Role of GST as Game Changer for Indian Economy

GST was started in July 2017 by Modi Government. All other taxes like VAT and service tax etc. were replaced by only one tax reform i.e. GST. GST was introduced because different states implements different tax for a particular product. As a result, the cost of a product was different from that in another state. To make the uniformity in the prices of the product, GST was introduced so that the consumers can get the benefits and government can collect the direct tax from the retailers as it was observed that many retailers were stealing of their taxes. With the introduction of GST in Indian economy, the whole retail sector has come under the Tax department. Every retailer now has to apply online and they are given GST number. Now, it has become easier for the government to monitor on those retailers who tend to steal the taxes. All the procedure of filling the taxes have become online and there is no issue f any kind of fraud. This is certainly helping the government in collecting the taxes and thus, the economy of the nation has started growing in positive direction. The current paper highlights the role of GST as game changer for Indian economy.