Goods and Service Tax in India – Challenges and Opportunities

Abstract

In this article, I have started with the introduction, in general of GST and have tried to highlight the objectives the proposed GST is trying to achieve. Thereafter, I have discussed the possible challenges and threats; and then, opportunities that GST brings before us to strengthen our free market economy. As a part of challenges, I have also highlighted the current constitutional set up for power of states to levy tax and the possible amendments and reactions that may emanate in the future.

Keywords: India, Indirect Tax, GST, Goods and Service Tax, VAT, Service Tax, Taxation

JEL Classification: E62, H21, H22