INTRODUCTION:

GST defined as a "Goods and Service Tax”. GST is also known as indirect tax where it is applicable all around the India. GST is a tax levied on goods and service which includes all the steps and it will continuous the chain of profit or benefits from the producer to the retailer. Here only the final consumer should pay the tax while purchasing. Goods and service tax was introduced as a constitution 105 amendment act 017 and following establishment 112 amendment bill. Goods and service tax is governed by a goods and service tax council and financial minister is a chairman of it. The minimum tax rate of goods and service tax is from "0"percent to "28"percent.

· Goods and service tax has five slabs i.e., 0%, 5%, 12%, 18%, 28%.

· There is some special tax i.e., "0.25"percent, "3"percent, "15"percent and "28"percent. Semi-precious stone and rough precious stone has "0.25"percent, Gold has "3"percent and other additional cess has "15"percent and "28"percent for Luxury, Tobacco goods etc

· The single goods and service tax has replaced many existing taxes i.e., additional custom duty, central excise duty, state level VAT, Surcharges and octroi, commercial tax, food tax, entertainment tax, purchase tax advertisement tax, introit, entry tax, luxury tax service tax etc

There Are Three Components of Goods and Service Tax (GST) in Our Country:

· CGST [Central goods and service tax]-CGST is levy on an intra sale it will be collected by the federal government.

· SGST [State goods and service tax]-SGST is levy on Intra sale and this will be collected by the union territory or state government.

· IGST [Integrated goods and service tax levied on integrated sale and this will be collected by the federal government.

Tax on Supply:

The goods and service tax will be applicable for the supply of all the goods and service .In the past tax system tax was applicable for all the manufacture goods and service, that arise at the time of supply .It will depend on whether the transaction is in intra state or transaction is in interstate there is separate goods and service tax provision will be applicable to help a business verify the place of supply of goods and service.

Who Have to Pay the Goods and Service Tax?

Goods and service tax had to be paid by all the seller and by the manufactures. It is also paid by the service provider like C.A (Charted Accountant), telecom providers, and consultants etc.

CONCEPTS OF GOLD:

Goods and Services Tax is also implemented on the gold sector. GST on gold is 3%. In the previous tax 1% for service tax and 1% for (VAT) Value added tax but after the introduction of GST 1.5% for CGST and 1.5% for SGST where it is amounted to 3% it is less than the predicted. They were predicting 5%of GST on Gold, but GST on Gold was 3%, 10% for customs duty and processing charges is 5%. After the implementation of GST there is a insignificant increase in the gold sector. It is beneficial to the gold traders.

Impact of GST on gold:

· After the operation of GST there is a positive and great impact on the Gold sector. In some corner because of the GST demand for the gold is decreased only because of the increase in the 3% of GST that is levy upon 10% for import duty. The Gold market had become very expensive after the Introduction of GST

· Before the introduction of GST, the gold tax was 1% for VAT and 1% for service tax it was amounting to only 2% but after the introduction of GST it has changed to 1.5% SGST and 1.5% to CGST, amounting to 3% tax on gold

LITERRATURE REVIEW:

According to authors they tell that there is a mixed response, opinions, arguments among manufacture, traders and society about the implementation of Goods and services in India. Various people gave various opinion about the goods and services tax implementations. Many news organizations all around the world focused on the bills of unifying the country and being on achievement of the government. Goods and service tax brought our country at the centre of the global economy. As soon as the bill passed many of the international newspaper has published their views on how the goods and service tax will bring a new wave of economic reforms in our country (Lourdunathan F and Xavier P (2017)). According to author Goods and service tax is a vast indirect tax which changes the economy of India. Goods and service tax is a tax on all the goods and service which includes all the steps and it continuous chain of benefits from producer to the retailer where only the final receiver called customer should bear the tax It will be benefits for the business .The cost of tax acquiescence in our country is high only because of exemptions and layer of tax .This paper tells that One Nation One Tax .That will change our country in a positive way .And it also tells that GST will help to boost up our Indian economy which will help the financial growth of all the common man (Bikram Pegu (2017)). He clearly tells that goods and service tax is a biggest challenge and change in the tax structure in our country. Because of GST there is a fall in the price of two wheelers, Midsized car, auto commercial vehicles, footwear, essential items, building materials. On the other hand, some of the goods and service price has increased their price got a benefit after the implementation of the goods and service Tax like Hotel room rental, Branded Apparels, Restaurants etc. This paper tells that goods and service tax is going to be a record in the history by implementation and improve the growth of the economy (Amandeep Kaur (2018)). Goods and service tax is defined as a structure of indirect tax. It is designed for the growth of our country. GST is implemented in more than 150 countries. The idea of the goods and service tax is given in the year 2000 but it was not implemented. Goods and service tax is implementation is done to improve the growth and development of India (Shefali Dani (2016)).

