IMPACT OF GST ON INDIAN ECONOMY: DERIVING EMPIRICAL EVIDENCE BETWEEN GST COLLECTION AND GDP

Abstract

GST is popularly known as Single Tax. Tax on the provision from the supplier to customer of goods and services. The GST was enforced as a single, unified tax reform. Many existing indirect Centre and State taxes, such as the Central Value Added Tax, Special Additional Duty of Customs, Service Tax, and VAT, have been abolished and replaced with a single tax. The input tax credit is one of the most important characteristics of GST in India. At each stage of the subsequent phase of value added, the input tax credit payable is available, which essentially makes GST a value added tax at every stage. An empirical relationship between GST Collection and GDP growth rate is also analyzed in this paper in addition to The positive and negative impact of GST on the Indian tax system.