A Detailed Study of GST and Its Impact on Indian Economy

Author Name : Abhishek Sangwan

ABSTRACT

GST (Goods and Services Tax) was implemented in India on July 1, 2017. GST is an indirect tax that combines a number of other indirect taxes and has replaced a number of smaller levies. GST is a different stage tax, or source base tax, that is applied on every value addition. It is very easy to adapt for companies and it is very briefly mentioned in law. GST reduces costs throughout the supply chain, from the manufacturer to the retailer to the final customer.GST is a must-have for India in order to consolidate many taxes into a single tax that can be levied uniformly across the nation. This aids in the rationalizing of GST rates, the removal of difficulties in tax hurdles, the saving of time, and the elimination of any dispute difficulties. The government's goal is for India's tax rate to be competitive with other countries' tax rates, allowing India to become a preferred competitive destination, boosting the "Make in India" campaign. This article discusses all GST concepts as well as their benefits and drawbacks in various Indian economic sectors.

Keywords: GST, Indirect Tax for India, Indian economy, CGST, SGST.