Paper Contents
Abstract
This paper examines the impact of Goods and Services Tax (GST) accounting and tax collection on treasury buildup in India over the past five years. Implemented in July 2017, GST was designed to streamline the tax structure by consolidating multiple indirect taxes into a single, unified system. This study analyzes the efficiency of GST in enhancing tax compliance, broadening the tax base, and increasing overall tax revenues. Through a comprehensive review of government reports, financial statements, and economic data, the findings indicate that GST has significantly improved revenue collection, contributing to a robust treasury buildup.The paper highlights key factors that facilitated this growth, including advancements in technology, such as the GST Network (GSTN), which streamlined tax filing and compliance processes. It also discusses the role of various measures implemented by the government to promote awareness and encourage adherence among taxpayers. Additionally, the study explores the challenges faced during the implementation of GST, including initial disruptions in the market and compliance issues among small businesses.Furthermore, the analysis presents statistical data showing trends in GST revenue collections, indicating a steady increase in government revenues that have bolstered the treasury. This revenue enhancement has allowed for increased public spending on infrastructure, welfare programs, and other critical sectors, thus fostering economic growth.The conclusion emphasizes the transformative role of GST in reshaping the tax landscape in India and its significant contribution to fiscal stability. This paper ultimately advocates for ongoing improvements in GST compliance mechanisms and taxpayer education to sustain and further enhance treasury buildup in the future.
Copyright
Copyright © 2024 Aasia Bhatia. This is an open access article distributed under the Creative Commons Attribution License.
