GST- Present and Future

Abstract

This paper analyzes the impact of the Goods and Services Tax (GST) on the Indian Taxation System. It begins with a brief description of the historical scenario of Indian Taxation and its tax structure. The focus is on the present tax system and the potential impact of implementing GST on the Indian economy. The GST, a changed indirect tax system, is planned to be executed in India. However, the government has not yet officially declared the GST implementation, and the implementation of the GST law is still under process. The scheduled date for implementation is set to be 1st July 2017. The objective of the GST implementation is to create a common point between the basic structure and design of Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) across different states. This article covers the history of taxation in India, followed by a discussion of various opportunities and challenges, proposed work, and the potential impacts of GST on the economy. The goal is to strengthen our free market economy through the implementation of GST.