The Significance of Goods and Service Tax in Indian Economy

Most developing countries continue to face severe issues in developing adequate and quick to respond tax system. While each of these paths to reform is necessary. In the end what 50 years of experience tells us is that improving the precision and understanding with which fiscal issues both within and outside government. Is the really essential ingredient to developing viable and sustainable tax system in developing countries like India. Indian taxation system in has undergone remarkable reform the last decade. The tax rate has been rationalized and tax laws have been simplified resulting in better compliance, ease of tax payment and better enforcement. The process of validation of tax administration is ongoing in India.