GST: Impact and Challenges Faced by Indian Economy

Abstract

“Goods and service tax “is a comprehensive indirect tax levied on manufacturer, sale and consumption of goods and services throughout India. It is meant to simplify the indirect tax regime of India by replacing a large group of taxes by a single tax and is a significant step towards the development of the country. It was one of the biggest tax revolutions which was set with an objective to integrate the state and national economy to boost the overall growth of the country. This paper reveals an outline of GST concept highlighting its main features and problems faced in itseffective implementation. Also it focuses on challenges faced by India in execution of GST and its effect on Indian economy.