Vol. 3, Issue 7, Part G (2017)

Abstract
GST stands for “Goods and Services Tax” is defined as comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Central and State Governments. GST is the only indirect tax that directly affects all the sectors of our economy. India has been trying to implement the Goods and Services Tax for last few years but due to political and state governments autonomy issues the Federal government has been unable to make it law. The Constitution Amendment Bill, 2014 for Goods and Services Tax has been passed by Lok Sabha on 6th May 2015. The Government of India seems committed to replace all the indirect taxes levied on goods and services by the Centre and States governments. Through GST, it is anticipated that the tax base will be comprehensive, as virtually all goods and services will be taxable with minimum exemptions. The present research paper is an attempt to study concept of goods and service tax and its impact on Indian economy.