Published Paper Details:

Government of India has implemented Goods & Services Tax (GST) in India on 1 July, 2017. This is the major indirect tax reform in the history of India, outcome of which various Central & State taxes subsumed under GST viz. Central Excise Duty, Service Tax, Additional Duty of Excise, Surcharges, Cess, Countervailing Duty, Special Additional Duty, Sales Tax, VAT, Purchase Tax, Luxury Tax, Entry Tax etc. In this paper researcher has analyzed the structure of GST, impact of GST on Indian economy and practical difficulties faced by industry as well as consumers while implementing GST. This paper is based on detailed study of GST Act, various articles published in newspapers, unbiased opinion of tax experts and experience of stakeholders. Implementation of GST may result into increased revenue generation for Government of India, this surplus revenue may contribute to the growth of economy by way of investment in various infrastructural & development projects by Government of India. GST may have positive impact on economy, four tier structure of tax rate under GST may result into massive price hike of luxurious Goods & Services as well Government has taken efforts to put Goods & Services of necessity under lowest slab of tax rate.