International Journal For Multidisciplinary Research

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Exploring the Potential of National Industrial Classification (NIC) 2008 in Goods and Services Tax (GST) Framework: Enhancing Administration, Policy Making, Regulatory Control & Sustainable Industrial Growth in India

Author(s) Mr. Prashant Shankar Parihar, Dr. Nishant Gehlot
Country India
Abstract Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based indirect tax system introduced in India on 1st July 2017 under the principle of "One Nation, One Tax." It replaced the previously complex structure of multiple indirect taxes levied separately by the central and state governments. GST is applied on the supply of goods and services at every stage of the production and distribution chain, with seamless credit available for taxes paid on inputs. Article 279A (2) of Constitution of India is enable formation of GST Council. GST is governed by the GST Council, the apex decision-making body for all GST related matters. Constituted under Article 279A of the Constitution of India, the Council ensures uniformity in tax administration and fosters cooperation between the Centre and the states. It plays a pivotal role in recommending tax rates, exemptions, rules, and procedures, thereby shaping the overall GST framework in the country. This research aims to investigate whether the existing GST portal is capable of accurately identifying and tracking industries and their nature based solely on the available data. It further explores whether the adoption of the National Industrial Classification (NIC) 2008 system offers a more reliable and structured approach for this purpose. The study also examines the potential of NIC 2008 to enhance GST administration and support the GST Council in areas such as data collection, analysis, monitoring, and the detection of tax evasion.
Keywords NIC 2008, National Industrial Classification, NIC Code, GST, India, Taxation, Indirect Tax, Industry Classification, Goods and Services Tax, CGST, CSO, Core Business selection, GSTN, GST Council.
Published In Volume 7, Issue 4, July-August 2025
Published On 2025-07-05
DOI https://doi.org/10.36948/ijfmr.2025.v07i04.50206
Short DOI https://doi.org/g9s9dd
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