AN OVERVIEW OF GST IN INDIA: PROS AND CONS IMPACTING VARIOUS SECTORS

Abstract

GST is a uniform indirect tax levied on supply of goods as well as in services. Under this tax reform, the tax is passed on till the final stage of supply chain in which the consumer bear a lower final cost. It is expected to be implemented from April1, 2017 after long pending from April 2010. The paper is based on conceptual research with exploratory cum descriptive in nature based on secondary data. This paper explains the concept of GST with the pros and cons of implementing GST in India along with their impacts on various sectors. It also highlights a comparative details between proposed GST scenario and current tax scenario.