Goods and Service Tax (GST) In India- Impact ...

Goods and Service Tax (GST) In India- Impact on GDP

Author Name : V Balreddy

DOI: https://doi.org/10.56025/IJARESM.2022.1071083

ABSTRACT

The goods and services tax (GST) implemented on 1^st July 2017. It is a major taxation reform till date implemented in India since independence in 1947. The main objective of GST is ensuring that the cascading effect of tax on tax will be eliminated. Improving the competitiveness of the original goods and services thereby improving GDP rate too… The intended objective of GST is to replace a lot of other indirect taxes like the VAT / Sales tax, service tax, luxury tax etc… The GST based taxation system’s more transparency and reduce the tax evasion and avoidance.

Key words: Tax, Indirect tax system, GST, effect on GDP and Indian economy.