Impact of Goods and Services Tax on Indian Economy

 ABSTRACT 
  GST Stands for Goods and Services Tax (GST). The GST Act was passed in the Lok Sabha on 29th March, 2017 and came into effect from 1st July, 2017. It was termed as One Nation One Tax. The major impact of introducing GST in India is the transformation in the fiscal structure of the Indian federal setup. The fiscal right of the states and centre to deal with goods and services independently will be taken away and both the Governments have to depend
on each other’s for managing the so called goods and services tax in future. This paper is to study about the notion and ideas of goods and services tax (GST) and it’s judicious of introduction in India. The study additionally aims to grasp its edges and impact on Indian economy.

Keywords: Goods and Service Tax, Indian Economy, Tax system in India

Received  : April 2022                 Accepted  : May 2022            Published : June 2022      

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