A Theoretical Study of Gst Reforms in India

Abstract

Indian economy is in a face of one of the most powerful and impact making tax reform with reference to indirect taxes that are being charge and collected from the consumers, under the name of goods and service tax. The proposed implementation of GST in India will change the working and lives of individual, traders, corporate business houses, government and all stake holder of economy. This made us curious to study and research upon the history and the planned execution of GST in India. No country or economy can work in isolation thus it was equally important for us to compare the GST norms, rates and practices in India with other major economies in the world. We also tried to study the potential barrier and challenges that the economy would be facing during the initial phase of implementation of GST in India.

Keywords: GST, India Economy