Impact of GST on Indian Economy

Goods and Service Tax is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India. GST is one indirect tax for the entire country. There are 3 taxes applicable under GST: CGST, SGST & IGST. GST will mainly remove the Cascading effect on the sale of goods and services. Removal of cascading effect will directly impact the cost of goods. This paper gives an understanding about GST in India & its impact on the Indian Economy. The Evolution of GST in India is also discussed in this research paper. The research objectives focus around the evolution of GST, how it works & how different sectors are affected by GST.