Impact of Goods and Services Tax (GST) on Indian Economy

Abstract

One of the impacts of GST on the budgets of the Indian unions is that, as soon as the various indirect taxes disappear, all changes to the indirect tax before the implementation of the GST in the budget were included in Budget B, which deals with of the tax proposals. However, the decision to change the current GST rate is made by the GST Committee. Therefore, no significant changes are expected in the GST tax law beyond the change of basic rates beyond the scope of GST. FM can be mentioned about the 2018 forecast change, which is your budget, but you cannot implement specific changes through the budget itself. Another effect of the GST on the federal budget is the steady decline in government revenues after the implementation of the GST, exerting additional pressure on the government's already adjusted fiscal deficit target. With the need to strengthen public spending in various sectors, the fall of the GST collection causes a situation in which FM cannot address the 2018 budget.   Keywords: GST, Good , Service GST, Service Tax