Overview Study of GST in Indian Economy: Introspection with Reference to after 23rd GST Council Meeting

Abstract

In the ever changing economic scenario globalization, liberalization and privatization policies of the Government, in recent years, have made an indelible impact by bringing into force new economic system in India. At the present scenario, goods and service tax (GST) is part and parcel of each and every Indian. GST in India would be a biggest step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. GST is expected to be another mile-stone in the economic growth in India. GST also make Indian products competitive in the domestic and international markets. During the later part of the 20^th century the ‘globalization’ wind which swept across the countries embraced all the countries including those which were hither to consider as conservative and communist, either by policy or rule now-a-days GST like that. India is the hub of taxes where people pay many taxes which create confusion for them. GST is an indirect tax which will be the only way of supplying goods and services across the country from manufacturers to the consumers, which will transform the whole country into a seamless trading. Apart from manufacturing sector, logistics, warehousing and even the common man will benefit from the amendment. GST will be beneficial to the Centre, States, Industrialists, Manufacturers, the common man and the country at large since it will bring more transparency, better compliance. Previously, we saw two types of taxes and there were different Value Added Tax (VAT) laws in different states. GST is essential for the development of the country it will help to improve the country's gross domestic product (GDP). According to a report from the National Council of Applied Economics Research (NCAER), after the GST was implemented, the increase in GDP from 0.9 to 1.7 per cent estimates. GST will increase government revenue by increasing the base. After the GST is implemented, the rate of tax will be from 0 to 8 per cent on essential commodities including food items so that, the common man will be able to fulfill their needs. Thus, GST has had a hot topic of discussion everywhere in India. Therefore, we need to be aware of different aspects of GST.