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Stream/Area:
-
Subject:
-
Paper ID:
IJSREM65751
Volume:
10 |
7 |
Jul 2026
Pages:
1-8
Publication Frequency:
Monthly (12 issues per year)
License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.
Commerce
Nrupatunga Degree College and M.Com Post-Graduate Centre, Sedam, Dist: Kalaburagi, Karnataka, India
Taxation systems across the world play a crucial role in strengthening the economic framework of nations and act as a backbone for sustainable development. In India, the introduction and implementation of Goods and Services Tax (GST) marked a significant milestone in the country’s tax reforms and economic transformation. The fundamental aim of GST is to make uniform the scattered indirect tax system in India and avoid the cascading effects in taxation. This reform has brought greater transparency, efficiency, and uniformity in tax administration. The effect will also go beyond Indian borders. The implementation of GST has reduced tax burden on manufacturers/ suppliers and thus encourages for the higher production/ supply. This process will increase the export of India and it will increase the total GNP. Avoidance of cascading effect empowers the manufacturers to produce to their optimum capacity and hinders growth. The paper intends to exhibit the detailed impact of GST on Indian economic system based on the opinion of the traders/ suppliers of the urban India.
KEYWORDS
For the robust growth of the economy, along with the other factors, tax factor should be congenial. GST in long-term will definitely bring a new dimension to the Indian economy by making a common market and reducing the cascading effect of tax on the cost of goods and services. GST is a greatest tax reform in India since independence. The GST is an unconcerned attempt by the government to justify the indirect tax structure of the country. The tax collection figures of recent years proved this. No doubt, the GST can increase the governments’ revenue further, which we are witnessing now. The government must study all the aspects of positive as well as negative of GST for the smooth economy. Even so, there are few hurdles and agitation in some areas, which need to be taken care by the Government and Council. The suggestions made above will help in making the tax system a forward looking and globalization driven.
· CA (Dr.) K.M Bansal (2025), “GST and Customs Law”, Taxmann, New Delhi. · Dr. Basavaraj C.S & Revanasiddayya Math (2013), “Globalization Challenges and Tax Reforms in India” in “Changing Dynamics in the Global Village”, Bloomsbury Bublishing India Pvt. Ltd., New Delhi. · Sacchidananda Mukherjee (2025), Working Paper 2025-430 on “Distributional Impact of Indian GST based on the NSSO’s Household Consumption Expenditure Survey of 2022-23”, National Institute of Public Finance and Policy, New Delhi. · M. Govinda Rao (2022), Working Paper 2022-221 on “Evolving Issues and Future Directions in GST Reform In India”, Centre for Public Finance, Madras School of Economics, Chennai. · R. Kavitha Rao (2008), Working Paper 2008-57 on “Goods and Services Tax for India”, National Institute of Public Finance and Policy, New Delhi · The Economic Times (2025), Featured Articles from The Economic Times. · GST Act(s) and Rule(s) Bare Law (2025), The Institute of Chartered Accountants of India, New Delhi. · Ambar Ghosh & Chandra Ghosh (2014), “Public Finance”, PHI learning Pvt Ltd.
Publication Date
7/2/2026
Peer Review Type
Double-Blind Peer Review
Review Rounds: 2
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