GST in India and its implications

Abstract

This study attempts to analyze the introduction of Goods and Services Tax (GST) in India and its implications. While the breadth of the topic itself is wide, this study narrows down its focus to the implications of IGST (integrated goods and services tax) in the areas of goods imports and supply chain. Infact, this study attempts to create specific illustrations for easier understanding of the implications of GST in the aforementioned areas. A similar study of the GST implications on services has been excluded from the scope of discussion primarily because of the non-applicability of one benchmark on the varied range of services. While this paper draws on a large number of internet resources browsed for secondary research, a primary research was also done which included an interview with Mr. L Sridhar, an eminent tax expert at Sridhar & Brito, a Chartered Accountants Agency located in Bangalore. The implications mentioned in the study are largely the expected outcomes and are not claimed to apply on any specific firm in particular as tax applicability and other variables might vary from one firm to the other.