The Goods and Services Tax: Indians' Perceptions Related to Telangana State

On July 1st, 2017, the law went into force. PM Narendra Modi unveiled India's largest indirect tax overhaul in the country's seventy-year history. Every value addition in India is subject to the comprehensive, multistage, destination-based Goods and Service Tax Law. Regardless of how products or services are bought or sold or transferred or leased or imported, they are subject to GST. Due to India's dual GST system, tax administration is separated between the federal and state governments. On interstate transactions, the federal government charges a central GST (CGST), while the state governments charge a state GST (SGST). While transacting across state lines as well as when purchasing imported goods and services, the GST rates of the destination state are added together to create an integrated tax system (or "IGST" for short) (IGST). When goods and services are consumed, rather than manufactured, tax is paid to a different state since the GST is a consumption tax. ―A Goods and Services Tax (GST) will replace the taxes collected by the federal, state, and local governments, resulting in ONE NATION ONE TAX‖.

Dr Naveen Prsadula (2022) Cascading impact, tax evasion, and distortion in the Indian tax system may all be reduced by applying GST. As a result of a unified tax system, industries, exporters, and businesses will be more competitive. Extra funds from a broader tax base may be put to good use for the development of the country. Tax policies have a significant influence on efficiency and equality in the economy. As a result of the current economic changes, indirect tax reforms have been a vital component of the process of liberalisation. In her research, Dr Padmaja (2022) indicated that the adoption of GST in the Indian framework will lead to commercial gains that were previously unaffected by the VAT system, and so contribute to economic growth. In his study, Venkadasalam (2014) used Least Squares Dummy Variable Model (LSDVM) to examine the post-effect of the GST on national GDP in ASEAN States. Among the 10 ASEAN countries, seven have already implemented the GST, positively important in relation to GDP. However, the impact of the post-GST legislation varies from country to country. According to Ahamd et al. (2016), there is still a lack of general knowledge of the GST. This is due to the fact that the survey only asked broad, generic questions that the participants, as end users, should be able to answer. As a result of this, the people who took the poll had a very poor impression of the effect of the GST. Respondents got a less amount of information and marketing from the government. Most of the participants were unsure whether the products and services were exempt from the GST. In addition, respondents' views of GST were skewed negatively owing to a lack of knowledge. ―Taxes like excise tax, excise duty, service tax and surcharges, as well as countervailing duty and special additional duty of customs shall not be absorbed by the octroi in addition‖. There would be no export tax, but the GST paid on imported goods and services will be eligible for an Input Tax Credit. Higher revenue efficiency, simplicity of compliance, and lower pricing are just a few of the benefits of the GST. Improved competitiveness and better leakage control are other benefits. Input tax set-offs and service tax set-offs will be expanded and made available to a greater range of businesses and consumers under GST, which is being implemented at the national and state levels.

In light of the fact that GST is a major tax reform in India, it is critical to know and debate what people think of it. This research focuses mostly on the views of the average person and the importance of this information.

Analytical in character, this piece is. A thorough examination of the data gathered for this article has shown a strong correlation between public beliefs about GST and those found in the data. The research used 100 people as a sample size. Judgment sampling was used to choose participants, and a standardised questionnaire was used to gather data. There were three data analysis techniques employed in the study: Chi square, Phi, and Cramer's V

Respondents' Personal Information and Demographics:

As seen in Table 1, each responder has a unique demographic profile. According to a survey, 53% of men and 47% of women have expressed an opinion regarding the goods and services tax. There were 30% respondents aged under 25, 39% between 25-40 years old, 21% between 40-60, and 10% above 60 years of age. The median age of the respondents was 39.5%. A total of 40% of those polled had a degree, 37% have a postgraduate degree, and 7% have a degree other than a postgraduate one. There are 33% salaried workers; 22% company owners; 14% professionals; and 31% of respondents who fall outside of these four categories. More than two-thirds of respondents (68 percent) earn between Rs.25,000 and Rs.40,000 a year. Only 4% earn between RS 40,000. and RS 60,000. According to the survey, 77% of the respondents are married, while 23% are unwed. Twenty-three per cent of the respondents belong to a family with fewer than three people, 44 per cent belong to families with three to five members, and 28 per cent belong to families with six or more members. 1. here is no correlation between gender and perception, according to hypothesis H0 2. There is a strong correlation between gender and how others see you. Chi-Square Test and findings

Null hypothesis is accepted that there is no significant association between the gender and perception because p .158 < CV.228

This alternative hypothesis, that there is a substantial correlation between gender and perception, has been accepted since p.361 > CV.179 rejects the null hypothesis.

