Impact of GST on Various Sectors of Indian Economy

GST is an indirect or consumption tax levied in India on the supply of goods and services. It is considered as the biggest tax reform in India since independence. The main purpose of implementation of GST is to bring whole country under the single tax so that the double taxation or cascading effect of taxes may be removed. It is an effort by government of India to move the taxation structure of economy to the destination based consumption tax. GST has replaced several taxes like central excise duty, service taxes, entertainment taxes, VAT, central sales tax, octroi, luxury tax, state surcharge and several other surcharges on supply of goods and services. This paper will focus on the concept of GST, its features and its impact on several sectors of Indian economy. Data has been collected from the several secondary sources like research papers, books, journals and websites.