Abstract: GST refers to the "Goods and Services Tax" and replaces all indirect taxes on goods and services. In general, GST indirectly taxes, manufactures, sells, and uses goods, and at the national level. It is being implemented by the central government and the regional governments. GST is the only indirect tax that directly affects all sectors of the economy.
In India, there are many taxes such as service tax, taxes, excise duty, sales tax, etc. Indirect taxes require a certain amount of improvements to provide a good or efficient service. As the tax system becomes more complex, it can lead to various issues such as double taxation and cascading and ultimately affect society by increasing prices and lack of transparency.
The current tax system is not only affecting the general public It is also affecting investors, industries, and traders as well as taxpayers. This will hinder business and slow economic growth in general. Indirect taxes play an important role in the GDP growth of the country.
GST is considered the best solution for all these issues. It is expected to harmonize the tax base, tax rates, and tax infrastructure and bring tax efficiency, simplicity, transparency, and degree. So this paper tries to explore different aspects of GST. It explores the nature and impact of GST in the Indian economy and its sectors. The information is based on secondary sources such as government reports as well as research papers, articles, news, etc.
Keywords: GST, GDP growth, Indian economy.
Title: THE IMPACT OF GST ON INDIAN ECONOMY
Author: Tadesse Hirpassa Kerorsa
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
Research Publish Journals
