Volume : 6, Issue : 9, September - 2017

GST in India : Challenges and Impact ahead

Ms Vandana, Ms Moira Singh

Abstract :

<p>&nbsp;<span style="font-family: &quot;Times New Roman&quot;, serif;">Goods and service is very comprehensive tax structure when implemented at the national level . It is one of the significant step towards the development of the country. It is one of the biggest tax revolution which is all set to integrate the state and national economy to boost the overall growth of the country. Presently companies and businesses pay multiple taxes which increases the cost of product and also hampers the profit level of the company. Multiple tax and complex taxation system is one of the biggest hurdle for economic growth of the country.</span><span style="font-family: &quot;Times New Roman&quot;, serif;"> This paper presents an overview of GST concept, explains its features and is more focused on advantages of GST and challenges faced by India in execution.</span> <span class="a">India is a federal republic, and the GST will thus be implemented concurrently by the central and state governments as the Central GST and the State GST respectively and it appears that there will be different rates of taxes.&nbsp;</span></p> <p class="Default" style="line-height:150%"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;"><o:p></o:p></span></p>