GST: Impact and Implications on Various Sectors of Indian Economy

Abstract

GST, the major reform in indirect tax,was implemented on July 1 2017 and was considered as one of the foremost reform in taxation history after we got independence in 1947. In India there werevarieties of indirect taxes which create cascading effect and increase the price of product. Therefore to eliminate such effect GST was planned to be implemented so that various taxes can be removed and there will be only one tax rate all over country. The main aim of this paper is to represent about indirect taxes, per GST indirect tax structure, the impact of GST on various sectors of Indian economy ,the problems faced while implementing it,benefits it provide to different sectors.