Gst & Its Impact On Various Industries

INTRODUCTION
For the introduction of biggest tax reform in
India there is need of some change in the existing
Indian laws due to which the 101stConstitutional
amendment was introduced and passed by Lok
Sabha on 6thMay 2015 in the budget session of
the Parliament. The Model GST & IGST Law
released on 14th June, 2016 by Empowered
Committee of State Finance Minister.GST is
a comprehensive tax levy on manufacturing,
sale and consumption of goods and services
at the national level. India is moving towards
introduction of Goods and Services Tax (GST).
GST would be multistage comprehensive
Value Added Tax (VAT) encircling both goods
and services.GST would be major indirect tax
reform in India where both Centre and State
Governments will have power to tax goods as
well services at every stage of production and
distribution of such goods and services. There
have been already steps taken by the government
in April 2005 by introducing Value Added Tax
(VAT) at State level for cleaning up of hidden
indirect taxes which has helped in facilitating the
expansion of tax base, 2and also helped in better
tax compliance and pushing up the taxes for
majority of Indian States. Now, the Government
have taken strong steps by introducing GST
system which will further clean up the indirect
tax system by reducing cascading of taxes
and facilitating nation-wide market for goods
and services.