Assessment and Impact of GST in India

The Goods and Service Tax aimed at playing an important role in the achievement of revenue collection for the current government. In current scenario, there were many different taxation is adopted by the Indian government like (service tax, VAT, excise duty, CST, additional excise duty, luxury tax, Entertainment tax, etc.) for collection of revenue for the government and act as a source of expenses involved in the development of the society. In this paper, an attempt is made to compare the existing indirect tax revenue system and the proposed the new tax system (GST), which is going to be applied for the entire sector (expect aviation turbine fuel, diesel, petrol and alcoholic liquor). It is anticipated that the proposed GST the taxation system will change the entire taxation structure and its consequences among certain sectors like agriculture, pharmaceutical industry, textile, and transportation. The influence of GST to the stake holders of taxation is proposed to be assessed by the development of theoretical model.