METHOD AND METHODOLOGY:

Table 1: shows the research gap

S. l.	Category of Gap	Identified Gap
1	Factors/ Variables Gap	Rate of taxes and duties, payment system, procedures, billing, invoicing, E – registration, filing of returns.
2	Research Context Gap	Implementation of GST on Gold business and its impact has not been covered with reference to above factors/variables context
3	Geographical Area Gap	Bangalore

Source: Authors developed

METHOD AND METHODOLOGIES:

Primary Source of Data:

Primary data is basically collected by conducting interviews, asking questions or creating questionnaires and breaking down certain data, and so on. The primary data collected for this paper is creating questionnaires and examination. Data was collected from around 100 respondents from Gold vendors.

Secondary source of data:

Secondary data is basically the information collected from various websites, thesis, published Journals, identified articles, books, magazines, new papers and many more. This secondary data gathered for this paper is published journals, identified articles, thesis, internet sources and books.

RESULTS AND DISCUSSION:

Fig 1: shows the opinion results on GST Positive Impact on Gold

Interpretation:

From the above pie chart it is clear that 22% of respondents tells that they strongly agree that there is a positive impact of GST on gold sector and 55% of respondents Agree telling that there is a positive impact of GST on the gold sector and about 19% of respondents tells that there is a neutral, telling that there is not much impact of GST on gold sectors it is same as before and only 4% of respondents tells disagree.

Fig 2: shows the opinion results of Impact of GST on gold brought changes in Indian economy

Interpretation:

From the above pie chart we can come to know that 46% of respondents tell strongly agree telling that after the implementation of GST the Indian economy has improved and there is some changes in the Indian economy 38% of respondents tells the same, 13% of respondents tell its neutral and only 3% of respondents says disagree and tells there is no change in the Indian economy after the implementation of GST.

Fig 3: shows the opinion results of rates of taxes and duties brought a huge difference in Gold sector

Interpretation:

From the above charts we can clearly come to know that 20% of respondents tells strongly agree telling that there is a difference from old mode to the implementation of GST on gold,44% of respondents tell agree, 35% tells neutral, and only 1% of respondents tells disagree

Fig 4: shows the opinion results of GST reduction in corruption

Interpretation:

From the above pie chart we can understand that 38% of respondents strongly agree by telling that after the implementation GST e-registration process the corruption has been reduced,42% of respondents tells agree,11% of respondents tells neutral and only 9% of respondents tell disagree and tells there is no reduction in the corruption even after the

HYPOTHESES:

A) Ho = No significant impact of GST implementation on gold business profit

H1 = There is a significant impact of GST implementation on gold business profit

Table 2: Shows the Hypothesis results

		(A)	(B)
Huge difference in gold sector after GST (A)	Pearson Correlation	1	.425^**
	Sig. (2-tailed)		.000
	N	100	100
Fluctuation in profit (B)	Pearson Correlation	.425^**	1
	Sig. (2-tailed)	.000
	N	100	100
**. Correlation is significant at the 0.01 level (2-tailed).

Source: Field Survey results

Inference:

Null hypotheses is rejected because the P- value is less than 0.01 and alternative hypothesis is accepted because there is a positive relationship between two variables and after the implementation of GST there is a huge difference in the business and there is fluctuation in the business profit.

B) Ho = Training program is not needed to reduce E- registration complications

H2 = Training program is needed to reduce E- registration complications

Table 3: Shows the Hypothesis results

		(A)	(B)
E-registration is complications (A)	Pearson Correlation	1	.370^**
	Sig. (2-tailed)		.000
	N	100	100
training program (B)	Pearson Correlation	.370^**	1
	Sig. (2-tailed)	.000
	N	100	100
**. Correlation is significant at the 0.01 level (2-tailed).

Source: Field Survey results

Inference:

Null hypotheses is rejected because the P- value is less than 0.01 and alternative hypothesis is accepted because there is a positive relationship between two variables and some gold vendors feels the E-registration is difficult those people want training program.

