Mapping of Impact and Challenges of GST on Various Constituents of the Indian Economy
Keywords:
GST, Indian economy, Indirect tax, Innovation implementation, Public policy, analysisAbstract
Since the Goods and Services Tax was proposed and adopted as an indirect taxation system by several nations, the field of study on Goods and Services Tax has accelerated. When India abandoned her former complicated and ineffective tax system in favor of the eagerly anticipated Goods and Services Tax, the country’s commitment to much-needed fiscal changes was universally praised. Since its debut, there has been a substantial economic shift that necessitates fact-checking. This study intends to provide a general macroeconomic analysis, using an innovation implementation theoretical approach, of how much the implementation of the Goods and Services Tax has benefited the current tax administration and the overall economic well-being of a democratic political economy, such as India. The study also attempted to ascertain the stakeholders’ perceptions of the big-bang change even after three years of its implementation. The study aimed to ascertain the extent to which the introduction of the Goods and Services Tax has impacted the economy overall, as well as citizens and consumers.
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