Abstract
GST is one of the most crucial tax reforms in India which has been long pending. It was supposed to be implemented from April 2010, but due to political issues and conflicting interests of various stakeholders it is still pending. Goods and Service Tax is a comprehensive tax levy on manufacture, sale and consumption of goods and
services. GST is termed as biggest tax reform In Indian Tax Structure. It will not be an additional tax, it will include central excise duty, service tax additional duties of customers at the central level, VAT, central sales tax, entertainment tax, octroi, state surcharge, luxury tax, lottery tax and other surcharge on supply of goods and services. The purpose of GST is to replace all these taxes with single comprehensive tax, bringing it all under single umbrella. The purpose is to eliminate tax on tax. This paper presents an overview of GST concept, explains its features along with its timeline of implementation in India. The paper is more focused Impact of GST and challenges faced by India in execution.
Keywords: Indian Tax Structure, Indirect tax, Goods and Service Tax (GST), Indian economy, Common Man.
References
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4) Dr. P Vijayaraghavan1 and Mr. Muhammed Unais (April 2017) Studied “Impact of GST on Indian Economy.