A Study on Impact of Goods and Service Tax (GST) in Current Indian Scenario

Abstract

The introduction of the Goods and Services Tax (GST) is the notable milestone in the field of indirect tax reforms in India. It is considered as an predominant Indirect tax which paved for the India’s economic growth. With several amendments, The Indian Government introduced GST on July 1, 2017. The Central Excise Duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, and Luxury Tax are just a few of the indirect taxes that have been incorporated into the GST. Because of this, the phrase “One Nation, One Tax” denotes that there is no additional tax to pay throughout the nation. The effects and impact of GST on India are explained in detail throughout the study. The current year revenue collection of GST is provided in the study. With uniform tax rates and procedures, the GST aims to transform India into a national market. It cleared the way for an integrated national economy by removing economic obstacles. GST reduces all negative effects of fall and improves India’s competitiveness in the global markets by combining the majority of the indirect taxes levied by the Central and State governments together into a single tax. There has been a significant increase in the percentage of GST returns (GSTR-3B) and invoice statements (GSTR-1) that are filed until the end of the month which makes India a better nation.