GST: Its Types and Advantages

Abstract

GST is widely regarded as the most significant reform to the Indian tax system. Due to political issues and the conflicting interests of various stakeholders, it was not implemented by the ruling party in 2010, a highly likely reason that was rejected by the majority of parliament members. It was a comprehensive system that not only subsumed all indirect taxes of the central and state governments but also unified the economy. This paper presents an overview of the GST concept, its importance, and its merits for the economy.