Analysis of Goods and Service Tax (GST) & It’s Impact on Selected Sectors of India

Abstract

Seven months after the formation of the then Modi government, the new finance Minister Arun Jaitley introduced GST bill in Lok Sabha which was approved on 1 July 2017.GST means "Goods & Service Tax" which is indirect tax for the whole nation. Companies and business organisations used to pay number of indirect taxes like excise duty, customs duty, central sales tax, service tax levied by central government and VAT, entry tax and octroi etc. levied by state government. GST is going to consolidate these multiple taxes into one as „One Nation, One Market, One Tax‟.