chain which lies between a corporation
or company and its supplier for production and distribution
of a particular product to an ultimate buyer or purchaser. It
represents the process that was taken from receiving the
product from its original character to the consumer.
The supply of chain is necessary for the purpose of proper
running of trade and business which is producing and
circulating the product and material. There is some impact
on this sector after the implementation of Goods and
Services Tax (GST) which are:-
1. Enhancement and advancement of the stock points.
2. Reduction in the channel inventories.
Channel Inventories means average product left in the retail
stores “shelves” which is not sold or taken by the end
consumer,
1. There will be a straight or direct benefit for the
procurement out of state.
2. Benefit in the logistic cost.
Now a day, the logistics industry is considered as the
backbone of the Indian Economy. When Goods and Services
Tax (GST) was imposed as a new tax regime for the Indian
economy system the logistics sector was improvised as the
activities like corruption was reduced. Now, there is less
transportation time as Goods and Services Tax (GST) had
made the time catching clearance procedure much easier.
The revenue related to the business was increased and the
total logistic cost is also reduced by the Goods and Services
Tax (GST).
Impact of GST on Textile Sector
Goods and Services Tax (GST) has shown its positive impact
upon the textile and readymade garments. They are
benefited from this new scheme of tax. Some of the benefits
which Goods and Services Tax (GST) provided to the textile
sector are:-
1. The input credit system or chain is now broken
2. The price for the manufacturingofgoodsisnowlowerin
comparison to the previous tax regime.
3. Input credit is now granted in the capital goods
After the implementation of Goods and Services Tax (GST),
all readymade garments which range up to Rs. 1000 are
exempted from the terms and clause of the Goods and
Services Tax (GST) and where the garments are branded
ranging above Rs. 1000 then 12% of tax will be levied upon
them.
E-commerce
The e-commerce sector in India has been growing by leaps
and bounds. In many ways, GST will help the e-com sector’s
continued growth but the long-term effects will be
particularly interesting because the GST law specifically
proposes a Tax Collection at Source(TCS)mechanism,which
e-com companies are not too happy with. Thecurrentrateof
TCS is at 1%.
Pharma
On the whole, GST is benefiting the pharma and healthcare
industries. It will create a level playing field for generic drug
makers, boost medical tourism and simplify the tax
structure. If there is any concern whatsoever, then it relates
to the pricing structure (as per latest news). The pharma
sector is hoping for a tax respite as it will make affordable
healthcare easier to access by all.
Agriculture
The agricultural sector is the largest contributing sector the
overall Indian GDP. It covers around 16%ofIndianGDP.One
of the major issues faced by the agricultural sector is the
transportation of agro-products across state lines all over
India. GST will resolve the issue of transportation.
International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
@ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 673
Freelancers
Freelancing in India is still a nascent industry and the rules
and regulations for this chaotic industry are still up in the
air. But with GST, it will become much easier for freelancers
to file their taxes as they can easily do it online. They are
taxed as service providers, and the new tax structure has
brought about coherence and accountability in this sector.
Automobiles
The automobile industry in India is a vast business
producing a large number of cars annually, fuelledmostlyby
the huge population of the country. Under the previous tax
system, there were several taxesapplicabletothissectorlike
excise, VAT, sales tax, road tax, motor vehicle tax,
registration duty which will be subsumed by GST.
Start-ups
With increased limits for registration, a DIY compliance
model, tax credit on purchases, and a free flow of goods and
services, the GST regime truly augurs well for the Indian
start-up scene. Previously, many Indian states had different
VAT laws which were confusing for companies that have a
pan-India presence, especially the e-com sector. All of this
has changed under GST.
Impact of GST on Banking Sector
With the imposition of Goods and Services Tax (GST), the
banking sector became more expensive. Previously, the tax
on all the services relating to the banking was 15% but after
the enforcement of Goods and Services Tax (GST), the tax
rate on all the banking service was increased to 18%. These
are some of the impacts of Goods and Services Tax (GST) on
banking sector:-
Each branch of Banks must have separate registration
After the implementation of the Goods and Services Tax
(GST), every bank is required to obtain a separate
registration for all the branches within them. Before Goods
and Services Tax (GST), all the employees working in the
banks are getting out of their relief mode because there was
a concept of “single centralized registration” for all the
branches of banks. It was a complex task to be done in a
country like India because there were excessive numbers of
banks having a more excessive number of branches
prevailing in India.
The transaction between banks is not free
After the implication of Goods and Services Tax (GST), the
money transaction, whether it was internally or externally,
between the two different banks where done by imposing
the tax. Before the GST, it was free.
