GST and its implications on farm economy

Goods and services tax (GST) is a comprehensive tax levy on production, sale and consumption of goods and services at a national level. It is one of the biggest taxation reforms in the history of the country and it will integrate all the State economies and will help to boost the economic growth. Different types of indirect taxes are being paid by the industries and other sectors. With the implementation of GST all will cease to exist. The objective of the Government of India to double the farmer's income by 2022 is a major step towards farmer community. With the introduction of GST the farm economy will have mixed responses. It will affect people living in all the sections of the society. Taxation on farm economy will increase farmer's income and simultaneously it will impact the poor. The paper tries to study the concept of goods and services tax and its impact on farm economy. The study also attempts to analyze the significance and challenges in implementation of GST in Indian scenario.