Impact of gst in india

Abstract

Goods and Service Tax or GST as it is known is all set to be a game changerfor the Indian economy. The Finance Minister in his budget speech of Budget 2015 hasannounced time and again that the tax will be introduced on 1 April, 2016. In India, there aredifferent indirect taxes applied on goods and services by central and state government. GSTis intended to include all these taxes into one tax with seamless ITC and charged on bothgoods and services. Thus excise duty, special additional duty, service tax, VAT to name afew will get repealed and will be added into GST. For this, GST will have 3 parts – CGST,SGST and IGST. The central taxes like excise duty will be subsumed into CGST and statetaxes like VAT into SGST .This paper deals with the impact of GST in India