Dependency upon CGST and SGST
Under Goods and Services Tax (GST), there are twodifferent
kinds of taxes prevailing in India. First, Central Goods and
Services Tax (CGST) and second is State Goods and Services
Tax (SGST). CGST is the domain of Government and SGST is
the domain of State Government. With the advent of these
two types of Goods and Services Tax(GST)thewholecode or
protocol of the banks and relating sector are altered in a
stipulation of the service which they provide to all
consumers.
Point of supply identification
Every consumer or customer having their account in any
bank has been offered a “point of supply identification”.This
helps the customers in the transfer of money in any part of
India. If a person has an account in a remote area, he will
easily transfer the money with the limitation of amount
subjected to the rules stated by the Reserve Bank of India
(RBI).
Input Tax Credit in GST
Before the imposition of Goods and Services Tax (GST), the
input tax credit was not granted in accordance with the
Central Value Added Tax (CENVAT) protocols or code.
However, after the Goods and Services Tax (GST), the input
credit tax is acknowledged to all the banks which will
ultimately reduce the evasion of tax when there are external
supply funds.
Growth of transaction
After Goods and Services Tax (GST), the banking sector has
approached in the whole of India and even in the
acquaintance countries for the purpose of ensuring the
continuous and steady business. The sudden growing and
spreading of business will lead to increasing the claim of
funds. And as the demand for funds will increase this will
ultimately benefit the banks because of expansion in the
number of transactions.
Distinctiveness in services
Every bank gives a variety of services to all of its customers
or consumers such as credit card, debit card, internet
banking, etc. When Goods and Services Tax (GST) came into
force, there was an amendment in the rules and regulations
relating to the banks and this emergedastheup-gradationof
all the system including the Automated Teller Machine
(ATM) and all the systems related to the transaction as
demanded by the department of IT.
Conclusion
The aim of the government is to bring India inanumbrella of
one tax promoting the “One Nation One Tax” system.
Implementation of GoodsandServicesTax(GST)substituted
the regime of Value Added Tax (VAT) in India. It merged all
the indirect taxes which were prevailing in the country
during the Value Added Tax (VAT) regime. With the
imposition of Goods and Service Tax (GST) was a big task in
a country like India where new changes are not easily
accepted. It was a complex system to understand at first but
later it is coming out as a long term benefit for the country.
There are the various sectoral impactsofGoodsandServices
Tax (GST). Some sectors show a positiveimpactwhileothers
show a negative impact. Due to a long term benefit scheme,
there is a less immediate positive impact on Indian society
and economy. However, it is expected that there is an
expectation of the growth of the Indian Gross Domestic
Product (GDP).
References
[1] “Tax System India; Before and After GST” (2017 July)
https://www.smbconnect.in/2017/Newsletter/July/
Tax-System-India-Before-and-After-GST.pdf
[2] “Laws Before GST: Old Tax System In India” (2020
January) https://www.darbaar.com/laws-before-gst-
old-tax-system-in-india/
[3] Madhu Bala (2018, February 2). GST in India and its
Impact on Indian Economy. Paper presented at
Conference: GST - Impact on Indian Economy
Conference, Hindu Girls College, Jagadhari(Haryana),
India
[4] Sahoo, Dibakar (2011) "Short term impact of GST on
Indian Economy: with GDP as focal point," Inter
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  • 1. International Journal of Trend in Scientific Research and Development (IJTSRD) Volume 5 Issue 4, May-June 2021 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470 @ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 668 The Impact of GST on the Indian Economy and its Effect on the Banking Sector Vedant Mozumdar Student, Jadavpur University, Kolkata, West Bengal, India ABSTRACT Traditionally India's tax regime relied heavily on indirect taxes.Revenuefrom indirect taxes was the major source of tax revenue till tax reforms were undertaken during the nineties. The major argument put forth for heavy reliance on indirect taxes was t hat India'smajorityofthe population waspoor and thus widening base of direct taxes had inherent limitations. The biggest tax reform in India was the implementation of the Goods and Service Tax (GST) which was founded under the notion of “one nation, one market, on e tax”. The single biggest indirect tax regime was kicked into force from 1st July, 2017, dismantling all the inter-state barriers with respect to trade. The GST rollout, with a single stroke, converted India into a unified market of 1.3 billion citizens. The banking sector is one of the most important sectorsin India.Itcontributes nearly 7.7% towards GDP. It is one of the largest service sectors in India. The implementation of GST caused a major impact on t he bankingsectorresulting in shifting from the way they had been operating earlier. This paper would be about the Indian tax structure and the impact of GST on the Indian Economy and the banking sector. KEYWORDS: GST Indian economy Indian Sectors How to cite this paper: Vedant Mozumdar "The