Vol. 3, Issue 6, Part N (2017)

Abstract
Goods and Service Tax (GST) is a comprehensive tax levy on manufactures, sale and consumption of goods and services. The fundamental aim of GST is to make uniform the scattered indirect tax system in India and avoid the cascading effect in taxation. The impact going to make by GST will be a transformation in the entire tax system in India. This paper deals the study and effect of GST process of implementing the Goods and Services Tax (GST), bringing out the perspectives of different stakeholders and the controversial problems. The important stakeholders in the process were the Government of India and States. The states faced challenges of apparent loss of revenue extent of uniformity across various commodities and their tax rates, input credit mechanism and dispute settlement. A number of legal and administrative steps need to be taken prior to the implementation of GST, include stakeholder consultations. Carry out research, study best practices & provide training to the stakeholders. Finance Minister Arun Jaitley has been affirming that India will implement GST from 1st July 2017.