Research Gateway

Abstract

The Goods and Services Tax (GST) is termed as biggest tax reform In Indian tax structure which spreads across the world is showing an increasing trend in different countries and is a full tax charge on manufacture, sales and expenditure of goods and services. The fundamental aim of GST is to make uniform the scattered indirect tax system in India and avoid the cascading effect in taxation. The impact going to make by GST will be a transformation in the entire tax system in India. It will not be an additional tax, it will include central excise duty, service tax additional duties of customers at the central level, VAT, central sales tax, entertainment tax, octroi, state surcharge, luxury tax, lottery tax and other surcharge on supply of goods and services. The purpose of GST is to replace all these taxes with single comprehensive tax, bringing it all under single umbrella. The purpose is to eliminate tax on tax. This paper will throw light on GST its features and also effect of GST on prices of goods and Services. An attempt is made in this paper to study the concept of goods and services tax (GST) and its timelines of introduction in India. The study also aims to know its benefits and impact on Indian economy.