Impact of GST on the Indian Economy and its Effect on the Banking Sector" Published in International Journal of Trend in Scientific Research and Development(ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4, June 2021, pp.668-674, URL: www.ijtsrd.com/papers/ijtsrd42341.pdf Copyright © 2021 by author (s) and International Journal ofTrendinScientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0) The Indian Tax Structu re before GST In the last decade the India n taxation system hasundergone tremendous reforms. For better compliance, ease of t ax payment and better enforcement, the t ax rates have been rationalized and tax laws have been simplified. Effect of the above the process of rationalization of tax administration is ongoing. Indian taxation systemisclassifiedintwosegments namely direct taxes and indirect taxes. (Source: www.aegonlife.com) Direct Tax: Direct Tax is levied directly on individuals and corporate entities. This tax cannot be transferred or borne by anybody else. Examples of direct tax include income tax, wealth tax, gift tax, capital gains tax. Income tax is the most popular tax within this section. It is levied on individuals on the income earned withdifferent tax slabs for income levels. Indirect Tax: Indirect taxes are taxes which are indirectly levied on the public through goods and services. The sellers of the goods and services collect the tax which is then collected by the government bodies. Value Added Tax (VAT) – A sales tax levied on goods sold in the state. The rate depends on the government. Octroi Tax– Levied on goods which move from one state to another. The rates depend on the state governments. Service Tax– Government levies the tax on service providers. Customs Duty– It is a tax levied on anything which is imported into India from a foreign nation. The Indian Tax Structure after GST GST is a single tax policy on supply of goods and services from the manufacturer to the ultimate consumer. Credits of input taxes paid at each stage from manufacturing to ultimate consumption will be available in the subsequent stage of value addition, which makes GST essentially a tax only on the value addition at each stage. It is the final consumer who will only bear GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stage. The following taxes are being subsumed at the central level: 1. Additional Excise Duty 2. Service Tax 3. Central Excise Duty IJTSRD42341
  • 2. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 669 4. Additional Customs Duty commonly known as countervailing duty and 5. Special Additional Duty on Customs At the state level, the following taxes are being subsumed: 1. Subsuming of State Value Added Tax/Sales Tax 2. Entertainment Tax 3. Octroi and Entry Tax 4. Purchase Tax 5. Luxury Tax, and 6. Taxes on lottery, betting and gambling (Source: www.smbconnect.in) Impact of the GST on the Indian Economy Goods and Services Tax (GST) is extremely useful for the economy of India for a long term basis. The reason for the benefit of the Good and Services Tax (GST) is due to the uniformity of taxes. It merges all the indirect taxes which were prevailing in India during the Value Added Tax (VAT). Goods and Services Tax (GST) helps the business sector to grow and to become strong by bringing transparency.When the business sector will flourish it will help in creating further employment which will ultimately lead to reducing the burden of the tax. Goods and Services Tax (GST) have a consistent scheme of the tax for the goods and services across India, i.e. 0%, 5%, 12%, 18%, and 28%. The tax rate of some goods or products is different from the rest such as gold, precious stones and semi-precious stones. Special ratesoftaxesareleviedinsuch products. Things such as luxury cars, tobacco, carbonated beverages, etc, are subjected to 22% of the additional cess. Goods and Services Tax (GST) in comparison to theprevious indirect laws relating to the taxes provided a broader base for the taxes. The Central Excise Law exemptsthesmall scale units i.e. SSI having a turnover up to Rs. 1.5 crore from levy the duty. Exemption under the service tax law was given when the previous financial year has accumulated turnover up to Rs. 10 lakh. The lower limit for the purpose of levying the Value Added Tax (VAT) varies from one state to another state i.e. between Rs. 5 lakh to Rs. 20 lakh. But in the Goods and Services Tax (GST) scheme, the lower limit for the purpose of levying the Goods and Services Tax (GST) was set or settled at Rs. 20 lakh. But in some circumstances i.e. for special category States, the lower limit is fixed at Rs. 10 lakh. Goods and Services Tax (GST) had included within it all the small suppliers. It was observed that many suppliers had registered themselvesintentionally and freely so that they may avail all the benefits relating to the input tax credit. Micro, Small and Medium Enterprises(MSME’s)hassuffered some sort of complications with the new tax regime i.e. Goods and Services Tax (GST). All the Micro, Small, and Medium Enterprises (MSME’s) are suffering problems to conduct their business as there is a requirement of registration in every state from where the MSMEs are formulating a supply. Goods and Services Tax (GST) is helping the Micro, Small and Medium Enterprises (MSME’s) in developing the ability for the purpose of maintaining the account book. Maintenance of the account book