An Empirical Study to Find out the Impact of GST on GDP and National Economy of Indian Income

Abstract

India stands as a republic, embracing both socialism and democracy. Its governmental structure operates on two levels: national and state. Each of these governments plays a crucial role in meeting the ever-growing development needs of the country. When it comes to generating revenue, taxation serves as the primary means. In fact, taxes are seen as the most vital source of income for the government, essential for fostering economic growth and achieving social and economic objectives. Taxes are collected from the citizens to generate funds for various programs designed to enhance the nation's economy and improve the quality of life for its people. In India, the authority to collect taxes is granted by the constitution, which empowers both the Central and State governments to impose these taxes. Moreover, any tax collected in India must be backed by specific legislation that has been approved by either Parliament or the State Legislature. These tax payments play a crucial role in various areas, including national development, upgrading infrastructure, social improvements, and providing welfare services for the country.