Swoc Analysis Of GST In India

Abstract

GST also known as Goods and Services Tax is defined as amalgamation of Central and State indirect taxes into Single Tax Payment. GST is the Constitution (One Hundred and First Amendment) act,2016.

It is introduced on 1^st April 2017. India is a 166^th Nation to adopt GST. It is said that GST is a VAT plus Service Tax ,but no , it is an improvement over previous system of VAT and disjointed Service tax.

GST Is further classified as CGST, SGST, and IGST, where CGST and IGST are collected by Central Government , SGST is collected by State Government. GST is a biggest tax regime which is implemented in India since 1947. This tax structure will greatly help India to enhance its Growth. GST made India as a one Unified Market which will be beneficial for the whole economy.

GST Regime is challenging for coming years but in future it will greatly help in accelerating growth of an economy.

This paper makes an attempt to explain GST and analyze its SWOC that is Strengths, Weakness, Opportunities, Challenges.