will ultimately help the enterpriser to get a loan from any bank or financial institution. This will help them to increase their business. They will now borrow the money from the formal sector and will no longer rely on the informal sector for obtaining the loan. The country like India really demands a strong Micro, Small and Medium Enterprises (MSME’s) which helps in creating more employment. Goods and Services Tax (GST) helps in controlling the tax evasion. Permanent Account Number (PAN) which is issued by the income tax department is linked with the Goods and Services Tax (GST) number i.e. GSTN. This helped in establishing a relationship between indirecttaxesanddirect taxes. This ultimately aid or support in reducing the evasion of tax to an enormous extent. During the regime prior to the Goods and Services Tax (GST), there were many cases of tax evasion. When the taxpayers disclose their turnover under the indirect tax law and the direct tax law both differedfrom each other, which gives a path to the evasion of tax. After the implementation of the Goods and Services Tax (GST), there is an expectation of an increase in the tax Gross Domestic Product (GDP) ratio. The expectation is that the basis points (bps) will increase up to thirty in the financial year of 2018-2019 each and 2019-2020. This was stated by the table of medium-term expenditureframework (MTEF)in the lower house i.e. Lok Sabha. The databases of the indirect tax and the direct tax are linked together; it helps the data analytical tools to remove all the inconsistency and also helps the authorities of revenue to take a mandatory action. Summing up the whole, an increase in the ratio of Gross Domestic Product (GDP) will overall help in lowering the rate of tax in India. Goods and Services Tax (GST) will help the Indian economy on a long term basis.
  • 3. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 670 Positives and Negatives of GST Positive Impacts on the economy: Eliminated cascading effect & barrier free tax structure: GST has eliminated cascading (tax on tax / compounding tax) impact on the production and distribution cost of goods and services. This reduced cost of goods and service leading to accelerated GDP growth. GST withouttax barrierswill leadstoeconomies of scale in manufacturing industry and reduces the supply chain cost. Reduced the production cost: With offsetting, simplification, and subsumptionofdifferenttaxesunder a different tax structure, GST has reduced the cost of production of manufacturing goods. This has also reduced the burden of indirecttaxesonmanufacturesas well as consumers. Earlier, manufactures had to pay extra cost, around 25-26%. This was more due to the cascading effect on taxes like VAT and excise duty. Therefore, erstwhile taxes were levied as per two different taxable events. This problem is now solved with the introduction of GST, thus resulting in cheaper goods. Lead to sustainable growth in the economy: GST removed the tax distortionsfromtheeconomy.Thislead to sustainable higher growth based on competitive strength of the country. Simple tax system attracted more productive investment for growth. Optimization and comparative cost advantage: GST eliminated the Inter State tax by which it lead to optimization of physical facilities to the extent of full capacity. If the manufacturing is done at full capacity industry will be benefited by comparative cost advantage. Increase in the GDP and standard of living: Since the implementation of GST the price level was reduced in the economy, resulting in increase in the consumption level and growth in GDP of the economy. According to study by NCAER (National Council for Applied Economics and Research) complete implementation of GST could lift GDP growth by 0.9-1.7%. Positive effects on export and BOP (Balance of Payment) level: Through GST the exporter got the full tax credit, the export units quoted better price for their products and services in comparison withpastscenario. Increased export ultimately had positive effect on the BOP (Balance of Payment) of the country. Unique price and removed inequalities between the markets: GST lead to imposition of same tax rate on the goods and services everywhere in the country and by implementing same tax rate it removed the inequalities between the markets which could be seen in the market in the past because of the tax rate differentials. Reduced chance for tax evasion: GST charged full tax on the each and every transfer; it’s difficult for the firms to evade tax from the payment. E.g.: e-commerce firms can’t evade tax by operating business from the place where tax rates are comparatively less. Centralized where housing formanufacturers:Inthe past tax system if the dealer and the ware house were from different states, then thedealerwouldneedstopay a Central Sales Tax of about 2%. This increasedtheprice of the commodity. Thus companies used to setup a warehouse in each state. In GST as the CST gets eliminated, thecentralized wherehousingcan beavailed by the manufacturers. Made the tax structure simple and reduced the compliances: Multiple taxes that existed did no longer remain in the picture. This reduced the compliances to be fulfilled as compared to past situation. Negative side of GST No tax differentiation for luxury items and services: The tax neutrality will notdifferentiateluxurygoodsand normal goods. Currently, the state