Impact of Indirect Tax Reforms in India

https://doi.org/10.46610/JARBFM.2022.v03i02.001

Abstract

In this paper, we have analyzed what is the impact of Indirect tax reforms in India, as we all know how indirect taxes played progressively vital role in the Indian economy. Excise duty was first introduced in India in 1944. The change in the Indirect taxes was anticipated after independence. As Goods and Services tax (GST) is India’s most significant tax reform, which went into effect on July 1^st, 2017. It was eventually superseded by all the indirect taxes levied by Federal and State Governments on Goods and Services. Indirect taxes are imposed on goods and services due to which consumer ended up paying more for the products. The time limit for paying tax was extended during the Covid-19 pandemic. There were several GST compliance relief measures announced by union finance minister during worldwide pandemic. Through our research we come to know about that the introduction of GST boost economy growth and give rise to GDP growth by 1.0% to 3.0%.