Financial articulacy accelerates economic growth related to GST transition

T. Shenbagavalli, S. Piradeep, B. Priyadharshini, S. Ramya and Y. Fathima

International Journal of Electronic Finance, 2024, vol. 13, issue 2, 196-215

Abstract: Financial literacy is used to assess both individual and national financial health. Financial articulacy teaches analytical financial decision-making and problem-solving. Real estate, insurance, investment, savings, tax preparation, and retirement are just a few areas where this insight may be useful. Lack of financial articulacy may result in bad financial decisions that harm a country's economy's financial stability. Improper funding causes most national financial issues. Goods and services tax spirals 17 indirect taxes and 22 cesses into one tax. GST is a basic tax with a five-tiered taxation slab for different items. Luxury goods cost more, and mass-consumed goods cost less. It's nothing new; most nations have already adopted GST to make their products more competitive on the global market. The highest rate applies to luxury items and stands at 28%. To benefit from GST rather than indirect taxes, it is necessary to have a firm grasp on a wide range of concepts, since the highest tax rate in the globe is 28%. This study simplifies the GST transition and boosts economic growth through inclusivity.

Keywords: financial articulacy; goods and services tax; sustainability; planning of tax; articulacy; indirect taxes; economic growth. (search for similar items in EconPapers)
Date: 2024
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