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Financial articulacy accelerates economic growth related to GST transition

Author

Listed:
  • T. Shenbagavalli
  • S. Piradeep
  • B. Priyadharshini
  • S. Ramya
  • Y. Fathima

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.

Suggested Citation

  • T. Shenbagavalli & S. Piradeep & B. Priyadharshini & S. Ramya & Y. Fathima, 2024. "Financial articulacy accelerates economic growth related to GST transition," International Journal of Electronic Finance, Inderscience Enterprises Ltd, vol. 13(2), pages 196-215.
    • Handle: RePEc:ids:ijelfi:v:13:y:2024:i:2:p:196-215
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