GST and Economy of India

Abstract

GST will be an independent revolutionary opportunity for 70 years in the field of Indirect Tax Reform in India. By consolidating multiple central and national taxes into a single entity, we will alleviate the coupling or double tax effects in important ways and pave the way for a common, uniform national market. "GST will benefit both consumers and domestic productivity as the GST's maximum tax rate is predetermined and it will also help to avoid multiple taxation, procedures and tax avoidance." GST affects all sectors regardless of sector, and will affect the entire value chain of operations, such as purchasing, production, distribution, warehousing, sales and pricing, and is expected to participate in the market of harmonized goods and services, and it will be the female name of the assessment and friendly tax administration system, which will include most national rates at central and state level and taxes, making the country a single national market, GST will offer India the dirtiest surplus of indirect taxes, fees, surcharges and tax revenues in one tax.