Authors: Mohd Sohrab Shaikh
Abstract: All the necessary steps are being taken for the effective implementation of much-awaited Goods and Services Tax (GST) from April 2017 in India. GST will eradicate 17 indirect taxes and as a result the Indian economy will get a major push as many economists have predicted a 2 – 2.5 per cent boost for the country's GDP. Apart from manufacturing sector, logistics, warehousing and even the common man will benefit from the amendment. GST will be beneficial to the Centre, states, industrialists, manufacturers, the common man and the country at large since it will bring more transparency, better compliance, an increase in GDP growth and revenue collections. The research concludes with suggestions, including simplifying compliance, enhancing support for small businesses, and fostering digital literacy. As GST continues to evolve, a strategic and adaptive approach, coupled with stakeholder collaboration and education, is deemed essential for navigating the intricate dynamics of import and export trade within the GST regime.
