Streamlining Taxation and Socio-Economic Growth: Inclusive Look at GST's Role in Economic Reforms
Abstract
The implementation of the Goods and Services Tax (GST) represents a revolutionary move and a major turning point in the country's indirect tax reform. This revolutionary act creates a single national market and reduces the cascading or double taxation impact by combining many federal and state taxes into one cohesive entity. Benefits such as increased national productivity and consumer advantages as a result of the fixed maximum GST rate are anticipated. Also, GST is well-positioned to reduce the likelihood of tax evasion, simplify taxation procedures, and do away with several taxing instances. It is imperative that companies comprehend the implications and prospects offered by this law, given the extensive reach of GST in all domains. The Goods and Services Tax (GST), introduced
in India on July 1, 2017, symbolized a major departure from the complex, multi-tiered tax system to a singular tax framework designed to streamline tax procedures and eradicate repetitive taxation.
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