and central government levy higher taxes on luxury goods and services. Under GST implementation, all goods and services will have to pay the same tax which will lead to rich becoming richer and poorbecomingpoorer.Itisnot an ideal situation for MSMEs competing against large businesses. Selective tax levying: GST will not be applicable to Alcoholic liquor for human consumption andPetroleum based businesses, which creates further gap and does not support the 'unified market' ideology of GST. The burden of the higher tax rate for Service Provider: Presently Service Tax rate is 15%. GST rate will be around 18%. The scenario in the service sector will further be impacted as the concept of Centralised Registration has been done away with and each unit in different states will have to take separate registration. Thus even if services are supplied by company's one Unit in State A to another Unit in State B, then also taxes will be payable. Realignment of Purchase and Supply Chain: Under GST credit will not be available to a compliant company if the vendor from whom MSME is purchasing goods does not show the same in his return. Thus sourcing strategies will change on account of GST credit mechanism. Also, there will be re-consideration of Supply Chain on account of taxation of Stock Transfers. Impact of GST on the different industries Impact of GST on Real Estate The imposition of Goods and Services Tax (GST) has some positive impact on the property and real estate. Property buyers are in profit due to the Goods and ServicesTax(GST). 12% Goods and ServicesTax(GST)chargesofpropertyvalue are liable on all under-construction properties. It does not include the stamp duty and the charges on the registration. Previously this provision was applied in the properties which are prepared or ready. There is an increase in the profit for the builders and the developers due to the input tax credit. This will additionally pass the profit to homebuyers. According to changed tax scheme, the under-construction properties i.e. flats and buildings will be charged18%Goods and Services Tax (GST) in which 9% will be State Goods and Services Tax (SGST) and 9% will be Central Goods and Services Tax (CGST). The government has the power to deduct the land value equal to the 1/3rd of the total amount which is charged by the builder. It will make the efficient rate of tax as 12%. Note:- In the real estate sector, a 12% tax rate is for building materials there will be no effect on the value of the flat.
  • 4. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 671 Sr. No. Substance or Material Value Added Tax (VAT) Goods and Services Tax (GST) 1. Iron pillars and iron rods 20% 18% 2. Fly ash bricks and Sand lime bricks 6% 5% 3. Cement 20 to 24% 28% 4. Ceramic tiles, plaster, wallpaper, wall fittings, paint 20 to 25% 18% Positive impact on buyers Goods and Services Tax (GST) have some positive impact on the prices of the property. It makes the tax system easy for all the buyers. Before Goods and Services Tax (GST), buyers were accountable to pay the taxes which depend upon the property’s construction status and the state in which the property is located. Buyers were also liable to pay the Value Added Tax (VAT), stamp duty, service tax, and registration charges when they buy the under-construction property. Butwhentheybuy the property which was ready or completed, they are liable to pay registration charges and stamp duty. The state has the power to levy the stamp duty, Value Added Tax (VAT) and Registration Charges and all the figures of tax differ from state to state. Central has the power to levy the service tax and it was charged upon the construction.Thismakesthetax scheme very much complicated for all the buyers, but Goods and Services Tax (GST) had made this simpler. Under Goods and Services Tax (GST) regime, tax is charged upon all the under-construction propertiesareat12%ofthe value of the property. It does not include the registration charges and stamp duty. There was no impositionofindirect tax on the sale of property which is ready-to-move that is why there is no applicabilityofGoodsandServicesTax(GST) on sale of the ready-to-move properties. Positive impact on Builders Before the enforcement of the GoodsandServicesTax(GST), a developer or builder had to pay Value Added Tax (VAT), Central Excise Duty and Entry taxes which was the state domain, the state was collecting those taxes on the cost of construction material. Developer and the builder were also liable to pay the tax at 15% for services such as approval charges, architect fees, labour, legal character, etc. After the Goods and Services Tax (GST), there was not much variation in the construction costs. In addition, logistics reduced cost will lead to a lessening of the expenses. To increase the profit, the input tax credit is helpful. Impact on Iron and Steel Tax Laws relating to the Iron and Steel Three types of taxes were applied or imposed on the manufacturing of iron and steel. Those taxes were:- 1. 12.5% of Excise Duty 2. 5% of the Average Value Added Tax (VAT) 3. 