authors
Lal Krishna Arya

abstract
To make India as a financial super power, the introduction of GST is must. There are much apprehension relating to proposed GST regime regarding the growth in Indian Economy and its effects thereof. As we know in India economy, destination-based taxation requires high compliance cost and efficient administration. Taxation both direct and indirect plays an important role in promoting economic growth as well as equitable distribution. As we are facing the cascading system of indirect taxes in India and with the introduction of GST, all the cascading effects of Cenvat (Central Value Added Tax) and service tax will be more comprehensively removed with a continuous chain set off from the producer's point to the retailer's point. Moreover, certain major Central and State taxes also subsumed in GST. We have also experienced the benefits from the VAT reform which include the growth in economics of States and business community.