GST- A Road to Unification with International Standards, How far is the Destination?

Goods and Services Tax is popularly named as a “Game Changer” as it has completely subsided the existing tax mechanism by a single unified mechanism to tax goods and services. The earlier taxing mechanism had different taxes and duties levied at different levels over the same good ultimately resulting in the increase in the market price of the good and double taxation. But, the new taxing mechanism had reduced that process of double taxation and has enabled a system where the ultimate burden is on the consumer to pay the tax on the goods or services at one hand and on the other hand, regular tax collection in the form of returns on the part of manufacturers and retailers. The paper, with the help of sub topics mentioned, gives a brief outline about the historical development of GST at both national and international level, international practices in the context of GST and India’s position, benefits of GST, issues which India is facing recently followed by a conclusion explaining how far is the destination to match international standards in GST for India. As the paper concludes it gives the reader a clear understanding of various aspects involved and possible solutions which can be introduced by the legislature in context of the indirect taxing mechanism though GST.