2% Central Sales Tax (CST) When we see, there is a total of 19.5% net tax which is imposed upon the iron and steel. If there is an article which is manufactured of iron and steel are charged at the rate of 19.5%. The rate of the tax charged is similar to the tax rate for manufacturing iron and steel. In Punjab, theValueAdded Tax (VAT) is 2.5% for the substances or commodities which are of iron and steel there the pattern of tax charged is not the same in whole India. Impact after Goods and Services Tax (GST) Materials like iron and steel are very useful and utilized in everyday life. Goods and Services Tax (GST) has a positive impact on the iron and steel and material made up of these. Kitchen utensils that are useful in day to day life become cheaper than the previous. Utensils like pan, stainless steel cooker and many more are now charged with 12% of Goods and Services Tax (GST). It is charged 7.5% less than the current tax laws. There are benefits for all the steel-related companies as there is a 5% low tax rate on all the large inputs used by them under the Goods and Services Tax (GST). These inputs are iron ore, coal, etc. All the industries relating to the Iron and Steel are getting benefits with the introduction of the Goods and ServicesTax (GST). There is an expectation that it will help in furthermore benefits by reducing or lowering the input tax and logistics. Impact on Entertainment Industry Before the enforcement of Goods and ServicesTax(GST),the entertainment section pays many taxes. Theyare notlimited to one tax. They pay the central tax, state tax and also tax imposed by the local authorities. But, when Goods and Services Tax (GST) was imposed they were liabletopayonly one tax. Before the implication of Goods and Services Tax (GST) Before the enforcement of the Goods and Services Tax Act, 2017, entertainment tax was imposed on different entertainment services. Value Added Tax (VAT) and service tax were imposed in various services of the entertainment i.e. nutriment provided in the Cinemas. TheValueAdded Tax (VAT) charged was 14.5% and the service tax charged was 15%. The entertainment sector was enjoying a subsidy of 60% on the service tax and therefore they were required to pay the service tax at the rate of 6% i.e. 40% of the 15%. The entertainment sector was paying the 20.5% tax along with the entertainment tax. After the implication of Goods and Services Tax (GST) After the enforcement of the Goods and Services Tax (GST), all the scattered taxes upon the entertainment sector were subsumed in one i.e. GST. Goods and Services Tax (GST)wererangingin-between18% to 28%. The tax rate was totally dependentuponthekinds of the Entertainment Services. Things within the 18% Goods and Services Tax (GST) 1. Circus 2. Television and DTH services 3. Theatre 4. Movie Tickets (Tickets costing up to Rs.100 have GST 12% and tickets costing more than Rs. 100 have GST 18%) Things within the 28% Goods and Services Tax (GST) 1. Racing 2. Casinos 3. Amusement parks 4. Movie events and festivals 5. Sporting event
  • 5. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 672 Impact of Goods and Services Tax (GST) on consumers Goods and Services Tax (GST) has given an overall profit to the entertainment sector. The tax on the movie ticket was 30% and there was 20.5% of the Value Added Tax (VAT) along with the service tax on the foods which a person buys from the theatre. But, after Goods and Services Tax (GST), a tax imposed upon the ticket was 28% and tax on the foodsin the cinemas are charged at 18%. But here we see different results relating to the impact of Goods and Services Tax (GST) on the entertainment sector. Reasons for various consequences are:- Low tax on entertainment service in some states. No tax on entertainment services in some state. When Goods and Services Tax (GST) was imposed in these states, they suffer a rise in the tax on the entertainment sector. However, it was low for those states wherethetax on entertainment services was high. But, if we compare, Goods and Services Tax (GST) was quite low in comparison to the tax system, i.e. Value Added System (VAT) and Service Tax, which was prevailing before GST. State also has the power to include or charge Local BodyTax (LBT) in addition to the tax which was discussed above under Goods and Services Tax (GST). Local bodies also have the power to impose a further charge, under Goods and Services Tax (GST), on the entertainment services in their respective area. Impact of Goods and Services Tax (GST) on Owner of Entertainment Service According to the Goods and Services Tax (GST) regime, the owner of the entertainment service is also liable to pay the tax for the services in entertainment. They will also pay the tax on the sale of the tickets, food, etc. Impact of GST on Hotel and Tourism Income generated from the hotel and tourism plays a vital role in the Indian economy. TheyhelpinincreasingtheGross Domestic Product (GDP) of India. This is why every State Government keeps on promoting the tourism of their state by various advertisements. Rate of Goods and Services Tax (GST) differs for the hotels because of the tariffs. 1. If the tariffs range Rs 1000 and less then there will beno Goods and Services Tax (GST). 2. If the tariff range between Rs. 1000 to Rs. 2500 then Goods and Services Tax (GST) will be 12%. 3. If the tariff range between Rs. 2500 to Rs. 7500 then Goods and Services Tax (GST) will be 18%. 