Abstract :
GST is a taxation procedure for goods and
services transported from one destination to other; it was
discussed for years by the Government of India to get
implemented and still now a pending case. Taxation and its
associated governing laws, in the current scenario, is
playing a significant role in the life of business, individual
also for the government for the betterment of policies for
social good. This paper is designed to provide an overview
of the impact of GST when implemented, it features, GST
in light of export, suggestion on a strategy to be adopted
for implementing GST and it's associated benefits when
implemented. The paper is made using exploratory
research methodology using secondary data. The study
lends information that, GST is beneficial for most of the
industrial sector reducing overall cost of commodity to
great extent, however GST is not favorable towards
agricultural sector, this is due to the fact that, as of now
Indian government is not charging any tax on agricultural
goods for domestic consumption, wherein, when GST is
implemented, tax will be imposed on agricultural products
also, this may lead to rising in the price of the agricultural
products, which is considered to be basic entity for the
survival. Thereon implementing GST paves a path for
India‘s industrial and economic development undoubtedly,
whereas, it fullest success can be realized, when
government liberalizes tax policies towards few
commodities such as agricultural products, which are
considered to be a basic entity for survival instinct of
people. Thereby, GST implementation and liberalization of
tax policies on certain commodities will create a beneficial
impact on industry, individual and economy of India.
Keyword :
GST in India; Features of GST; Benefits of GST; Impact of GST; GST with respect to export.