Prospects of Goods and Services Tax in India

The Goods and Service Tax (GST) is one of the biggest taxation reforms in India, the decision on which is pending in Parliament(Rajya Sabha) since March 2011. The central idea behind this form of taxation is to replace existing levies like value-added tax, excise duty, service tax, and sales tax. GST would also make Indian products competitive in the domestic and international markets. GST is expected to unite the country economically as it will remove various forms of taxes that are currently levied at different points. This paper presents the concept, silent features, principles, challenges and the impact of GST in the present tax scenario in India.