IMPACT OF GST ON ECONOMIC DEVELOPMENT IN INDIA

This paper is outlined to access the Impact of GST in India. 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 as dismantling
all the inter-state barriers with respect to trade. The 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. The Aims and benefits of the Goods and service tax will be stated in
the study and a detailed description of how GST works and operate in India will be
discussed. 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, in that case, the
study will discuss the main characteristics of GST in India. The study will also examine the
advantages and disadvantages of implementing GST and also the impact of GST on the final
consumer.