Impact of GST in Indian Economy

Author: Rupa Gupta

Abstract:
GST is absolute indirect tax which is imposed on production, sale and utilisation of goods and services at the national level. It absorbs most of the indirect taxes which are imposed by the central and state government into a single tax. It has overcome the drawbacks of previous indirect tax structure and has created efficiencies in the tax administration.GST came into existence from July 1, 2017. This new tax regime provides transparency & certainty in the tax system. The main aim of implementing GST is “One Nation, One Tax, and One Market”. It is simple, efficient and will help to improve the economic growth of the country by eliminating many central & state taxes like excise, service and VAT. Goods and Service Tax has made Indian products competitive in the era of globlisation.GST make taxation overall easy for the Industries, Agriculture and Real estate also. Some sectors like Banking and Insurance sector have become complicated after the implementation of GST but because of its transparent character it will definitely grow our Indian Economy.

Keywords:GST, India, Market, Indian Economy.

DOI:

International Journal of Trade & Commerce (Vol: 7 Issue:2)