It is concluded that there is a statistically significant correlation between gender and perception, as p.555

> CV.174.

Due to p-.474 > CV.158, the null hypothesis is ruled out, and an alternative view is accepted that there is a significant association between gender and perception‖.

Gender and perception have a substantial connection because p.696> CV.120 is greater than the null hypothesis, and the alternative hypothesis is accepted.

will fall as a result of the introduction of the GST. ―P.472> CV.159 rejects the null hypothesis and accepts the alternative hypothesis that there is a substantial correlation between gender and perception‖.

accepted.

It is determined that there is a substantial correlation between gender and perception since p.670 > CV.125 rejects the null hypothesis.

Because p.558 > CV.144, the null hypothesis was rejected, there was a substantial association between gender and perception.

―Null hypothesis is rejected and alternative hypothesis is accepted that there is a significant association between the gender and the perception because p

.301 > CV.191‖

―Null hypothesis is rejected and alternative hypothesis is accepted that there is a significant association between the gender and the perception because p .671 > CV.125‖

between the gender and the perception because p

.493 > CV.155‖

Null hypothesis is accepted that there is no significant association between the gender and perception because p .029 < CV-.328

―Null hypothesis is rejected and alternative hypothesis is accepted that there is a significant association between the gender and the perception because p .783 > CV.104‖

―Null hypothesis is rejected and alternative hypothesis is accepted that there is a significant association between the gender and the perception because p .857 > CV.088‖

hypothesis is accepted.

The Finance Minister of Telangana, Mr. T. Harish Rao, presented the Budget for the state for the financial year 2022-23 on March 7, 2022.

• The GDP of the state is expected to hit Rs 13,04 lakh crore in 2022-23. (at current prices). ―New Gross Domestic Product Prediction for 2021–22: 13% Higher (Rs 11.54 lakh crore). Forecasts put GDP expansion in 2021–22 at 19.1 percent from the preceding year (at current prices)‖.

• Rs 52,167 crore has been set as the goal deficit for fiscal year 2022-23 (4 percent of GSDP). Revisions to budget projections show that the fiscal deficit will be 3.88 percent of GSDP in 2021-22, down from 3.94 percent.

• As of 2022-23, the projected revenue surplus is predicted to be 0.29 percent of the gross domestic product (Rs 3,755 crore).

• Medical colleges will be created in all districts over the following two years.

• Super speciality hospitals will be built in each of Hyderabad's four districts. Telangana Institutions of Medical Sciences would be the name given to these institutions. The salary of sanitary staff will be raised in order to enhance hospital hygiene.

―The latest projections indicate that SGST revenue will be in line with the budget estimate for 2021-22. Union Ministry of Finance estimates that Telangana has received Rs 2,380 crore in 2020-21 and Rs 4,569 crore in 2021-22; however, the budget does not account for a back-to-back loan in lieu of compensation in 2021-22. Revenue from sales taxes, value-added taxes, and stamp duties and registration fees is projected to increase by 25% in 2022-23, will come in at a close second in 2022-23. (30 percent of own tax revenue)‖. Sources: Telangana Budget Documents 2022-23; PRS‖ GST income for the state of Telangana reaches record levels Out of the 18 statements 4 statements have no association between the gender and perception as p value is lesser than the CV value and the remaining the 14 statements have association between the gender and perception as p value is greater than the CV value.All-time high: Revenues from the Goods and Services Tax (GST) in Telangana reached approximately Rs. 5,000 crore in April 2022. State GST receipts in April were Rs 4,955 crore, a record high, compared to Rs 4,262 crore in the same month previous year, according to official sources. In April, GST receipts were 16% higher than in the equivalent period of the previous year.GST revenues for January, 2022, were Rs 4,459.98 crore, according to State government authorities. GST receipts for the state surpassed Rs 4,000 crore in March 2021, which is worth mentioning. According to this, the state's GST collections increased by 25% in April, 2022, as compared to March, 2021. In April, 2022, the SGST collected Rs 1,662.97 crore, the highest amount ever. In April, 2021, the previous high was Rs 1,460.28 crore. Stamps and Registrations provide a substantial amount of revenue as well. There were 1.66 lakh registrations and Rs 722 crore in income in April, 2021, according to government sources. The total number of registrations reached 1.69 lakh in April this year, and the company's income amounted to Rs 1,350 crore.Telangana's GST income showed a hopeful picture in 2021-22 with an excellent 18% rise at the end of February, less than a week before the state submits its budget for 2022-23 in the the same time in fiscal 2020-21.This month's total of Rs 4,113 crore is the largest monthly GST collection for the current fiscal year, according to the latest data from the federal government's Finance Ministry. More than that, the state saw a 13% increase in February revenue over the previous year's total of Rs 3,636 crore.

