Need for GST in India: An Overview | Original Article

ABSTRACT:

The Goods and Services Tax (GST) is without question the most significant and far-reaching tax reform in India's post-independence history. The Products and Services Tax (GST) was proposed in India with the intention of creating a national sales tax that would apply equally to all goods and services sold inside the country. As a result of GST replacing other taxes (sales tax, service tax, etc.), the Indian economy is now more unified and more individuals are subject to taxation. It has the potential to greatly contribute to the expansion of the economy and the nation's wealth through increasing productivity. Perhaps never before in the modern tax history of the world has a new tax regime been implemented, ingrained in both products and services by the State and the center in such a broad and complicated system. There were several disadvantages and restrictions with the previous indirect tax system. The benefits of GST were able to mitigate or completely offset the bulk of the drawbacks.In this Article the author has made an attempt to explore the benefits of introducing GST in India.