Title: Pros and Cons of GST in India-An Overview
Authors: Mrs. Archana Shah
Organisation: Radhe Krishna Women’s College, Char Kaman, Ghansi Bazaar, Hyderabad, Telangana- 500066, India.
Abstract:
GST is stated to be one of the biggest tax reforms in India; it is the only indirect tax that directly affects all sectors and sections of our economy. The GST bill, known as the Goods and Services Tax, The tax came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Modi government. It is being described as the game changer of the Indian economy due to its sweeping impact on the businesses in India. GST in India is the replacement of all previous taxes on the goods and services. It is an indirect tax that will take over all previous taxes. There are many challenges before the government for its implementation, success and proper benefit gain. This paper reviews the pros and cons associated with GST after its implementation. It is found that there is a serious challenge faced by the industry and businesses is the shift from the previous tax regime into the Input tax credit of the GST. Many people in the economy are struggling to get adapted to the destination based tax of GST.
Keywords: GST, reforms, tax, business, India, economic growth.
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