Journal of Commerce and Accounting Research

Teena Shivnani ¹, Mahesh Chandra Babu Jampala ²

Affiliations
1 Department of Commerce, School of Business & Commerce, Manipal University Jaipur, Rajasthan
2 Department of Applied Arts, Manipal University Jaipur, Rajasthan, IN

Abstract

GST is one of the most vital tax reforms in India which has been long pending. It was supposed to be implemented from April 2010, but due to governmental issues and contradictory interests of various stakeholders, it has been recently implemented. It is a complete tax system that will incorporate all indirect taxes of states and central governments and unified economy into a whole national market. A number of initiatives have been taken by the various machineries at the Centre. The present taxation system is marked as weighty, difficult, and unfavourable. It is anticipated to firm out folds 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 journey in India so far. The paper also focuses on advantages of GST and challenges faced by India in execution in present scenario.

Keywords

Tax, Indirect Tax, Goods and Service Tax (GST), Benefits, State Government, Central Government, India.

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