International Journal of Commerce and Management Research

Authors
Dr. Ashok Kumar gupta

Abstract
The Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure since the Indian economy began to be opened up 25 years ago, at last becomes a reality when parliament passed the GST bill. Once GST comes into effect, all central- and state-level taxes and levies on all goods and services will be subsumed within an integrated tax having two components: a central GST and a state GST. This will ensure a complete, comprehensive and continuous mechanism of tax credits. Under it, there will be tax only on value addition at each stage, with the producer/seller at every stage able to set off his taxes against the central/state GST paid on his purchases. The end-consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Under GST regime lot of underground transactions will come over ground and unlike pre-GST regime, where there were more taxes on fewer items, now there will be less taxes on more items, promoting more compliance and consequently bolstering economic growth.