Emerging Issues of GST

Abstract

In the present globalized scenario, the GST is a sin-quo-non for keeping Indian economy competitive within the country and outside the country. GST has far reaching consequences and implication and effects especially on the attainment of cost effectiveness. This is a concept which revolutionizes the face of fiscal federalism in the country and there could be a fundamental deviation from the existing powers relating to tax structure between centre and states. GST would repeal the powers to work out and impose excise duties, service tax, sales tax and purchase tax which are under the purview of centre or states. A sound, effective and easy GST regime should be implemented to all sectors of the economy. The very purpose of the GST is to bring to end existing tax administration which is based on adhocism and non-transparent tax management.