1.
Teena Shivnani
– Asst. Prof., Dept. Of Commerce, School Of Bus. & Commerce, Manipal Univ. Jaipur, Rajasthan, India.
2.
Mahesh Chandra Babu Jampala
– Asst. Prof., Dept. Of Commerce, School Of Bus. & Commerce, Manipal Univ. Jaipur, Rajasthan, India.
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
