Impact of Indirect tax on Financial Performance of Pharmaceutical industries with Reference to Indore District

Abstract

The taxes are play very vital role for boosting economy of country, the indirect and direct newlineboth are significant. The introduction of Goods and Services Tax (GST) in India is one of newlinethe most significant indirect tax reforms since Independence. The reform that took more newlinethan a decade of mutual co- operation, continuous discussion and intense debate between newlineCentral and State Governments about implementation methodology, was finally newlineimplemented with effect from 1 st July 2017, subsuming almost all indirect taxes at the newlineCentral and State levels. As the journey of GST implementation progressed in India, the newlineauthorities have been quick to address the various challenges faced by the Industry and newlinepublic concerns by issuing a series of notifications, clarifications, press releases and newlineFAQs, to resolve a wide range of concerns. The GST along with its challenges have newlinebrought in various benefits also like creation of National market by bringing down fiscal newlinebarriers amongst the States and has mitigated the cascading effect of taxes by allowing newlineseamless credit of input tax across goods and services. newlineGoods and Services Tax (GST) was introduced in India from 1st July, 2017. It is one of newlinethe major tax reforms since independence in the area of indirect taxation. It was newlineintroduced with the objective to mitigate the cascading effect of taxes by allowing newlineseamless credit across goods and services, facilitate free flow of goods and services newlineacross India and boosting tax revenue from better compliance and widening the tax base. newlineA remarkable feature of GST implementation is that all the States in India came together newlinewith the Centre to form a unique federal body called GST Council, which is entrusted newlinewith the objective of recommending policies and procedural matters in the formation and newlineimplementation of GST legislation. The spirit of co-operative federalism took deep roots newlinethereby ensuring that large federal countries like India implement the GST Law. newlineThe effect of can be seen on our economy but it would take time because of Indian newlineindustr