Goods and Service Tax (GST): As A New Path in Tax Reforms in Indian Economy

Abstract

GST is a broad taxation policy that system that include all indirect taxes of central and state governments. Taxation is a kind of resource to the government for the revenue generation. There are different types of taxes prevailing in India like corporate tax and income tax, custom and excise duty. At present, the Government of India is going to replace Value Added Tax (VAT) with GST to minimize the complexity of multiple taxes. This paper highlights the impact of new taxation system on selected various Industries in India. The Government of India is not satisfied with the present tax system because it has some short comings. It is complex in nature, exclusion of services as well multiples tax burden. The government is going to implement GST from this financial year. This new tax system will give betterment in the growth level of Indian economy. In this research article, the concept of GST and reforms impact on India Economy has been discussed.