Open AccessGST IN INDIA: A KEY TAX REFORM
Author(s) -
Monika Sehrawat,
Upasana Dhanda
Publication year - 2015
Publication title -
international journal of research - granthaalayah
Language(s) - English
Resource type - Journals
eISSN - 2394-3629
pISSN - 2350-0530
DOI - 10.29121/granthaalayah.v3.i12.2015.2898
Subject(s) - timeline , key (lock) , tax reform , politics , economic policy , business , tax policy , public economics , economics , economic system , political science , computer security , geography , computer science , archaeology , law
GST is one of the most crucial tax reforms in India which has been long pending. It was supposed to be implemented from April 2010, but due to political issues and conflicting interests of various stakeholders it is still pending. It is a comprehensive tax system that will subsume all indirect taxes of states and central governments and unified economy into a seamless national market. It is expected to iron out wrinkles of existing indirect tax system and play a vital role in growth of India. This paper presents an overview of GST concept, explains its features along with its timeline of implementation in India. The paper is more focused on advantages of GST and challenges faced by India in execution.