An Analysis on Impact of GST Implementation by Indian Government on Traders

Abstract

In today’s scenario we pay various taxes i.e. direct and indirect taxes, which are felt as burden on us
and due to these taxes the corruption is increasing. So, to overcome from all these taxation systems the
central government has decided to make one tax system i.e. goods and services tax (GST). GST is one of
the most critical tax reforms in India which has been long awaiting decision. It is a comprehensive tax
system that will subsume all indirect taxes of state and central governments and whole economy into
seamless nation in national market. It is expected to remove the burden of existing indirect tax system
and play an important role in growth of India. GST includes all indirect taxes which will help in growth
of economy and proves to be more beneficial than the overall gross domestic product (GDP) of the
country. GST is now accepted all over the world and countries are using it for sales tax system. This
paper will help to show that, what is the impact of GST after two years of its implementation, difference
between present indirect taxes and GST and what will be the impact and challenges of GST after two
years of its implementation. Analysis of primary data is presented properly together with pie charts.
Chi-square test has been used for hypothesis testing.