The Journey of Single Taxation System: A Comprehensive study of GST in India

Abstract

The “Goods and Service Tax” was introduced on July 1st, 2017 as a single taxation system. It was the biggest tax reform in Indian history. The idea was to replace all the Indirect taxes like Central excise, VAT/Sales tax, Service tax, etc. and to convert India into a single market by the implementation of the single taxation system. The objective of GST was to bring more transparency and to make it simpler for taxpayers. This paper highlights the GST evolution, GST concept through comparison between tax calculations before GST and after the GST regime. The paper also empirically investigates the challenges of GST implementation and the success of GST so far. This paper is a descriptive research work on GST using exploratory research techniques based on secondary data. This research concludes with a positive impact of GST on the Indian Economy but still, need more amendments in the GST act based on critical analysis.