GST Revenue Landscape in India: Assessing the Effects on Government Exchequer

Mr. Quiser Aman

doi:https://doi.org/10.17492/jpi.vision.v10i2.1022303

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GST Revenue Landscape in India: Assessing the Effects on Government Exchequer

Quiser Aman

Vol 10 , Issue 2 , July - December 2023 | Pages: 40-54 | Research Paper

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https://doi.org/10.17492/jpi.vision.v10i2.1022303

Published Online: December 10, 2023

Author Details ( * ) denotes Corresponding author

1. * Quiser Aman, Research Scholar, Department of Commerce and Business Management, Ranchi University, RANCHI, Jharkhand, India (quiseraman@gmail.com)

Six years ago, India ushered in a revolutionary shift in its indirect taxation system with the implementation of GST. This article delves into the profound impact of GST, focusing on its role in fortifying government revenue by consolidating a myriad of indirect taxes. Despite initial challenges, GST has significantly expanded the tax base, mitigating cascading tax effects and enhancing compliance. Beyond its effects on revenue, GST has prompted the strategic allocation of funds for critical sectors such as infrastructure, healthcare, education, and welfare. The article underscores GST’s pivotal role in fostering economic growth and reshaping India’s economic landscape, particularly in terms of government revenue. It delves into the intricate dynamics of revenue distribution between the central and state governments, as well as the mechanisms in place to compensate for revenue shortfalls. Additionally, the article scrutinizes the distinct contributions of various business types to GST revenue. In conclusion, GST has streamlined India’s indirect tax landscape, introducing transparency and efficiency, though continuous adaptation is essential for its enduring success.

Keywords

Goods and Services Tax; Revenue; Indirect Tax

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