Philosophies of the GSTT Law and Its Related Impact

GST is being implemented in India with effect from 1st July, 2017. It is seen as the biggest tax reforms in
Indian tax history. Earlier to GST era, the indirect taxes in India were not very conducive to trade and
industry owing to multiplicity of taxes, complexity of registrations, returns, payment of taxes, other
compliances and over paper work. The new GST law has been introduced with a view to remove the
cascading effect, minimize the scope for tax evasion, bring greater transparency, reduce the overall tax
rates and bring ease of doing business. The basic purpose of this paper is to evaluate the new GST law and
find its related impact on Producers, Traders, Consumers, State Government and Central Government.