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Impact of GST in India Dr. Srivastava Puneet Kumar Head Department of Commerce, Gandhi Faiz-E-Aam College, Shahjahanpur, Uttar Pradesh, India. swapanilgfc@gmail.com Online published on 20 September, 2018. Abstract The proposed GST is likely to change the whole scenario of current indirect tax system. It is considered as biggest tax reform since 1947. Currently, in India complicated indirect tax system is followed with imbrications of taxes imposed by union and states separately. GST will unify all the indirect taxes under an umbrella and will create a smooth national market. Experts say that GST will help the economy to grow in more efficient manner by improving the tax collection as it will disrupt all the tax barriers between states and integrate country via single tax rate. GST was first introduced by France in 1954 and now it is followed by 140 countries. Most of the countries followed unified GST while some countries like Brazil, Canada follow a dual GST system where tax is imposed by central and state both. In India also dual system of GST is proposed including CGST and SGST. Top Keywords GST, Services Tax, consumers and Start up. Top | |
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