collect information about GST through the economy section of newspaper. Write it's impact on the economy. Also compare it with the 1991 economic reform or the LPG reform as how it is different from it and how both will faster the growth
Answers
GST or the "Goods and Service Tax" is one of the most revolutionary changes in our Indian economic market.
It increased the taxation income of the Indian government which helped a lot for the allover development of Indian economy.Also GST is the major reason behind the prevention of black economy in our nation to some extent.
And GST is definitely more effective than the LPG reformation and the effects of GST are also expanding in a much faster rate .
Answer:
Explanation:
The biggest tax reformations in our country India goes to Gross Service tax which is also abbreviated as GST.
This was founded on the theory of a "single nation, single market and single tax system".
GST actually led to a dismantling of the previous barriers which were prevalent between the inter state trade in terms of taxes.
Similarly, the policy of LPG entered in India which aimed at introducing Liberalization, Privatization and Globalization in the country. Under this policy, India approached worldwide banks to develop the country and they agreed to open trade restrictions on the private sector.
Both the policies are effective in allowing Indian economic growth and prosperity.