An Extensive Analysis of Goods and Services Tax (GST) in India

Abstract

The goods and services tax (GST) implemented on July 1, 2017, is regarded as the most significant tax reform in India. It is levied on manufacture, sale, and consumption of goods, services, or both at a national level. Previous taxes like- excise duty, VAT, Service tax, Central sales tax, import duty, etc., is replaced by GST. The GST based taxation system brings more transparency and also reduces tax evasion and tax avoidance in the country. This paper highlighted the background of the previous taxation system, the GST concept along with its working, comparison of previous tax structure v/s GST and also highlighted the advantages of GST to the Indian economy and other sectors.