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Abstract
The research paper is regarding impact of GST on Indian Businesses. The introduction of GST is a situation of misperception and confusion among common citizens. The aim of this research paper is to describe the mechanism of GST and its special effects on Indian Businesses. In India, the knowledge of GST was intended in 2004 by the Task Force on operation of the Fiscal Responsibility and Budget Management Act (2003), named Kelkar Committee. The Kelkar Committee was influenced that as dual GST system shall be able to tax practically all the goods and services and the Indian economy shall be able to have varied market of tax base, increase revenue collection through imposing and collection of indirect tax and more realistic approach of well-organized resource allocation. The notable GST or goods and services tax has turned into a reality. The innovative tax system was launched at a function in Central Hall of Parliament on 1st July, 2017 (Friday midnight). GST, which expresses the principle of "one nation, one tax, and one market" is aimed at uniting the country's $2 trillion economy and 1.3 billion people into a public market. For corporates, the eradication of multiple taxes will expand the ease of doing business. And for consumers, the major advantage would be in terms of a decline in the overall tax problem on goods. Finance Minister Arun Jaitley held at GST launch event in Parliament. Apart from filling the breaks of the current system, it is also aimed at improving the Indian Businesses. This will be done by simplifying and uniting the indirect taxes for all states throughout India.