Published Paper Details:

In the ever changing economic scenario globalization, liberalization and privatization policies of the Government, in recent years, have made an ineffaceable impact by bringing into force new economic system in India. Over the centuries system of taxation has been shaped and reshaped to make it acceptable, effective and efficient. The journey of restructuring the tax system has been going on to make it more and more meaningful. Goods and Services Tax (GST) is considered to be a best solution for all these issues and which is expected to bring in tax efficiency, simplicity, transparency and degree of harmonization to the tax base, tax rates as well as tax infrastructure. More than 160 countries around the world have already implemented GST and implementation of GST in India would bring in similarity. Now, implementation of GST has become certain in India and it is a right time to understand it. So this paper tries to throw a light on various aspects of GST and to know its probable impact on Indian economy, India sales tax rate-GST, GDP growth. The data are collected through various Primary and secondary sources like reports of Government, professional bodies, working committees and also from research papers, articles, news, budget sessions etc. As in other countries, the systemic reforms in the tax system in India in the 1990s were the product of crisis but the reforms were calibrated on the basis of comprehensive analysis. Tax reform since 1991 was initiated as a part of the structural reform process, following the economic crisis of 1991.