DRIVING ECONOMIC GROWTH: THE GST REVOLUTION IN INDIA

The Goods and Services Tax (GST) represents an indirect tax imposed on the provision of both goods and services. In India, this GST Law has superseded a multitude of pre-existing indirect tax legislations, thereby establishing a unified indirect tax framework for the entire nation. GST consists of three distinct components: the Central Goods and Services Tax (CGST), the State Goods and Services Tax (SGST), and the Integrated Goods and Services Tax (IGST). Its primary objective is the reduction of the cascading tax effect, which arises when goods and services are transacted together in a single operation. By eliminating this cascading effect, GST directly influences the cost of goods. This article delves into the subject of India's Goods and Services Tax (GST) and explores its repercussions on the Indian economy. The study aims to assess the inception of GST, its operational mechanisms, and its impact on various sectors.