Assessment of Goods and Service Tax in relation to Generation of Tax Revenue for the Government

Finance is very crucial aspect of the management of any organisation, success or failure of any corporation is dependent upon the factor how well top management understands and implement the rules and regulation relating to the management of the sources of the funds. For any Government source of finances are of two types of taxes- one is direct tax and another one is indirect tax. When the incident and impact are on same person, that is direct tax, on the other side incident and impact are on different person that is indirect tax. In India, indirect taxes are major source of revenue as compare to direct tax. Before implementation of Goods and Service tax in India, There is large number of indirect taxes prevailing in the India like Central Excise Duty, Service Tax, Countervailing Duty, Special Countervailing Duty, Value Added Tax, Central Sales Tax, Octroi, Entertainment Tax, Entry Tax, Purchase Tax, Luxury Tax, Advertisement taxes, Taxes applicable on lotteries etc. In this paper attempt has been made to analysis impact of GST in the tax revenue of the Government.