• Gaurav Kumar Jalan

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multistage, destination-based tax that is levied on every value addition. In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. Goods and Services Tax (GST) is the significant and enormous indirect tax structure designed to maintain andimprove the economic growth of a country. The GST system is playing vital role in diminishing the surging or double taxation effects through integrating many central and state taxes. Consumer’s tax burden is diminished from 20% to 30% approximately after introduction of GST. GST is a tax on goods and services with value addition at each stage having comprehensive and continuous chain of set of benefits from the producers or service producers give emphasis to the retailer’s level where only the final consumer would bear the tax. After commencement of GST the Indian products became more competitive in the domestic and international markets. The GST is contributing to promote our economy and development of the country

Goods and Services Tax, Value-added tax, Indirect tax , Revenue, Parliament.

"EFFECT OF GOODS AND SERVICE TAXES ON INDIAN ECONOMY - An Analytical Analysis", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 6, page no.381-393, June-2018, Available :http://www.jetir.org/papers/JETIR1806849.pdf

"EFFECT OF GOODS AND SERVICE TAXES ON INDIAN ECONOMY - An Analytical Analysis", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 6, page no. pp381-393, June-2018, Available at : http://www.jetir.org/papers/JETIR1806849.pdf