Perspectives of Goods and Service Tax on Indian Economy | Original Article

ABSTRACT:

This Paper focuses on the various aspects of Goods and Services Tax (GST) and its implementation in India. The GST is the biggest indirect tax reform in India since 1947 and aims to transform India into a uniform market by subsuming all the indirect taxes and by breaking the current fiscal barrier between states. A uniform GST across the county will remove the cascading effect of various taxes and improve the ease of doing business by creating a seamless national market. It will result into less paperwork and hopefully will translate into a lower tax burden system by removing distortions. With the bill being discussed in the parliament since 2009, and with the great momentum built over the year now the bill has been passed. It is high time that all states arrive at a consensus to implement Any further delay in GS7"s implementation may impact India's industrial growth and send wrong signals to global investors keen to invest in world's fastest growing major economy. According to a report by the National Council of Applied Economic Research, GST is expected to increase economic growth by between 0.9 per cent and 1.7 per cent. The spread of GST in different countries has been one of the most important developments in taxation over the last six decades. This paper will focus on, how the GST is important for the growth of India and will also contribute for the further study. The data are collected with using secondary data.