MECHANISM OF GST IN INDIA: AN OVERVIEW

The most important tax reforms i.e., GST has implemented successfully in the recent time in India though it was supposed to implemented in long back. This new taxation system includes all the indirect forms of taxes prevails in the state and central government’s like VAT, service taxes, sales taxes and excise duty etc. this new form of taxation is being considered as an important tool to make whole economy into combined national market and also expected to play the vital role in the growth of India in coming years. This reforms is going to affect the manufacturing sector and also to the consumption level of the goods and services in the country. The paper is primarily focus on the mechanism of GST in the country and further explores the various benefits and challenges of GST faced by India. For this the author reviewed the research articles from various known databases like Google scholar, emerald, and science direct etc. Indexed terms: GST, CGST, IGST, SGST, TAXATION.