Impact of Goods and Services Tax on Various Sectors of Indian Economy

Goods and Services Tax the biggest tax reform in India founded on the notion of “one nation, one market, one tax” has finally formed. The moment that the Indian government was waiting from a decade has finally arrived. The single biggest indirect tax regime has kicked into force, dismantling all the inter-state barriers with respect to trade.  GST is a path breaking indirect tax reform which attempts to create a common national market. GST is destination-based taxation that aims to subsume various existing indirect taxes like the excise duty, service tax, CST, countervailing duty, etc. at the Central level and Value Added Tax (VAT), Octroi tax, luxury tax, entertainment tax, entry tax etc. at the state level.The rollout has renewed the hope of India’s fiscal reform program regaining momentum and widening the economy.