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Research Article | Open Access
Volume 13 2021 | None
ECONOMIC DEVELOPMENT INDICATORS AND GST: A CASE STUDY OF THE AUTOMOBILE SECTOR
Nagaratna Madeepa Chowdhary, Dr. Goutam G Saha
Pages: 3863-3870
Abstract
India is on track to become the world's third-largest economy by 2030, thanks to its very rapid economic development. Indian automakers crank out thousands of vehicles every year to meet the demands of the country's massive population. India is home to a massive automotive industry. India's automobile industry is one of the fastest-growing in the world. The expansion of the automotive industry is closely tied to the progress of other economic sectors. There have been major policy shifts recently that aim to increase the rate of economic growth across the board, like All products and services, including food, clothing, gadgets, necessities, transportation, tours, and many more, are subject to the products and Services Tax. One important idea behind products and Services Tax (GST) is that it is a "indirect tax" rather than a direct tax that consumers pay to the government. Instead, it is a tax that is imposed on businesses that produce or sell products or provide services. In order to do research on a certain issue, one must first engage in data collecting, which entails Typically, data collection begins at the beginning of an improvement effort. The vendors usually include in the tax expenditure when setting their pricing, and the amount that customers pay includes GST. Therefore, even if you aren't a taxpayer for income, you will still likely end up paying taxes in most situations. A centralized hub for all compliance-related issues has superseded the prior state-by-state arrangement.
Keywords
Automobile Industry, GDP, FDI. India, Economy, Tax rates
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