Goods and Services Tax (GST) in India – an Overview and Impact

Abstract

GST also known as the Goods and Services tax is defined as the giant indirect tax structure designed to support and enhance the economic growth of a country. The aim of this research paper is regarding impact of GST and its impact on various sectors. With the introduction of GST, there is chaos and confusion among common man. GST bill will be a form for economic integration of India. The main trait of the GST is to transform India into a unified market by dismantling the present fiscal barrier among states and can expect improved tax compliance. There would be only one tax, that too at the national level, monitored by the central government. GST is also different in the way it is levied — at the final point of consumption and not at the manufacturing stage.