Goods and Service Tax in India: The Developments and Challenges in implementation

Goods and service tax is the biggest taxation reform in India. It purports to replace multiple taxes like VAT, Service Tax, Central Excise etc, with only one tax regime, i.e. GST. In the present study the author has made an attempt to highlight the salient features of the GST and has also dicussed how GST is going to be beneficial to citizens, industrialists and Government of India in mny ways. However the study also discussed that as GST as a single tax will replace a number of taxes under current regime, it is going to pose a couple of mind blogging challenges. The study concluded that Information technology (IT) is considered to be the key implementing factor for the Goods and Service Tax (GST) to become the game changer everyone expects it to be. Trained professionals in the field of GST are the need of the hour. Multiplicity of the rates introduced by the government of India and a number of goods exempted from GSt are going to spoil the Ideal tax structure visualized at the time GST concept was mooted by various committees time to time.