

An empirical review on the research topic concerning VAT and GST
Abstract
The paper discusses comparative studies of Value-Added Tax VAT and Goods and Services Tax GST these being two vital indirect tax frameworks applied across the world. VAT, implemented mid-20th century is an indirect tax on consumption collected at every stage of production while GST, implemented to amalgamate and simplify the tax system, is a recent tax reform. The purpose of this paper is to compare and contrast the economic and administrative efficiencies of the two systems and to focus on the extent of the compliance cost and likely implications for business and consumers. Automobile industry is one of the growing industries of India having well-defined relationship with the reforms associated policies of domestic demand pattern and trade.
The Automobile sector in India occupies the sixth position in global market share. Industry holds 7.1 % to the total Gross Domestic Product (GDP) of the country. India is the second largest tractor manufacturer in the world, second largest two-wheeler manufacturer, second largest bus manufacturer, fifth largest heavy truck manufacturer, sixth largest car manufacturer and eighth largest commercial vehicle manufacturers. According to Automotive Mission Plan 2026, Indian Automotive Industry aims to be in top three in manufacturing, engineering and export of vehicle and components and is anticipated to contribute 12 per cent of Indian GDP during next decade. During the period from April 2000 to June 2017, FDI of US$ 17.40 billion was invested in the industry by Department of Industrial Policy and Promotion (DIPP). Two Wheelers segment has highest market share in India with 80 percent due to increasing middle class and young population of India and also Passenger Vehicle (PV) share 14 percentages of the total Indian Automobile Market. India is also a great auto exporter and automobiles companies are also aiming at the rural markets that will also propel the sector growth in near future. Since all the taxes have been combined in the new taxation system called GST, it is now possible to anticipate the effects of GST on this segment. Thus in this paper an attempt has been made to focused on affectation of GST on Indian Automobile Industry.
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