THE SOCIAL & ECONOMICAL IMPACT OF GST ON INDIAN ECONOMY

The Indian taxation system is based on the assumption of maximum social welfare. The Indian taxation system has been providing essential amenities to the citizens along with the financial support to the Central and State Governments. The Indian government has introduced various reforms in the taxation system for the development of national economy. These taxation reforms have helped the Indian economy to achieve the competitive advantage at Global Platform. However, a major tax reform has been introduced by the Government of India as Goods and Services Tax (GST) on July 1st, 2017 in a momentous midnight session (June 30th– July 1st, 2017) of both the houses of parliament. The GST has been introduced to ensure rational, transparent, uniform and comprehensive indirect taxation structure in India. However, the implementation of GST has been influenced the various sectors of economy in different perspective. The citizens of India have also experienced the impact of GST in various aspects of their lives. So, this paper attempts to analyze the origin, history and concept of GST. The paper has also highlighted the socio-economical impact of GST on India as nation. Further, the paper has also emphasized on the challenges in the implementation of GST.