Contents: Preface. 1. Goods and Services Tax: Rationale and Key Issues. 2. History of Indirect Tax Reforms and the Evolution of GST. 3. Issues under Transition. 4. Making Sense of GST Revenue and Implementation: A Preliminary Assessment. 5. GST and the Informal Economy: Emerging Issues Post-GST in India. 6. One Nation, One Tax. 7. Feasibility of a Common Market. 8. Evaluating Indian GST in Light of International Experience. Conclusion. Bibliography. Index. The Goods and Services Tax (GST), implemented from 1 July 2017, has been hailed as the most important tax reform in India since independence. The objective of GST is to provide a simple tax regime to develop a common market for India, and it is expected to bring multiple benefits to the economy. These will include: increased tax collections; spur economic growth and increase GDP growth; reduce the costs of manufactured goods and services; promote exports, making the domestic market more competitive; promote employment; and foster the growth of formal economy and prevent the generation of black money. GST in India provides an analytical understanding of GST implementation in the country, while also commenting on the direction of reform and challenges that lie ahead. Arguing that the revised GST today is a far better version, the book reflects on the possibilities to improve the system and achieve the objectives of simplicity, transparency and neutrality in the implementation of GST, and discusses what it is that hinders the development of a common market, and the idea of ‘one nation, one tax’.