International Journal of Research in Finance and Management
2020, Vol. 3, Issue 2
Sustainability growth of GST in Indian Economy- Past, Present & Future prospects
Gurave Singh, Gautam Kohli and Dr. RK Singh
The Philosophy of Goods and Services Tax (GST) in India is Good and Simple Tax is a very significant step in field of indirect tax reform in India. It is 2nd major surgical strike on tax evaders, brings most traders into the tax net, help develop a common market India makes movement of commodities freer in the country attracts foreign investors with a unified market with a single tax thought it has inconvenienced citizens on a spending spree with inflated bills on winning and dining, travelling property purchase etc. from the consumer point of view the biggest advantage would be there is no cascading effect of tax, and help in increase gross domestic product (GDP), ease of doing business and investment in the country. It make Indian product competitive in the domestic and international market. The transparent and self policing character would be easier to administer. GST is the only sustainable form of finance to guarantee the long term prosperity of nation.