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VOL. 7, ISSUE 1 (2025)
Goods and services tax (GST) in India: An overview, economic impact, challenges, and future prospects
Authors
Khushboo, Dr. Krishna Bhushan Pamadeo
Abstract
The Goods and Services Tax (GST), introduced
in India on 1 July 2017, represents one of the most significant indirect tax
reforms in the country's economic history. GST replaced multiple central and
state indirect taxes with a unified taxation system aimed at creating a common
national market. The primary objectives of GST include eliminating the
cascading effect of taxes, improving tax compliance, enhancing transparency,
promoting ease of doing business, and increasing government revenue. This paper
examines the evolution of GST, its structure, objectives, benefits, challenges,
and sector-wise impact on the Indian economy. The study relies on secondary
data collected from government reports, research articles, and published
literature. The findings indicate that GST has strengthened tax administration,
improved revenue collections, and simplified the indirect taxation framework.
However, challenges such as compliance costs for small businesses, frequent
rate revisions, and technological issues continue to affect its implementation.
The paper concludes with policy recommendations for improving the efficiency
and effectiveness of the GST regime in India.
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Pages:79-82
How to cite this article:
Khushboo, Dr. Krishna Bhushan Pamadeo "Goods and services tax (GST) in India: An overview, economic impact, challenges, and future prospects". International Journal of Management and Commerce, Vol 7, Issue 1, 2025, Pages 79-82
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