As a 28-day month, February tends to bring in less money than January, which has 31 days. Despite the Covid-19 epidemic and accompanying limitations, the state of Telangana reported excellent growth in February 2022. When compared to the same month previous year, the state's GST income was 1% more than the national GST revenue. From March 2020 to June 2021, the state of Telangana had a significant drop in income as a result of the Covid-19 epidemic and associated lockdowns. From July 2021 to February 2022, tax collections grew dramatically due to the resumption of economic activity. The growth rate of Telangana has been continuously higher. Telangana is expected to be India's fourth-largest GDP contributor in 2021-22, according to a new estimate from the Reserve Bank of India. According to current pricing as of February 2022, the state's GSDP (gross state product) was Rs 11,54,860 The State achieved a 14.7 percent improvement in the growth rate of GSDP from minus 3.5 percent in 2020-21 to 11.2 percent in 2021-22 at constant (2011-12) prices. This is not only the largest rise in GDP at constant prices in this year's States, but it is also 2.3 percentage points greater than the country's GDP growth rate. The State has also assured a Per Capita Income (PCI) of Rs 2,78,833 by the end of February, 2022, which is 18.78% higher than the preceding fiscal.

• Governments at all levels need to organize a public awareness campaign or education program.

• The respective government of each state should conduct workshops, training sessions, and various seminars on GST

• Still many changes has been taking place hence should provide the proper information for all sectors.

• It‘s the responsibility of central and state government to inform the public about GST and convince them for the adoption of GST.

• Government should take best and constant decisions about product and service classification

• Proper information should be supplied to the people about the changing patterns of GST

 The government should also inform the public that the GST would not raise tax burdens, since it broadens the taxation just a new name for old tax structure; it is completely India‘s biggest and substantial tax reform.

• People have to understand that the prices of all products and services are not increased, and should cooperate with new laws of GST.

• Those who are knowledgeable about the GST should also share their expertise with the public, so that many misconceptions about the tax may be dispelled.

The focus of the current GST research is on how the general public views GST. According to the findings of the research, 14 out of the 18 commonly held beliefs are correct. The long-term benefits of this tax reform include cheaper costs for products and services and a more consistent tax rate.It also makes the tax system simpler. While they both agree that GST has increased legal compliance, the process is still unclear and extremely difficult to understand and complice. The process is also very difficult to understand and complicated. However, they are not agreed that GST is expected to build more transparent tax system, it will reduce the tax burden, it is a non-consumer friendly tax system and GST creates more confusion than the earlier tax structure.

1. P.Chaurasia, S. Singh, P. Kumar (2016), ―Role of Goods and Service Tax in growth of Indian Economy‖ International journal of science and technology and management‖ vol.5 issue February 2016 2. Poonam (2017) ―Goods and Services tax in India: An introductory study, 6th International Conference on Recent Trends on Engineering, Science and Management, 8th January 2017. 3. Venkadasalam, Saravanan Implementation of Goods and Service Tax : An Analysis on ASEAN States using Least Squares Dummy Variable Model (LSDVM) International Conference on Economics, Education and Humanities (ICEEH‘14) Dec.10-11 2014 Bali (Indonesia), Pg No7-9 4. Ahmad, M.A.R., Suriadah, I. and Halim H.A. (2016) Awareness and Perception of Taxpayers towards Goods and Services Tax (GST) Implementation, International Journal of Academic Research in Business and Social Sciences,2016, Vol.6 No.11 Commerce and Business Management July September (2017) 6. Nitin kumar (2014), Goods and Services Tax in India- A way forward. In Global Journal Of Multidisciplinary Studies, Vol 3, issues 6 May 2014. 7. The Economic Times 8. The Hindu 9. Various research articles about GST 10. http://www.indiataxes.com 11. http://www.taxmanagementindia.com 12. www.goodsandservicestax.com 13. http://www.wikipedia.org 14. www.GST.inhttp://www.empcom.gov.

Assistant Professor of Economics Govt.Degree College, Sadasivpet Sangareddy District Telangana