Goods and service tax: a roadmap for new indian economy

GST also known as the Goods and Services Tax is defined as the giant indirecttax structure designed to support and enhances the economic growth of a country. More than150 countries have implemented Goods and Service Tax so far. Even in the worldwideeconomic crisis India showed remarkable survival in its economic system. The proposedGoods and Services Tax is expected to be another milestone in the Indian economic growth.The radical aim of Goods and Service Tax is to uniform the separated indirect tax system inIndia and to avoid the cascading effect in taxation. The impact going to make by Goods andService Tax will be a transformation in the entire tax system and will go beyond Indianborders. The implementation of Goods and Service Tax will reduce tax burden onmanufacturers and thus encourages for the higher production. This process will increase theexport of India and it will increase the total Gross National Product. Avoidance of cascadingeffect empowers the manufacturers to produce to their optimum capacity and retards growthin the Indian Economy