GST IN INDIA AND ITS IMPACT ON INDIAN ECONOMY: A DEEP DIVE

Abstract

India has relinquished the previous complex and ineffiecient tax regime to embrace much awaited GST. Being a significant economic move post globalisation it requires validation of facts after introduction. It is a single national uniform tax levied across India on all goods and services. In GST, all the indirect taxes will be subsumed under a single regime. The GST taxation laws will put an end to multiple taxes which are levied on different products, starting from the source of manufacturing to reaching the end consumer. GST works on the fundamental Principle of “One Country One Tax”.