Status of fulfilment of objectives of GST at the end of 16th term of loksabha regimes in India

Prior to July 2019, India had various indirect taxes levied by the central and 29 state governments. India is unique in terms of its size, federal structure and socio-economic factors. The stakeholders in Indian economy from Producer to consumer all wanted to have single and easy system of Tax structure in ease of doing business. To avoid cascading effect of tax on tax which was prevalent in the country, an urgent need of ‘one nation, one tax’ system was felt in India. France was the first country but others also have implemented the GST in their respective countries. India adopted a dual tax based GST system with different rate structure. Indian GST is unique considering its scale of implementation when compared to other countries that have introduced GST.

The difference with other countries in design was therefore expected. India has successfully implemented ‘one nation, one tax’ rate system with Goods and Service Tax. The main objective to replace multiple taxes with a single tax on supply chain of goods and services was achieved by the GST. The analysis of other main objectives of implementation of the GST is done in the present study. In the course of implementation, a lot of hurdles came up. But these havebeen resolvedquicklytosomeextent. The government is strivinghard to simplify it.