'SWOT' Analysis on Goods and Services Tax (GST) in India

"One India, One Tax" is expected to became true through the Rajya Sabha endorsing the Constitution (101st Amendment) bill, 2016 on August 3rd 2016. Then and there several meetings were conducted to execute the Good and Service Tax (GST) in India but it was postponed due to some political reasons competing stakeholder interests. Many states have opposed for the execution of Goods and Services Tax (GST). Then they were convinced and assured by the central government to pay compensation and additional percentage of revenue to meet the expenses for the respective state government. GST was presumed to get into effect on Ist April - 2017, but it was also deferred due to some clarification needs in the online portal for registration and filing of GST. The Goods and Services Tax (GST) have finally been came into force on 1 st July, 2017 after a long process and struggle. It is a comprehensive tax scheme which integrate all indirect taxes imposed by the state government and central government and united financial system, into a single nationwide market.The fundamental objective of GST progress is to incorporate all indirect taxes in India, like Service tax, VAT, Sales Tax, Octroi duty, Excise duty, Customs duty and so on, by implementing "One India, One Tax" system to avoid the cascading effect on various taxes.Hence, this article emphasized the existing taxation system, importance of GST, impact of GST on the Indian economy, Strength, Weakness Opportunities, and Threats of GST execution in India