Financial articulacy accelerates economic growth related to GST transition
by T. Shenbagavalli; S. Piradeep; B. Priyadharshini; S. Ramya; Y. Fathima
International Journal of Electronic Finance (IJEF), Vol. 13, No. 2, 2024

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.

Online publication date: Tue, 02-Apr-2024

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