Main Article Content
Goods and Services Tax, Handicrafts, Sustainable Development, Tax Reform, ITC
Purpose of the study: Taxation is one of a tool, which helps the Government for the achievement of the goal of sustainable development for every sector including handicraft. The objectives of this study are to know about Goods and Services Tax & its inferences on sustainable development of Indian handicrafts and to identify the role of GST as tax reform in the sustainable development of handicrafts sector in India. The Indian handicraft is economically important and it has more potential for exports. This sector places a major role in the Indian economy.
Methodology: The Descriptive method of research has been used to gather information about the existing conditions of GST and Handicraft sector of India. This study is based on secondary data. The data has been taken from different journals, books, magazines, websites, and published data from government institutions. This study is explanatory in nature. The collected data from different sources has been reviewed and data relevant to the handicraft sector further analyzed. The researcher concluded that how GST is helping Indian handicraft sector for sustainable development.
Main Findings: GST brought transparency in the tax system and it also eliminated the multiple taxes, which ultimately increases the final prices. This study revealed that GST would make Indian handicrafts more competitive in the domestic and foreign markets. GST is fiscal tax reform which helps in the sustainable development of Indian handicrafts. This research study found that the handicraft sector of India became more organized, centralized, and regulated after the implementation of Goods and Services Tax.
The implication of the study: GST implemented on July 01, 2017 with the aim of simplification of the tax system, fiscal structure, United Indian Market, and sustainable development in India. It is a comprehensive value-added tax which merged different taxes including VAT, service tax, surcharges, CST, etc. This study can be useful for future researchers, traders, and exporters to know the implication of GST in the handicraft sector. Traders and exporters can get knowledge about the GST, tax rates, and exports under LUT/ bond. This study may be benefited to the Government for further development in GST as per the findings of this study.
Novelty/Originality of this study: GST is new tax reform in India, only a few studies have been done on it. As per the researcher ’ s best knowledge few studies have been carried out on GST and handicraft sector, but none of the study is carried out on this topic. This study highlights the unrevealed facts and figures about the role of GST in the sustainable development of the handicraft sector.
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