• B.Kasthuri Bai

GST also known as the Goods and Services Tax is defined as the giant indirect tax structure designed to support and enhances the economic growth of a country. GST is a single national uniform tax levied across India on all goods and services. More than 150 countries have implemented GST so far. However, the idea of GST in India was mooted by Vajpayee government in 2000 and the constitutional amendment for the same was passed by the Loksabha on 6th May 2015 but is yet to be ratified by the Rajyasabha. However, there is a huge and cry against its implementation. It would be interesting to understand why this proposed GST regime may hamper the growth and development of the country. This is the biggest tax reform that took place in India which was founded on the notion of “one nation, One market, one tax”. The GST scheme is aimed at reforming the indirect tax and as well dismantling all the inter-state barriers with respect to trade. This study is going to examine how the reform process of the indirect tax started in India which gave birth to the current GST scheme we have today. GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a National level. The Government GST regime seeks to replace excise duty, import duties, VAT and service tax regulations, along with other cess and surcharges, with three separate legislations namely CGST, SGST and IGST. GST would be applicable to all transactions of goods and service, and it to be paid to the accounts of the Centre and the States separately. It has potential to end the longstanding distortions arising out of the differential treatment of the manufacturing and service sectors. The GST reform is expected to bring in a lot of changes in Indian economy. . GST is known to be a type of Value added Tax which is imposed on various goods and services, with that, several countries impose it on goods and services in various forms, and the taxes charged on the goods and services differ amongst countries. The present structure of Indirect Taxes is very Complex in India. There are so manytypes of taxes that are levied by the Central and State Governments On Goods & Services. This paper studies the impact of GST on Indian Economy.

GST, Economy, cascading effect of taxes, GST Council, Cess, taxation reforms, Indirect tax, GST, final consumer, India, import duty, excise duty, economic growth Internet.

"AN IMPACT OF GOODS AND SERVICES TAX (GST) ON INDIAN ECONOMY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 9, page no.1021-1030, September-2018, Available :http://www.jetir.org/papers/JETIR1809944.pdf

"AN IMPACT OF GOODS AND SERVICES TAX (GST) ON INDIAN ECONOMY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 9, page no. pp1021-1030, September-2018, Available at : http://www.jetir.org/papers/JETIR1809944.pdf