IMPACT OF GOODS AND SERVICE TAX ( GST )

Abstract

Goods and Service Tax or GST as it is known is all set to be a game changer for the Indian Economy. GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. In India, there are different indirect taxes applied on goods and services by central and state government. GST is intended to include all these taxes into one tax charged on both goods and services. The government introduced GST especially to avoid corruption. The introduction of GST had many impact in each and every person’s life. Our Central Government has introduced this new taxation system and it created many impact in our country. It affected every sectors, every group of people. This paper is going to be the research regarding the impacts of GST. This research is devoted to the study of the impacts of GST on Indian Economy. Thus the research paper starts with the evolution of GST. It includes the impact of GST created on different kinds of people. The study also explains the challenges being faced by the Indian people by the introduction of new tax system (i.e. GST). Finally, it will also suggest some ideas to get our present taxation system more effective.