4. If the tariff is more than Rs. 7500 then Goods and Services Tax (GST) will be 28%. There is 5% of Goods and Services Tax (GST) on the person who operates the tour. But there is an expectationthatasthe Goods and Services Tax (GST) had lower the tax rate on the operators of the tour the price of the tour packages will also show the down graph. Impact of GST on Supply Chain Supply Chain It is a type of web or chain which lies between a corporation or company and its supplier for production and distribution of a particular product to an ultimate buyer or purchaser. It represents the process that was taken from receiving the product from its original character to the consumer. The supply of chain is necessary for the purpose of proper running of trade and business which is producing and circulating the product and material. There is some impact on this sector after the implementation of Goods and Services Tax (GST) which are:- 1. Enhancement and advancement of the stock points. 2. Reduction in the channel inventories. Channel Inventories means average product left in the retail stores “shelves” which is not sold or taken by the end consumer, 1. There will be a straight or direct benefit for the procurement out of state. 2. Benefit in the logistic cost. Now a day, the logistics industry is considered as the backbone of the Indian Economy. When Goods and Services Tax (GST) was imposed as a new tax regime for the Indian economy system the logistics sector was improvised as the activities like corruption was reduced. Now, there is less transportation time as Goods and Services Tax (GST) had made the time catching clearance procedure much easier. The revenue related to the business was increased and the total logistic cost is also reduced by the Goods and Services Tax (GST). Impact of GST on Textile Sector Goods and Services Tax (GST) has shown its positive impact upon the textile and readymade garments. They are benefited from this new scheme of tax. Some of the benefits which Goods and Services Tax (GST) provided to the textile sector are:- 1. The input credit system or chain is now broken 2. The price for the manufacturingofgoodsisnowlowerin comparison to the previous tax regime. 3. Input credit is now granted in the capital goods After the implementation of Goods and Services Tax (GST), all readymade garments which range up to Rs. 1000 are exempted from the terms and clause of the Goods and Services Tax (GST) and where the garments are branded ranging above Rs. 1000 then 12% of tax will be levied upon them. E-commerce The e-commerce sector in India has been growing by leaps and bounds. In many ways, GST will help the e-com sector’s continued growth but the long-term effects will be particularly interesting because the GST law specifically proposes a Tax Collection at Source(TCS)mechanism,which e-com companies are not too happy with. Thecurrentrateof TCS is at 1%. Pharma On the whole, GST is benefiting the pharma and healthcare industries. It will create a level playing field for generic drug makers, boost medical tourism and simplify the tax structure. If there is any concern whatsoever, then it relates to the pricing structure (as per latest news). The pharma sector is hoping for a tax respite as it will make affordable healthcare easier to access by all. Agriculture The agricultural sector is the largest contributing sector the overall Indian GDP. It covers around 16%ofIndianGDP.One of the major issues faced by the agricultural sector is the transportation of agro-products across state lines all over India. GST will resolve the issue of transportation.
  • 6. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 673 Freelancers Freelancing in India is still a nascent industry and the rules and regulations for this chaotic industry are still up in the air. But with GST, it will become much easier for freelancers to file their taxes as they can easily do it online. They are taxed as service providers, and the new tax structure has brought about coherence and accountability in this sector. Automobiles The automobile industry in India is a vast business producing a large number of cars annually, fuelledmostlyby the huge population of the country. Under the previous tax system, there were several taxesapplicabletothissectorlike excise, VAT, sales tax, road tax, motor vehicle tax, registration duty which will be subsumed by GST. Start-ups With increased limits for registration, a DIY compliance model, tax credit on purchases, and a free flow of goods and services, the GST regime truly augurs well for the Indian start-up scene. Previously, many Indian states had different VAT laws which were confusing for companies that have a pan-India presence, especially the e-com sector. All of this has changed under GST. Impact of GST on Banking Sector With the imposition of Goods and Services Tax (GST), the banking sector became more expensive. Previously, the tax on all the services relating to the banking was 15% but after the enforcement of Goods and Services Tax (GST), the tax rate on all the banking service was increased to 18%. These are some of the impacts of Goods and Services Tax (GST) on banking sector:- Each branch of Banks must have separate registration After the implementation of the Goods and Services Tax (GST), every bank is required to obtain a separate registration for all the branches within them. Before Goods and Services Tax (GST), all the employees working in the banks are getting out of their relief mode because there was a concept of “single centralized registration” for all the branches of banks. It was a complex task to be done in a country like India because there were excessive numbers of banks having