A Study on The Impact of GST on The Economy of India

Abstract

Goods and Services Tax (GST) came into effect from 1st July’2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian Government. The GST replaced multiple taxes such as Central Excise Tax (CST), Service Tax, Value Added Tax (VAT) and Entertainment Tax levied by the Central and State Government. It is a comprehensive, multistage, destinationbased tax. In this study we analyze the impact of GST on Indian Economy. The present study attempts to evaluate the impact of GST on GDP growth rate, Consumer Price Index (CPI), Revenue and Fiscal Deficit of India. The study also highlights the role of a CMA with regard to GST.