INDIAN TAX STRUCTURE AND RELEVANCE OF GST

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The research paper focuses on the importance of Goods and Services Tax (GST) embodied recently in the Indian Tax structure. The paper discusses the genesis of Indian Taxation System with reference to the Arthasastra and Revenue Act of 1924. The contents of the research paper include the evolution of GST in India.Goods and Service Tax (GST) is a new tax-reform that India going to experience from July 1st 2017. GST is a comprehensive tax collection system which will subsume many direct as well as indirect taxes. Currently we have Value Added Tax system for collecting indirect tax by the states. It has been introduced as indirect value added tax into Indian Taxation system from 01st April 2005. Approximately 193 countries in the world employed VAT. In order to give uniformity in tax collection and to avoid cascading effect of tax GST has been studied and going implement throughout the country. In this context this paper is an attempt to understand historical development, structure of Indian Taxation system, working, features, Impacts of GST in a simple manner .This paper concludes with some suggestions which will be helpful for smooth implementation of GST.

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