1Principal, Sidana Institute of Management & Technology, Amritsar, Punjab
2Director, SBS Technical Campus, Ferozepur, Punjab
3Member Faculty of Commerce, Khalsa College International School, Amritsar, Punjab
Implementation of GST has been considered as one of the greatest reforms in Indian Taxation system as it has subsumed almost all the existing indirect taxes such as Excise, Central Sales Tax, VAT and Service Tax etc., which used to put cascading effect on the prices of goods and services. Hasty and under-planned implementation of GST on the part of government posed many problems for the tax payers/assesses and the government as well during the initial years. But the government was able to remove most of the glitches side by side. GST has turned the whole Indian economy comprising various sectors and a population of 1.3 billion into a single unified market. Through this paper, an attempt has been made to discuss its various advantages as claimed by the government and other stakeholders as well as some of the challenges posed before them. At present, Global Economic slowdown has also affected almost all the sectors of economy and has made a daunting task for the centre government to achieve the target revenue collection.
Goods and Services Tax, Indirect Taxes, Taxation Reforms, GST Compliance,
