GST in Indian Economy: It's Benefits and Impact

The Goods and Services Tax (GST) is a value added tax implemented in India. GST is the only indirect tax that directly affects all sectors and sections of our economy. The goods and services tax (GST) is aimed at creating a single, unified market that will benefit both corporate and the economy Business is undergoing rapid transformation due to the globalization. Tax regime and policies of any country are gaining high importance due to growing foreign trade between various countries. In the competitive world of business, GST is a significant topic which requires lot of deliberations from academia and industry. GST is expected to create a business friendly environment, as price levels and hence inflation rates would come down overtime as a uniform tax rate is applied. It will power government's fiscal health as the tax gathering system would become clearer, making tax evasion difficult. An attempt is made in this paper to study the concept of goods and service tax and its impact on Indian economy. The study also aims to know the advantages and disadvantages of GST in Indian scenario.