A Study on Challenges and Impact of Goods and Services Tax on Various Sectors of the Indian Economy

In the field of Indirect tax reforms in India, Goods and Services Tax is a noteworthy step. Many countries of the world follow GST as it ensures a comprehensive single tax system removing tax barriers and helps the economy in its efficient growth and development. GST will help Indian economy by uniform tax rates, removing double or multiple taxation and reducing goods and services prices, etc. Taxation is the major source of revenue for the government. Dr. Vijay Kelkar, a chairman of 13th Finance Commission has advised to have a scientific, rational, and modern taxation system in tune with developed countries, rightly form the base behind Goods and Service Tax introduction in India. A taxation system that facilitates growth of business and reduces tax evasion brings prosperity to the economy. The main idea behind the introduction of GST was replacement of exiting multiple taxation system. Introduction of GST will affect existing tax structure and it may have positive or negative impact on different sectors of the economy. This paper focuses on the background, benefits, objectives, challenges, and impact of GST on different areas of Indian economy. At the end, the paper draws out a certain conclusion. Prof. Kishorsinh Chauhan | Dr. Manoj Sharma "A Study on Challenges and Impact of Goods and Services Tax on Various Sectors of the Indian Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56367.pdf Paper URL: https://www.ijtsrd.com.com/economics/other/56367/a-study-on-challenges-and-impact-of-goods-and-services-tax-on-various-sectors-of-the-indian-economy/prof-kishorsinh-chauhan