Study to comprehend Impact of Goods and Service Tax (GST) In Indian scenario

Abstract

Goods and Service Tax (GST) (Bovenberg (1992), Williams (1996), Poirson (2006), Feria (2009), Ahmad (2009),  Bird (2009),  NCAER (2009), Keating (2010)) also known as the Goods and Services Tax is defined as the giant indirect tax structure designed to support and enhance the economic growth of a country. More than 150 countries have implemented GST so far. However, the idea of GST (Millar et al.,2012) in India was mooted by Vajpayee government in 2000 and the constitutional amendment for the same was passed by the Loksabha on 6th May 2015 and waited for a nod for many years but got  implemented by current Government of India from 1st April 2017. However, there was a huge hue and cry against its implementation and mixed response, inexplicit, arguments and opinions among the Manufactures, traders and society about the GST(Borec,2013). It would be interesting to understand why this proposed GST (Gelardi,2013) regime may hamper the growth and development of the country. The paper highlights the background, Prospectus andchallenges in Implementation of Goods and services Tax (GST) in India.