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Question #

Enumerate the indirect taxes which have been subsumed in the goods and services tax (GST) in India. Also, comment on the revenue implications of the GST introduced in India since July 2017.

ChatGPT Answer #

The indirect taxes that have been subsumed in the Goods and Services Tax (GST) in India are:

1. Central Sales Tax (CST)

2. Value Added Tax (VAT)

3. Service Tax

4. Central Excise Duty

5. Additional Excise Duties

6. Additional Customs Duty (Countervailing Duty)

7. Special Additional Duty of Customs

Regarding the revenue implications of the GST introduced in India since July 2017, it has had both positive and negative effects. Here are some key points:

Positive revenue implications:

1. Increased tax base: The GST has expanded the tax base by bringing more businesses into the formal economy, resulting in higher tax collections.

2. Improved compliance: The GST's simplified tax structure and increased scrutiny have prompted businesses to comply and pay taxes more efficiently, reducing tax evasion.

Negative revenue implications:

1. Initial disruption: The implementation of GST initially caused some disruption in the economy, leading to a temporary decrease in revenue collections.

2. Lower rates for some products: Some products that previously had higher tax rates under separate tax regimes now come under lower tax brackets, resulting in reduced tax collections for those items.

Overall, the revenue implications of the GST in India are generally positive in the long run, as it has brought more businesses under the tax net and improved compliance. However, there have been short-term challenges during the transition period.

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