Impact of Goods and Services Tax on Indirect Tax Revenue of India: With Special Reference to Odisha State

doi:10.13189/ujaf.2021.090318

Journals Information

Universal Journal of Accounting and Finance Vol. 9(3), pp. 431 - 441
DOI: 10.13189/ujaf.2021.090318
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Impact of Goods and Services Tax on Indirect Tax Revenue of India: With Special Reference to Odisha State

Sanjeeb Kumar Dey ¹^,2^,*
¹ OURIIP Seed Fund Research Project, OSHEC, India
² Department of Commerce, Ravenshaw University, India

ABSTRACT

Goods and Services Tax is considered to be one of the revolutionary tax reforms in India since independence. The foundation of this new taxation system is to remove the cascading effect and increase the tax revenue with more transparent mechanism. The present paper is an attempt to assess the impact of this new taxation system on indirect tax revenue of India in general and of Odisha in specific. The study is analytical in nature and is based on published data. Collection of revenue under goods and services taxes has been considered from July 2017 to March 2021. The results show an increasing trend of indirect tax in India due to implementation of new tax except a few months because of some administration complexity and prevailing Corona pandemic. Future tax revenues have been forecasted using Exponential Triple Smoothing function and are compared with actual collection up to March 2021. So far Odisha state is concerned, expected tax revenue is not yet realised and the situation may be unfavourable when Central Government will stop giving Compensation cess after July 2022.

KEYWORDS
GST, India, Odisha, Forecasting, ETS Functions

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Sanjeeb Kumar Dey , "Impact of Goods and Services Tax on Indirect Tax Revenue of India: With Special Reference to Odisha State," Universal Journal of Accounting and Finance, Vol. 9, No. 3, pp. 431 - 441, 2021. DOI: 10.13189/ujaf.2021.090318.

(b). APA Format:
Sanjeeb Kumar Dey (2021). Impact of Goods and Services Tax on Indirect Tax Revenue of India: With Special Reference to Odisha State. Universal Journal of Accounting and Finance, 9(3), 431 - 441. DOI: 10.13189/ujaf.2021.090318.