Published Paper Details:

Indian economy is the testimony for increasing the growth in very short period of time. Tax in form of direct and indirect is the largest source of revenue to the government. Chairman of 13th Finance Commission Dr. Vijay Kelkar, has advised to have a reasonable, scientific and contemporary taxation structure in sync with industrialized countries form the premise of the establishment of Goods and Service Tax (GST) in India. Tax structure is created and executed in such a manner that it contributes to the growth of nation. A Taxation Structure which allows ease of conducting business and having little potential for tax evasion gives prosperity to a country's economy. The GST is the major and widespread indirect tax reform since 1947. Replacement of outgoing taxes like value-added tax, excise duty, service tax and sales tax is the fundamental notion of GST. It will be levied on manufacturing sale and use of goods & services. GST is projected to affect of the present tax system and result in unifying the nation economically. This article has concentrated on the background, aims of the proposed GST and the effect of GST in several sections of Indian economy. The study subsequently focused on numerous advantages and prospects of GST. Finally, the article analyses and brings forth a definite conclusion.