GST: A Step towards Strengthening Indian Economy

Abstract

GST was introduced in France in 1954 and now more than 160 countries are following the GST system. The idea of GST was introduced in 2000 in India and Government appointed different committees and task force to study the impact of GST in Indian context. The effort to implement GST was floated in Union Budget 2006-2007 by the Finance Minister of India. Finally approval by Lok Sabha and Rajya Sabha, GST system was introduced from 1st July 2017. GST model comprising “Dual GST” which include Central and State charging GST simultaneously on the common base. The administrative responsibility lies with GST Council.