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Abstract

GST is one of the most critical tax reforms in India which has been long awaiting decision. It is a comprehensive tax system that will subsume all indirect taxes of State and Central Governments and whole economy into seamless nation in national market. GST will be a game changing reform for Indian economy by developing a common Indian market and reducing the combined effect of tax on the cost of goods and services. GST is a consumption based tax imposed on sale, manufacturing and consumption on goods & services at national level. Several taxes such as central excise duty, service tax, central surcharge and cess etc. imposed by Central Government and VAT / sales tax, entertainment tax, octroi & entry tax, purchase tax, luxury tax, taxes on lottery etc. levied by State Governments have been subsumed under GST. The FMCG sector of India composes more than 50 % of the food and beverage industry and another 30 % from personal and household care. Under the proposed GST system, it is expected that it would result in a simpler tax system, especially for industries like FMCG. Under this system, a single product would be taxed at the same rate in every corner of the country meaning that an cooler will be taxed the same in Madhya Pradesh as well as Kerala thus we also refer GST as ONE NATION ONE TAX. This paper will help to present that, what is the impact of GST after its implementation; analyze the influence of GST on FMCG sector.

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How to Cite
Mr. Arun Gautam, Dr. Gaurav Lodha, Dr. Rohit Bansal, & Dr.) M.L. Vadera. (2020). How fast GST is moving the Indian FMCG sector: Empirical Study. GIS Business, 15(1), 339-349. Retrieved from https://www.gisbusiness.org/index.php/gis/article/view/18656