Traditionally India's indirect taxes acted as a major source of revenue till tax reforms were undertaken during nineties. The rationale for this major dependence was that the India's majority of population was poor and thus widening the base of direct taxes had its own limitations. The Indian system of multiple indirect taxation had resulted into hampering the productivity and the economic growth of the nation. To remove this multiplicity of taxes and reducing the burden of the tax the government introduced Goods and Service Tax (GST), which came into effect on July 1, 2017 through the implementation of One Hundred and First Amendment Act, 2016. India is however a late entrant in the GST regime among the 160 countries following different formats of GST. This taxation reform however had its implications on different stakeholders such as corporate, government, consumers, retailers etc. This paper throws an insight into the its conceptual framework, trends, its prospects and challenges amidst the other dynamic reforms aimed at making India an super economic power in the years to come.
