Impact of indirect Taxation on Indian economy

One of the major steps to align the India’s indirect taxation system with that of the best practices followed by the countries across the globe has been the introduction of the Goods and Services Tax (GST). GST is a single indirect tax proposed to replace all other indirect taxes, thereby reducing the burden of paying different indirect taxes. The introduction of GST facilitated the elimination of the cascading effect of indirect taxation and the concept of double taxation, thereby introducing a uniform regime governing indirect taxation in India. GST has been responsible for pushing the economy a step closer to a common market that involves the free movement of capital and services, making room for doing business in an easier way.