C) Ho = No significant impact of GST implementation on billing

H3 = There is a significant impact of GST implementation on billing

Table 4: Shows the Hypothesis results

		(A)	(B)
GST Impact on Billing (A)	Pearson Correlation	1	.417^**
	Sig. (2-tailed)		.000
	N	100	100
GST billing is difficult to understand (B)	Pearson Correlation	.417^**	1
	Sig. (2-tailed)	.000
	N	100	100
**. Correlation is significant at the 0.01 level (2-tailed).

Inference:

Null hypotheses is rejected because the P- value is less than 0.01 and alternative hypothesis is accepted because there is a positive relationship between two variables and some of the gold vendors who does not use the system for billing, and they bill manually they feel the billing is difficult so even the gold customers feels the billing is difficult to understand.

FINDINGS:

· According to the respondents after the implementation of the GST there is a positive impact on the gold sector /market and the gold vendors are happy with the GST implementation. About 55% of respondents have agreed for the positive impact on gold sector

· From the survey we came to know that after the implementation of GST there is positive change in the Indian economy According to the survey there is 46% of respondents have strongly agreed for the positive change in the Indian economy after the implementation of GST

· According to the respondents 12% and 31% of gold vendors wants the customers to know about the GST, about most of the customers does not know what the importance about the GST is and how it is implemented to the Indian economy

· After the implementation of GST there is a negatively difference in the Gold sector as the customers reduce and refuse to pay the GST it may affect the gold vendors /business

· Findings based on hypothesis 1 we found that from the GST there is a huge difference in the gold sector because of fluctuations in profits

· From the hypothesis 2 we found that E-registration is complicated and training programs are required

· From hypothesis 3 we found that billing is complicated, and it is very difficult is understand for the customers

· Findings based on hypothesis 1 we found that from the GST there is a huge difference in the gold sector because of fluctuations in profits

· From the hypothesis 2 we found that E-registration is complicated and training programs are required

· From hypothesis 3 we found that billing is complicated, and it is very difficult is understand for the customers

RECOMMENDATIONS AND CONCLUSION:

This study indicates that the awareness about the Goods and service tax (GST) did not reached the satisfactory level. After the implementation of GST there is a reduction in the corruption, so survey tells that there is positive impact in India after the implementation of GST. Here the customers must pay only one tax that is GST where all the indirect tax comes under GST. As many indirect taxes are included in the GST it is called as "ONE NATION, ONE MARKET “. The motto of the GST is "One Nation One Tax After the implementation of GST there is reduction in the cascading effect

After the implementation of GST in our country it was implemented on many other industries which also includes GOLD SECTORS. Here Implementation of GST made a positive impact on the gold sector. After the implementation of GST Gold market had become more transparency, that lead to reduction in the corruption. In the beginning of the implementation of GST there was a threat for the Gold industry about the hiking the gold price but after the implementation of GST gold sector has become more transparency. In the gold market many of the customers feels GST as a burden. It might me burden to the customers, but it will help to develop corruption free country. After the implementation of GST there is an increase in the price. GST made a huge difference in the gold sector.

Before the implementation of GST the gold tax rate was 2% i e., 1% for service tax and 1% for VAT but now after the implementation of GST the gold tax rate is 3% both the CGST and SGST is includes in the GST .3% on gold sector created a positive impact on the gold market and it also moderate in the mind set of the customers .As GST had made the mandatory transactions and that has supported the bills and this will help in the elimination of unaccounted transactions

REFERENCE:

1. Lourdunathan, F. and Xavier, P., 2017. A study on implementation of goods and services tax (GST) in India: Prospectus and challenges. International Journal of Applied Research, 3(1), pp.626-629.

2. Pegu Bikram (2017), The Proposed GST (Goods and Services Tax) and Indian Economy, International Journal of Interdisciplinary Research in Science Society and Culture (IJIRSSC), ISSN: 2455-2909, Vol 3, Issue 1.

3. Amandeep Kaur (2018), A Research Paper om Impact of GST on Indian Economy, International Journal of Advance Research in Science and Engineering, ISSN: 2319-8354, Vol 7, Issue 4

4. Dani, S. (2016). A Research Paper on an Impact of Goods and Service Tax (GST) on Indian Economy. Business and Economics Journal, 07(04) pp.1-2

Received on 30.08.2019 Modified on 15.10.2019

Asian Journal of Management. 2020; 11(1):87-91.

DOI: 10.5958/2321-5763.2020.00014.1