a more excessive number of branches prevailing in India. The transaction between banks is not free After the implication of Goods and Services Tax (GST), the money transaction, whether it was internally or externally, between the two different banks where done by imposing the tax. Before the GST, it was free. Dependency upon CGST and SGST Under Goods and Services Tax (GST), there are twodifferent kinds of taxes prevailing in India. First, Central Goods and Services Tax (CGST) and second is State Goods and Services Tax (SGST). CGST is the domain of Government and SGST is the domain of State Government. With the advent of these two types of Goods and Services Tax(GST)thewholecode or protocol of the banks and relating sector are altered in a stipulation of the service which they provide to all consumers. Point of supply identification Every consumer or customer having their account in any bank has been offered a “point of supply identification”.This helps the customers in the transfer of money in any part of India. If a person has an account in a remote area, he will easily transfer the money with the limitation of amount subjected to the rules stated by the Reserve Bank of India (RBI). Input Tax Credit in GST Before the imposition of Goods and Services Tax (GST), the input tax credit was not granted in accordance with the Central Value Added Tax (CENVAT) protocols or code. However, after the Goods and Services Tax (GST), the input credit tax is acknowledged to all the banks which will ultimately reduce the evasion of tax when there are external supply funds. Growth of transaction After Goods and Services Tax (GST), the banking sector has approached in the whole of India and even in the acquaintance countries for the purpose of ensuring the continuous and steady business. The sudden growing and spreading of business will lead to increasing the claim of funds. And as the demand for funds will increase this will ultimately benefit the banks because of expansion in the number of transactions. Distinctiveness in services Every bank gives a variety of services to all of its customers or consumers such as credit card, debit card, internet banking, etc. When Goods and Services Tax (GST) came into force, there was an amendment in the rules and regulations relating to the banks and this emergedastheup-gradationof all the system including the Automated Teller Machine (ATM) and all the systems related to the transaction as demanded by the department of IT. Conclusion The aim of the government is to bring India inanumbrella of one tax promoting the “One Nation One Tax” system. Implementation of GoodsandServicesTax(GST)substituted the regime of Value Added Tax (VAT) in India. It merged all the indirect taxes which were prevailing in the country during the Value Added Tax (VAT) regime. With the imposition of Goods and Service Tax (GST) was a big task in a country like India where new changes are not easily accepted. It was a complex system to understand at first but later it is coming out as a long term benefit for the country. There are the various sectoral impactsofGoodsandServices Tax (GST). Some sectors show a positiveimpactwhileothers show a negative impact. Due to a long term benefit scheme, there is a less immediate positive impact on Indian society and economy. However, it is expected that there is an expectation of the growth of the Indian Gross Domestic Product (GDP). References [1] “Tax System India; Before and After GST” (2017 July) https://www.smbconnect.in/2017/Newsletter/July/ Tax-System-India-Before-and-After-GST.pdf [2] “Laws Before GST: Old Tax System In India” (2020 January) https://www.darbaar.com/laws-before-gst- old-tax-system-in-india/ [3] Madhu Bala (2018, February 2). GST in India and its Impact on Indian Economy. Paper presented at Conference: GST - Impact on Indian Economy Conference, Hindu Girls College, Jagadhari(Haryana), India [4] Sahoo, Dibakar (2011) "Short term impact of GST on Indian Economy: with GDP as focal point," Inter
  • 7. International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470 @ IJTSRD | Unique Paper ID – IJTSRD42341 | Volume – 5 | Issue – 4 | May-June 2021 Page 674 science Management Review: Vol. 4: Iss. 1, Article 7. https://www.interscience.in/imr/vol4/iss1/7 [5] “The role of GST in India’s manufacturing growth story” https://www.bajajfinserv.in/insights/how- has-gst-impacted-the-manufacturing- sector#:~:text=With%20offsetting%2C%20simplifica tion%2C%20and%20subsumption,manu facturers%20as%20well%20as%20consumers. [6] “What are the positive and negative impacts of GST?” https://www.civilserviceindia.com/subject/Essay/w hat-are-the-positive-and-negative-impacts-of- GST.html [7] “One year of GST: Positive, negative impact on MSMEs” (2018 July) https://www.zeebiz.com/small- business/news-one-year-of-gst-positive-negative- impact-on-msmes-53363 [8] “GST – Analysis and Opinions” (2021 May) https://cleartax.in/s/gst-analysis-and-opinions [9] “What Has Been the Impact of GST on Sectors Like E- Commerce, Pharmaceuticals, Telecommunications, Textiles, Agriculture, and FMCG?” (2019 December) https://www.adityabirlacapital.com/abc-of- money/impact-of-gst-on-different-sectors [10] “Impact of Goods and Services Tax on VariousSectors of Indian Economy” (2019 July) https://blog.ipleaders.in/sectoral-impact-gst/ [11] “Tax Revenue (% of GDP)” https://data.worldbank.org/indicator/GC.TAX.TOTL. GD.ZS