Published Paper Details:

GST is one of the biggest as well as historical tax reforms in India which replaced number of different indirect taxes of the central and state governments. GST has unified the Indian economy into a seamless national market. In April 2010, the ruling government of that regime also proposed to implement GST but due to political issues and conflicting interests of various stakeholders, the government failed to implement the same. Afterwards on 1st July 2017 the Government of India enforced GST law which extended to whole of India. The main objective of this law is to remove all the draw backs of the previous indirect tax system and provide transparency in the tax implementation. In the previous indirect tax regime the tax rates were vary from state to state but after the implementation of GST there is a uniform rate of tax throughout the country. Previously various indirect tax laws had no provisions for input tax credit and large numbers of tax payers were not eligible for input tax credit even after paying a large amount of taxes on the inputs. But now all the tax payers are eligible to avail input tax credit. This paper presents an overview of GST concept, explains its features along with its advantages over previous indirect tax laws. The paper is more focused on advantages of GST and challenges faced by India in its execution.