Impact of GST on the Indian Economy
GST the biggest Tax Reform in India founded on the notion of “One Nation, One Market, One Tax” is finally here. The movement that the Indian government was waiting for the decade has finally arrived. The single biggest Indirect tax regime has kicked into force, dismantling all the inter state barriers with respect to trade. The GST rollout, with the single stroke, has converted India into a unified market of 1.3 billion citizens. The idea behind implementing GST across the country in 29 states and 7 union territories is that it would offer a win to win situation for everyone. Manufacturers and Traders would benefit from fewer tax filing, transparent rules and easy booking consumers would pay less for the goods and services and the government would generate more revenues. So this paper tries to throw a light on various aspects of GST and to know its probable impact on Indian economy and its sectors. The data are collected through various secondary sources like reports of Government, professional bodies, working committees and also from research papers, articles, news, budget sessions etc.
GST, Indian Economy, Tax Reform
Dr. C. J. Priya | Harshitha M C