GST: Impact and Challenges

GST: Impact and Challenges

Author Name : G. Shekhar

ABSTRACT Goods and service is very comprehensive tax structure when implemented at the national level. It is one of the significant step towards the development of the country. It is one of the biggest tax revolution which is all set to integrate the state and national economy to boost the overall growth of the country. Presently companies and businesses pay multiple taxes which increases the cost of product and also hampers the profit level of the company. Multiple tax and complex taxation system is one of the biggest hurdle for economic growth of the country. Once the GST system is applied there would be single tax system which would record a significant development in comprehensive indirect taxation reform. Under the GST system there would be only on rate applicable for both goods and services. GST will create a business friendly environment, as prices will fall and it would also control the inflation rates.