GST is one of the most crucial tax reforms in India that is likely to change the whole scenario of present inefficient indirect tax system. Its implementation is delayed on account of political bottleneck in the present economic situation. To achieve the global competitiveness, India has to move forward by equipping itself with effective fiscal tools. The present research paper highlights the perception of the tax payers, and professionals view on the benefits and challenges of implementing GST in India. Primary data collected through questionnaires from 50 business persons and 50 Professionals was analysed and Mann-Whitney's U test was used to test the hypothesis which the researcher failed to disprove and conclude that there is no significant difference in the perception of the two different population groups. Since GST is an effective taxware in many countries, it can be suggested that the proposed GST need to be implemented early by sharpening out the legislative effectiveness, making it simpler, uniform, revenue neutral with minimum tax rate and enhanced tax base. The challenges in this direction shall be diligently knocked out to please the tax payers.
GST In India- A Study on the Perception of Taxpayers and Professionals
Indian Journal of Management
Vol. 7 - No. 1