Issue Brief

In Part 1 of the Issue Brief, we discussed the current scenario of GST, scenarios for the GST, impact of the VAT and GST and GST in Agriculture. Now we will explore the impact of GST in different sectors further. We also looked at VAT rates in OECD countries and conditions in setting VAT threshold.

India is set to introduce GST, Direct Taxes Code (DTC), Property Tax and organizational structures and governance of tax organizations, with a view to reducing compliance costs and uncertainties.

Below are some Facts about the Indian Economy:

India’s International Linkages:

GDP 2014 Current Exchange Rates USD 2.1 trillion

Overview: The global economic dynamics portends subdued economic growth; elevated public and private debt levels and associated risks; low energy and commodity prices; changing nature of global trade; challenging investment environment; and heightened anxiety and perceived economic insecurity among the population around world.