Title: Financial articulacy accelerates economic growth related to GST transition

Authors: T. Shenbagavalli; S. Piradeep; B. Priyadharshini; S. Ramya; Y. Fathima

Addresses: School of Commerce, Jain (Deemed to be University) Bangalore, Karnataka, India ' Sri Krishna College of Technology, Tamil Nadu, India ' Sri Krishna College of Technology, Coimbatore, Tamilnadu, India ' School of Commerce, Jain (Deemed to be University) Bangalore, Karnataka, India ' School of Commerce, Jain (Deemed to be University) Bangalore, Karnataka, India

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.

DOI: 10.1504/IJEF.2024.137632

International Journal of Electronic Finance, 2024 Vol.13 No.2, pp.196 - 215

Received: 07 Dec 2022
Accepted: 13 Feb 2023
Published online: 02 Apr 2024 *

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